Q4 2025 EuroDry Ltd Earnings Call

February 20, 2026

Operator: year 2025 financial results. We have with us today Mr. Aris Letis Petos, Chairman and Chief Executive Officer, and Mr. Tasso Aslis, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. There'll be a presentation followed by a question and answer session, at which time, if you wish to ask a question, please press star one on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today. Please be reminded that the company announced its results with a press release that has been publicly distributed. Before passing the floor to Mr. Petos, I would like to remind everybody that in today's presentation and conference call, EuroDry will be making forward-looking statements. These statements are within the meaning of the Federal Securities laws.

Operator: 2025 Financial Results. We have with us today Mr. Aris Letis Petos, Chairman and Chief Executive Officer, and Mr. Tasso Aslis, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. There'll be a presentation followed by a question and answer session, at which time, if you wish to ask a question, please press star one on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today. Please be reminded that the company announced its results with a press release that has been publicly distributed. Before passing the floor to Mr. Petos, I would like to remind everybody that in today's presentation and conference call, EuroDry will be making forward-looking statements. These statements are within the meaning of the Federal Securities laws.

Speaker #1: 2025 financial results. We have with us today Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasos Aslidis. Chief Financial Officer of the company.

Speaker #1: At this time, all participants are in a listen-only mode. There'll be a presentation followed by a question-and-answer session. At which time, if you wish to ask a question, please press star 1 on your telephone keypad and wait for your name to be announced.

Speaker #1: Unless advised you that this conference is being recorded today, please be reminded that the company announced its results with a press release that has been publicly distributed.

Speaker #1: Before passing the floor to Mr. Pittas, I would like to remind everybody that in today's presentation and conference call, EuroDry will be making forward-looking statements.

Speaker #1: These statements are within the meaning of the Federal Security Laws. Matters discussed will be forward-looking statements, which are based on current management expectations. That involved risks and uncertainties that may result in such expectations not being realized.

Operator: Matters discussed the forward-looking statements, which are based on current management expectations, that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to slide number two on the webcast presentation, which has the full forward-looking statement, and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it. I would now like to turn the floor over to Mr. Pittas. Please go ahead, sir.

Speaker #1: I kindly draw your attention to slide number 2 on the webcast presentation. Which has the full forward-looking statement. And the same statement was also included in the press release.

Speaker #1: Please take a moment to go through the whole statement and read it. I would now like to turn the floor over to Mr. Pittas.

Operator: I would now like to turn the floor over to Mr. Pittas. Please go ahead, sir.

Speaker #1: Please go ahead, sir.

Aristides J. Pittas: Good morning, ladies and gentlemen, thank you all for joining us today for our scheduled Conference Call. Together with me is Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the three and 12-month period ended 31 December 2025. Please turn to slide 3 of the presentation. Our financial highlights are shown here. For Q4 2025, we reported total net revenues of $17.4 million and net income attributable to controlling shareholders of $3.2 million for $1.14 earnings per diluted share. Adjusted net income attributable to controlling shareholders for the quarter was $2.4 million for $0.87 per diluted share. Adjusted EBITDA for the quarter was $7.5 million.

Speaker #2: Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Tasos Aslidis, our C3 financial officer.

Speaker #2: The purpose of today's call is to discuss our financial results for the 3 and 12-month period ended December 31, 2025. Please turn to slide 3 of the presentation.

Speaker #2: Our financial highlights are shown here. For the fourth quarter of 2025, we reported total net revenues of 17.4 million dollars, and net income attributable to controlling shareholders of 3.2 million dollars, for $1.14 earnings per diluted share.

Speaker #2: Adjusted net income attributable to controlling shareholders for the quarter was 2.4 million dollars, for 87 cents per diluted share. Adjusted EBITDA for the quarter was 7.5 million dollars.

Aristides J. Pittas: Please refer to the press release for the reconciliation of adjusted net income and adjusted EBITDA. Tasso Aslis will go over our financial highlights in more detail later on in the presentation. Since the initiation of our share purchase plan of up to $10 million, which was originally announced in August 2022, was subsequently extended in 2023, 2024, and 2025, we have repurchased 334,000 shares of our common stock in the open market for a total of $5.3 million. The timing and pace of repurchases under the program is executed in a disciplined manner at management's discretion. Please turn to slide 4 to view our recent developments, including sale and purchase, commercial and operational highlights.

Speaker #2: Please refer to the press release for the reconciliation of adjusted net income and adjusted EBITDA. Tasos Aslidis will go over our financial highlights in more detail later on in the presentation.

Speaker #2: Since the initiation of our third and first plan, of up to 10 million dollars, which was originally announced in August 2022, with subsequently extended in 2023, 2024, and 2025, we have repurchased 334,000 shares of our common stock in the open market, for a total of 5.3 million dollars.

Speaker #2: The timing and pace of repurchases under the program is executed in a disciplined manner at management's discretion. Please turn to slide 4 to view our recent developments, including sale and purchase commercial and operational highlights.

Aristides J. Pittas: During Q4, we sold the motor vessel Eirini P, a Panamax dry bulk vessel built in 2004, for eight and a half million dollars. The vessel, one of the oldest and the longest-held assets in our current fleet, was delivered to her new owners and an affiliated third party on 21 October 2025, resulting in a gain just shy of $1 million. The transaction forms part of our ongoing fleet renewal strategy. From a chartering standpoint, our fixes during Q4 were predominantly short, short term.

Speaker #2: During the quarter, we sold a motor vessel Irinipi, a Panamax dry bulk vessel built in 2004, for 8.5 million dollars. The vessel, one of the oldest and the longest-held assets in our current fleet, was delivered to her new owners in an affiliated third party on October 21, 2025.

Speaker #2: Resulting in a gain just shy of 1 million dollars. The transaction forms part of our ongoing fleet renewal strategy. From a chartering standpoint, our fixers during the fourth quarter were predominantly short-term.

Speaker #2: We concluded just one year time charter for motor vessel Christos K, an Ultramax dry bulk vessel at a rate of 15,500 dollars per day, representing a shift from our prior strategy of maintaining full market exposure by employing our vessels either on index clean charters or on short-term contracts when market rates were lower.

Aristides J. Pittas: We concluded just one year time charter for motor vessel Christos K, an Ultramax dry bulk vessel at a rate of $15,500 per day, representing a shift from our prior strategy of maintaining full market exposure by employing our vessels either on index-linked charters or on short-term contracts when market rates were lower. If rates continue to increase, we intend to also increase our longer term cover by fixing more ships on longer charters. Currently, four of our vessels are employed on index-linked charters at 115% of the average Baltic Supramax ten-time charter average index through at least November 2026, maintaining full exposure to market movements. The remaining seven vessels are employed on time charters, with durations ranging from approximately one to just over three months.

Speaker #2: If rates continue to increase, we intend to also increase our longer-term cover by fixing more ships on longer charters. Currently, four of our vessels are employed on index clean charters at 115% of the average Baltic Supermax time charter average index, through at least November 2026.

Speaker #2: Maintaining full exposure to market movements. The remaining seven vessels are employed on time charters with duration ranging from approximately 1 to just over 3 months.

Aristides J. Pittas: The specifics of the charters fixed during the period are outlined in the accompanying slide. We continue to use FFAs occasionally as a hedging strategy. In November 2025, we entered into a forward freight agreement whereby we sold 180 days of the Supramax 10TC Average for Q1 2026 at an average of $12,012 per day, which was equivalent to approximately 2 vessels. Just yesterday, we completed the trade to sell 90 days of the Kamsarmax 5TC Average index for each of Q2 and Q3 2026, at an average of $19,250 for Q2 and $17,250 for Q3, equivalent to 1 vessel. Finally, we had no idle or commercial or high periods during the quarter.

Speaker #2: The specifics of the charters fixed during the period are outlined in the accompanying slide. We continue to use FFAs occasionally as a hedging strategy on the November 2025 re-entered into a forward freight agreement, whereby we sold 180 days of the Supermax 10 TC average for the first quarter of 2026 at an average of 12,12 dollars per day.

Speaker #2: Which was equivalent to approximately two vessels. Just yesterday, we completed a trade-to-sell 90 days of the Commsurmax 5 TC average index for each of the second and third quarters of 2026 at average of 19,250 dollars for the second quarter and 17,250 dollars for the third quarter, equivalent to one vessel.

Speaker #2: Finally, we had no idle or commercial of high periods during the quarter. Please turn to slide 5 for our current fleet profile. EuroDry's current fleet consists of 11 vessels with an average rate of approximately 14 years, and the total carrying capacity of about 765,000 deadweight tons.

Aristides J. Pittas: Please turn to slide 5 for our current fleet profile. EuroDry's current fleet consists of 11 vessels, with an average age of approximately 14 years and a total carrying capacity of about 765,000 deadweight tons. In addition, we have two Ultramax vessels under construction, each with a capacity of 63,500 deadweight tons, which are scheduled for delivery in Q2 and Q3 of 2027. Upon delivery, our fleet will expand to 13 vessels with a total carrying capacity of about 893,000 deadweight tons. Next, please turn to slide 6 for a further update on our fleet employment. As of February 2026, our fixed rate coverage for the remainder of the year stands at approximately 22% based on existing time charter agreements.

Speaker #2: In addition, we have two Ultramax vessels under construction, each with a capacity of 63.5 thousand deadweight tons, which are scheduled for delivery in the second and third quarters of 2027.

Speaker #2: Upon delivery, our fleet will expand to 13 vessels, with a total carrying capacity of about 893,000 deadweight tons. Next, please turn to slide 6 for a further update on our fleet employment.

Speaker #2: As of February 2026, our fixed rate coverage for the remainder of the year stands at approximately 22%, based on existing time charter agreements. This figure excludes the four vessels employed under index clean charters, which, while subject to market fluctuations, continue to provide secure employment.

Aristides J. Pittas: This figure excludes the 4 vessels employed under index-linked charters, which, while subject to market fluctuations, continue to provide secure employment. On slide 8, we will go over the market highlights for Q4, ended in 31 December 2025, up until recently. Panamax spot rates declined sharply from approximately $13,600 per day in Q4 2025 to about $9,650 per day by late December, before recovering to roughly $13,500 per day. As of 13 February, one-year time charter rates have increased further above prevailing spot levels, with Clarksons' assessing the standard Panamax one-year time charter rate at approximately $16,250 per day. During Q3, the Baltic Dry Index on the bank, and the balance.

Speaker #2: Turn to slide 8. We will go over the market highlights for the fourth quarter ended in December 31, 2025, up until recently. Panamax port rates declined sharply from approximately 14,600 dollars per day in the fourth quarter of 2025 to about 9,650 per day by late December.

Speaker #2: Before a recovering to roughly 13.5 thousand dollars per day. As of February 13, one year time charter rates have increased further, above prevailing spot levels, with claxons assessing the standard Panamax one year time charter rate at approximately 16,250 dollars per day.

Speaker #2: During the third quarter, the Baltic dry index and the during the fourth quarter, the Baltic dry index and the Baltic Panamax index recorded year-over-year increases of approximately 47 and 52 percent, respectively, reflecting a significant improvement compared to the same period last year.

Aristides J. Pittas: During the Q4, the Baltic Dry Index and the Baltic Panamax Index recorded year-over-year increases of approximately 47% and 62% respectively, reflecting a significant improvement compared to the same period last year, supported by stronger than expected demand for minor bulks, active grain trade flows, and the tightening in vessel supply, driven by longer voyage distances and regional trade disruptions. However, despite this rebound, trade markets remained volatile, reflecting the ongoing macroeconomic uncertainty and the uneven regional trade activity. Please now turn to slide 9. According to the IMF January 2026 World Economic Outlook update, the global economy is projected to maintain a resilient expansion, with GDP growth now forecast at 3.3% in 2026 and 3.2% in 2027, reflecting a slight upward revision to the outlook relative to last October's projections.

Speaker #2: Supported by stronger than expected demand for minor bulks, active grain trade flows, and the tightening in vessel supply driven by longer voyage distances, and regional trade disruptions.

Speaker #2: However, despite this rebound, freight markets remained volatile, reflecting the ongoing macroeconomic uncertainty and the uneven regional trade activity. Please now turn to slide 9.

Speaker #2: According to the IMF's January 2026 World Economic Outlook update, the global economies projected to maintain resilient expansion with GDP growth now forecast at 3.3% in 2026 and 3.2% in 2027, reflecting a slight upward revision to the outlook relative to last October's projections.

Aristides J. Pittas: Despite a relatively stable medium-term outlook, there are still meaningful downside risks. These include the possibility that expectations around technology-driven growth prove too optimistic, as well as the risk of escalating geopolitical tensions. Ongoing trade frictions and broader geopolitical fragmentation continue to create uncertainty for the global economy. The recent events in Venezuela and the threatened military activity in the Middle East are reminders that external risks remain always present. That said, some trade pressures are expected to ease in 2026, which could help reduce the drag from tariffs on overall growth. In the United States, growth is projected to remain broadly steady, with GDP growth expanding by approximately 2.4% in 2026 and 2% in 2027, although business and consumer sentiment appears subdued and inflation is expected to ease to our target only gradually.

Speaker #2: Despite a relatively stable medium-term outlook, there are still meaningful downside risks. These include the possibility that expectations around technology-driven growth prove too optimistic, as well as the risk of escalating geopolitical tensions.

Speaker #2: Ongoing trade frictions and broader geopolitical fragmentation continue to create uncertainty for the global economy. The recent events in Venezuela, and the threatened military activity in the Middle East, are reminders that external risks remain always present.

Speaker #2: That said, some trade pressures are expected to ease in 2026, which could help reduce the drag from tariffs on overall growth. In the United States, growth is projected to remain broadly steady with GDP growth expanding by approximately 2.4% in 2026 and 2% in 2027, although business and consumer sentiment appears subdued, and inflation is expected to ease towards target only gradually.

Aristides J. Pittas: In January 2026, the Federal Reserve left interest rates unchanged, highlighting ongoing improvements in economic conditions while signaling a cautious approach towards future policy adjustments. Among emerging markets and developing economies, India is forecast to remain one of the fastest growing major economies, with GDP growth projected at approximately 6.4% in both 2026 and 2027, which is undermined by robust domestic demand and investment momentum. Recent trade agreements, including the newly agreed US-India trade deal, are expected to reduce trade-related uncertainties and together with easing financial conditions and stronger corporate balances could help unlock a renewed private investment cycle. The ASEAN five region is also projected to maintain solid growth, with expansion of 4.2% in 2026 and 4.4% in 2027, supported by strong domestic investment and technology exports.

Speaker #2: In January 2026, the Federal Reserve left interest rates unchanged, highlighting ongoing improvements in economic conditions while signaling a course of approach towards future policy adjustments.

Speaker #2: Among emerging market and developing economies, India is forecast to remain one of the fastest-growing major economies. With GDP growth projected at approximately 6.4% in both 2026 and 2027, which is undermined by robust domestic demand and investment momentum.

Speaker #2: Recent trade agreements, including the newly agreed US-India trade deal, are expected to reduce trade-related uncertainty, and together with easing financial conditions and stronger corporate balances, could help unlock a renewed private investment cycle.

Speaker #2: The AGM-5 region is also projected to maintain solid growth, with expansion of 4.2% in 2026 and 4.4% in 2027, supported by strong domestic investment and technology exports.

Aristides J. Pittas: Meanwhile, China's growth trajectory is expected to moderate, with GDP growth forecast at 4.45% in 2026, down from 5% in 2025, and easing further to 4% in 2027, reflecting the pressures from the weaker external demand, subdued manufacturing investment, and ongoing challenges in the property sector. Turning to the dry bulk sector and how broader economic trends translate into vessel demand, the access projects trade growth of 1.9% in 2026 and 1.4% in 2027. While this reflects a moderation compared to previous years, it still points to continued expansion in dry bulk trade volumes, albeit at a more measured and moderated pace. Please turn to slide 10. Let's review the current state of the order book in the dry bulk sector.

Speaker #2: Meanwhile, China's growth trajectory is expected to moderate, with GDP growth forecast at 4.5% in 2026, down from 5% in 2025, and easing further to 4% in 2027, reflecting the pressures from the weaker external demand subdued manufacturing investment and ongoing challenges in the property sector.

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Speaker #2: Turning to the dry bulk sector and how broader economic trends translate into vessel demand, claxons project trade growth of 1.9% in 2026 and 1.4% in 2027.

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Speaker #2: While this reflects a moderation compared to previous years, it still points to continued expansion in dry bulk trade volumes, albeit at a more measured and moderated pace.

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Speaker #2: Please turn to slide 10. Let's review the current state of the order book in the dry bulk sector. As of February 10, 2026, the order book stands at approximately 12.4% of the existing fleets.

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Aristides J. Pittas: As of 10 February 2026, the order book stands at approximately 12.4% of the existing fleet. Although higher than the 7.5% recorded in 2021, it remains among the lowest levels in history. For context, the order book accounted for 66% of the fleet in 2008, and approximately 24% in 2014. The current limited ordering activity reflects shipyard capacity constraints, high new building costs, and uncertainty surrounding future fuel technologies and environmental regulations. Turning to slide 11, let us now look at the supply fundamentals in a little more detail. As of February 2026, the total dry bulk fleet consists roughly of 14,600 vessels, representing around 1.1 billion deadweight tons.

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Speaker #2: Although higher than the 7.5% recorded in 2021, it remains among the lowest levels in history. For context, the order book accounted for 66% of the fleet in 2008, and approximately 24% in 2014.

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Business and consumer sentiment appears subdued and inflation is expected to ease towards target only gradually.

Speaker #2: The current limited ordering activity reflects shipyard capacity constraints, high new building costs, and uncertainty surrounding future fuel technologies and environmental regulations. Turning to slide 11, let us now look at the supply fundamental in a little more detail.

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Speaker #2: As of February 2026, the total dry bulk fleet consists roughly of 14,600 vessels, representing around 1.1 billion deadweight tons. According to claxons' latest estimates, new deliveries as a percentage of the existing fleet are projected at 4.2% for 2026, 3.9% for 2027, and 4.3% for 2028 and beyond.

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Aristides J. Pittas: According to Clarksons' latest estimates, new deliveries as a percentage of the existing fleet are projected at 4.2% for 2026, 3.9% for 2027, and 4.3% for 2028 and beyond, with actual fleet growth expected to be slightly lower due to slippage and demolition activity. Looking at the fleet age profile, roughly 11% of the global fleet is over 20 years old, representing vessels that could be considered for scrapping if market conditions moderate or environmental regulations become more stringent. Please turn to slide 12, where we highlight our dry bulk market outlook in Q4 2020 market outlook. In Q4 2025, dry bulk carrier market strengthened, with average Supramax and Panamax time charter rates rising roughly 8% from Q3, reaching the highest levels in 2 years.

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Speaker #2: With actual fleet growth expected to be slightly lower, due to slippage and demolition activity. Looking at the fleet age profile, roughly 11% of the global fleet is over 20 years old, representing vessels that could be considered for scrapping if market conditions moderate or environmental regulations become more stringent.

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Speaker #2: Please turn to slide 12, where we highlight our dry bulk market outlook in Q4 2020. In Q4 2025, dry bulk carrier market strengthened, with average supermax and panamax time charter rates rising roughly 8% from Q3, reaching the highest levels in two years.

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Aristides J. Pittas: Seasonal demand for dry bulk cargo supported this momentum, but the usual holiday slowdown didn't hit as hard as expected. New trade routes, most notably the growing bauxite trade from West Africa, are shaping market dynamics, creating fresh opportunities and changing the traditional supply-demand pattern in the sector. The bauxite trade has seen a significant leap, growing from approximately 5% to over 15% of Capesize cargo volumes. Capesize vessels remain at the forefront of this activity, but smaller segments also saw meaningful improvements during Q4, highlighting the broad-based strength across the dry bulk market. Looking ahead to 2026, our outlook points to a picture broadly similar to 2025. However, markets remain unpredictable due to ongoing geopolitical disruptions, making forecasting particularly challenging, with risks on both the upside and the downside.

Speaker #2: Seasonal demand for dry bulk cargo supported this momentum, but the usual holiday slowdown didn't hit as hard as expected. New trade routes, most notably the growing bauxite trade from West Africa, are reshaping market dynamics, creating fresh opportunities and changing the traditional supply-demand pattern in the sector.

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Speaker #2: The bauxite trade has seen a significant lift, growing from approximately 5% to over 15% of capesize cargo volumes. Capesize vessels remain at the forefront of this activity, but smaller segments also saw meaningful improvements during Q4, highlighting the broad-based strength across the dry bulk market.

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Let's review the current state of the order book in the Drybulk sector.

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Speaker #2: Looking ahead to 2026, our outlook points to a picture broadly similar to 2025. However, markets remain unpredictable due to ongoing geopolitical disruptions, making forecasting particularly challenging with risks on both the upside and the downside.

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Aristides J. Pittas: While driver demand growth may continue to lag behind fleet expansion, factors such as higher periods for special surveys and slower operating speeds should help maintain overall market balance. Within the dry bulk segment, Capesize vessels are expected to outperform, to outperform smaller classes, driven in large part by the, the expanding bauxite trade. At the same time, Guinea's Simandou iron ore project is set to significantly increase global supply once production ramps up. Backed in part by Chinese investment and aligned with Beijing's broader resource strategy, often associated with the Belt and Road Initiative, the project is designed to diversify China's iron ore source. Over time, this could reduce China's dependence on imports from Australia and Brazil, and potentially displace lower-grade domestic production. Meanwhile, Chinese purchases of US soybeans remain an important factor following the October trade truce, with agricultural flows continuing to influence demand.

Speaker #2: While dry bulk demand growth may continue to lag behind fleet expansion, factors such as off-high periods for special surveys and slower operating speeds should help maintain overall market balance.

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Speaker #2: Within the dry bulk segments, capesize vessels are expected to outperform smaller classes driven in large part by the expanding bauxite trade. At the same time, Guinea, Cimandu, or Iron Ore project is set to significantly increase global supply once production ramps up.

Turning to slide 11, let us now look at the supply fundamentals and momentum of these days.

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Speaker #2: Backed in part by Chinese investment and aligned with Beijing's broader resource strategy, often associated with the Belt and Road Initiative, the project is designed to diversify China's iron ore sourcing.

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Speaker #2: Over time, this could reduce China's dependence on imports from Australia and Brazil, and potentially displace lower-grade domestic production. Meanwhile, Chinese purchases of US soybeans remain an important factor following the October trade truce, with agricultural flows continuing to influence online demand.

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Aristides J. Pittas: Additionally, any normalization of Red Sea routing patterns could slightly reduce effective vessel demand if ships return to traditional routes. On the other hand, broader geopolitical developments may continue to redirect trade flows and thus reduce overall fleet efficiency. On the supply side, new building activity remains relatively restrained. Shipyard capacity is largely constrained through the next several years, and continued uncertainty around future fuel technologies amid rising orders of methanol and LNG-fueled vessels. The overall order book to fleet ratio remains low by historical standards, which could provide a supportive backdrop for charter rate recovery if demand strengthens. That said, order book varies by segment. For Panamax and Ultramax vessels, order books are trending close to historical median levels, whereas the Capesize order book remains near historical lows.

Speaker #2: Additionally, any normalization of Red Sea routing patterns could slightly reduce effective vessel demand if ships revert to traditional routes, but on the other hand, broader geopolitical developments may continue to redirect trade flows and thus reduce overall fleet efficiency.

Please turn to slide 12, where we highlight our dry bulk market thousands going into Q4.

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Speaker #2: On the supply side, new building activity remains relatively restrained. Shipyard capacity is largely constrained through the next several years, and continued uncertainty around future fuel technologies amid rising orders of methanol and LNG-fueled vessels.

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Speaker #2: The overall order book to fleet ratio remains low by historical standards, which could provide a supportive backdrop for charter rate recovery if demand strengthens.

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Speaker #2: That said, order book varies by segment. For panamax and ultramax vessels, order books are trending close to historical median levels, whereas the capesize order book remains near historical lows.

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Aristides J. Pittas: Although the industry is clearly shifting towards alternative fuels, the pace of transition is likely to be more gradual than initially anticipated, due to technical and economic complexity, as well as delays in finalizing the IMO necessary frameworks. Looking further ahead, 2027 visibility remains limited. Global growth and geopolitical developments will play a decisive role. While fleet growth is expected to remain moderate, currently projected rate expansion may not be sufficient to materially tighten the market. At this stage, we assume a broadly balanced market, but geopolitical and economic uncertainties could erode sway the market in either direction. Let's now turn to slide 13.

Speaker #2: Although the industry is clearly shifting towards alternative fuels, the pace of transition is likely to be more gradual than initially anticipated, due to technical and economic complexity, as well as delays in finalizing the IMO net zero framework.

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However markets remain unpredictable due to ongoing geopolitical disruptions, making forecasting, particularly challenging with the risks on both the upside and the downside.

Speaker #2: Looking further ahead, 2027 visibility remains limited. Global growth and geopolitical developments will play a decisive role. While fleet growth is expected to remain moderate, currently projected rate expansion may not be sufficient to materially tighten the market.

While dry bulk demand growth may continue to lag behind fleet expansion.

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Speaker #2: At this stage, we assume a broadly balanced market. Geopolitical and economic uncertainties could alone sway the market in either direction. Let's now turn to slide 13.

Within the dry bulk segment capesize vessels are expected throughout the performance.

Aristides J. Pittas: As of 13 February 2026, the one-year time charter rate for 75,000 deadweight Panamax vessels stands at $16,250 per day, slightly higher week-over-week and comfortably above the historical median of $13,375 per day. In the asset market, 10-year-old Panamax bulk carrier values remain firm, despite a correction of approximately 8% from the mid-2024 peak. Current prices at around $27 million remain well above both the historical median of $16.7 million and the 10-year average of approximately $18.7 million, underscoring the continued resilience in secondhand valuations. This sustained strength also reflects structurally high new building prices, driven by inflationary pressures and limited shipyard availability, and the cost of complying with environmental regulations.

Speaker #2: As of February 13, 2026, the one-year time charter rate for 75,000 deadweight panamax vessels stands at 16,000 to 150 dollars per day, slightly higher week over week, and comfortably above the historical median of 13,375 dollars per day.

Smaller classes.

Driven in large part by expanding bauxite trade.

At the same time diminish demand who are either more project is set to significantly increase the global supply once for banks in the shop.

Bakken path by Chinese investments in their lives with <unk>, but also the strong strategy often associated with the belt and road initiative.

Speaker #2: In the asset market, 10-year-old panamax bulk carrier values remain firm, despite a correction of approximately 8% from the mid-2024 peak. Current prices at around 27 million dollars remain well above both the historical median of 16.7 million dollars and the 10-year average of approximately 18.7 million dollars, underscoring the continued resilience in second-hand valuations.

Positive side diversified signers either more absorption.

Overtime.

It could reduce China's dependence on inputs from Australia and Brazil.

Comparatively this lowest low grade domestic production.

Meanwhile, Chinese purposes of U S soybeans.

Important factors following the October trade schools.

Speaker #2: This sustained strength also reflects structurally higher new building prices driven by inflationary pressures and limited shipyard availability, and the cost of complying with environmental regulations.

Capital flows continue to influence from.

Sure.

Additionally, any normalization of its peer group in pattern could slightly reduce effective vessel demand exists.

So the benefit traditional groups.

Aristides J. Pittas: At the same time, healthy liquidity and cautious fleet growth expectations continue to underpin investor confidence in the sector. While today's prices represent a moderate pullback from the mid-2024 peak of roughly $39.5 million, they still remain very elevated by historical standards. Concluding my part of the presentation, I would like to highlight our profitable Q4 2025 and the continued strengthening of our liquidity position. Following the sale of the Eirini P, the refinancing of the Yannis Pittas loan, and the funding of a substantial portion of the delivered installments of our motor vessel Aristides, which is under construction, our balance sheet has become much more robust. This enhanced liquidity positions us to pursue additional investments should attractive and accretive opportunities arise, something we admittedly don't see in this high valuation environment.

Speaker #2: At the same time, healthy liquidity and cautious fleet growth expectations continue to underpin investor confidence in the sector. While today's prices represent a moderate pullback from the mid-2024 peak of roughly 29.5 million, they still remain very elevated by historical standards.

On the other hand, both of the geopolitical developments may continue to have embedded accelerated flows and thus reduce overall fleet operations.

On the supply side, new building activity remains relatively this debate.

Shipyard capacity is largely sustained through the next several years and continued uncertainty around future fuel technologies amid the rising monovisc aluminum and then pure of the vessels.

Speaker #2: Concluding my part of the presentation, I would like to highlight how profitable fourth quarter of 2025 and the continued strengthening of our liquidity position.

The overall order book to fleet ratio remains low by historical standards, which could provide a supportive backdrop for charter rates because of it.

Speaker #2: Following the sale of the Irini P, the refinancing of the Yannis Pittas loan, and the funding of a substantial portion of the delivered installments of our motor vessel Aristides, which is under construction, our balance sheet has become much more robust.

Demand strengthened.

But that said order book values by segment for <unk>.

<unk> vessels also looks at anything close to historical levels.

Whereas the Capesize order book remains strong.

Speaker #2: This enhanced liquidity positions us to pursue additional investments should attractive and accretive opportunities arise, something we have immediately don't see in this high valuation environment.

Lower.

Although the industry is clearly shifting towards alternative fuels the pace of transition is likely to be more gradual than initially anticipated due to technical and economic complexity as well as delays in finalizing the railroad more mixed vertical frameworks.

Aristides J. Pittas: Looking ahead, however, we remain focused on disciplined capital allocation, operational efficiency, and delivering profits for the benefit of all our shareholders. With that, may I pass the floor over to Tasos for his part of the presentation.

Aristides J. Pittas: Looking ahead, however, we remain focused on disciplined capital allocation, operational efficiency, and delivering profits for the benefit of all our shareholders.

Speaker #2: Looking ahead, however, we remain focused on disciplined capital allocation, operational efficiency, and delivering profits over the benefit of all our shareholders. And with that, may I pass the floor over to Tasos for his part of the presentation.

Looking further ahead.

Visibility remains limited.

Aristides J. Pittas: With that, may I pass the floor over to Tasos for his part of the presentation.

The local growth and geopolitical developments will play a decisive role.

Speaker #2: Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. As usual, over the next four slides, I will give you an overview of our financial highlights for the fourth quarter and full year of 2025, and compare them to the same periods of 2024.

Anastasios Aslidis: Thank you, Makaris. Good morning from me as well, ladies and gentlemen. As usual, over the next four slides, I will give you an overview for financial highlights for Q4 and full year of 2025 and compare them to the same periods of last, of 2024. For that, let's turn to slide 15. For Q4 of 2025, we reported total net revenues of $17.4 million, representing a 19.9% increase over total net revenues of $14.5 million during Q4 of 2024.

While fleet growth is expected to remain moderate currently projected growth expansion may not be sufficient to material beside from the market.

At this stage.

Humor broadly balanced market.

The geopolitical and economic uncertainties could launch throughout the markets in either direction.

Speaker #2: For that, let's turn to slide 15. For the fourth quarter of 2025, we reported total net revenues of 17.4 million, representing a 19.9% increase over total net revenues of 14.5 million during the fourth quarter of 2024.

Let's now turn to slide 13.

As of February has been consistent fix the one year time charter rate for 75000 deadweight panamax vessels.

And at 16000 to control 60 barrels a day.

Speaker #2: This was the result of the higher time charter rates our vessels earned in the fourth quarter of last year, compared to the same period of the year before.

Anastasios Aslidis: This was a result of the higher time charter rate our vessels earned in Q4 2024 compared to the same period of 2023, which was partly offset by the lower average number of vessels operated in Q4 2025 as compared to 2024. Interest and other financing costs for Q4 2025 decreased to $1.6 million, as compared to $1.9 million for 2024. Interest expense during Q4 2025 was lower, mainly due to the decreased interest rates of our loans. The SOFR rate was emerging on average, as well as the decreased average debt that we carried during the period as compared again to Q4 2024.

Slightly higher for vehicles that week and comfortably above the historical.

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Speaker #2: Which was partly offset by the lower average number of vessels operated in the fourth quarter of 2025 as compared to the year before. Interest and other financing costs for the fourth quarter of 2025 decreased to 1.6 million, as compared to 1.9 million for the previous year, interest expense during the fourth quarter of 2025 was lower mainly due to the decreased interest rates of our loans, the soft rate plus the margin, on average, as well that we carried during the period as compared again to the quarter of the year before.

In the asset market.

Add on Panamax bulk carrier values of demand.

Despite the collection of approximately 8% from the mid four peak.

Cotton prices at around $27 million remained well above both the historical museum of 16 $7 million.

On the 10 year average of approximately $18 $7 million.

Underscoring the continued because it moves in secondhand valuations.

This sustained strength also reflects structurally higher new building prices driven by inflationary pressures and limited shipyard availability.

Anastasios Aslidis: Adjusted EBITDA for Q4 2025 was $7.55 million, compared to $1.85 million achieved during the Q4 of the previous year, an increase of more than 300%. We recorded a $0.7 million gain on the sale of our MV Eirini P during Q4 2025, against no sales that we recorded during Q4 2024.

Speaker #2: Adjusted EBITDA for the fourth quarter of 2025 was 7.55 million compared to 1.85 million, achieved during the previous the fourth quarter of the previous year, and increased of more than 300%.

Cost of compliance with environmental regulations.

Anytime healthy liquidity and causes fleet growth expectations continued payment of investor confidence in the sector.

Speaker #2: We recorded a 0.7 million gain on the sale of our MV Irini P during the fourth quarter of 2025, against no sales that we recorded during the fourth quarter of 2024.

Yes.

Life to date prices are present in most of the pull back from the mid 2010 for FIFA.

And then when the half million they still remain very elevated by historical standards.

Yeah.

Concluding my part of the presentation I would like to highlight a profitable fourth quarter.

Anastasios Aslidis: Basic and diluted earnings per share attributable to controlling shareholders for Q4 2025 were $1.14, calculated on 2.8 million, approximately basic and diluted weighted average number of shares outstanding, compared to a loss per share of $2.28, calculated on 2.7 million basic and diluted to weighted average number of shares outstanding for Q4 2024. Excluding the effect on the net income attributable to controlling shareholders for the quarter of the unrealized gain on derivatives and the gain on the sale of the vessel.

Speaker #2: Basic and diluted earnings per share attributable to controlling shareholders for the fourth quarter of 2025 were $1.14, calculated on 2.8 million approximately basic and diluted weighted average number of shares outstanding, compared to a loss per share of 2.28 dollars calculated on 2.7 million basic and diluted weighted average number of shares outstanding for the fourth quarter of 2024.

And they continue continued strengthening of our liquidity position.

Following the sale of the renminbi.

The refinancing of the young speakers loan and the funding of a substantial portion of the delivery installments of hour.

Most of that related to this which is under construction.

Balance sheet has become much more robust.

This enhanced liquidity positions us to pursue additional investment should attractive and accretive.

Speaker #2: Excluding the effect on the net income attributable to controlling shareholders for the quarter, of the unrealized gain on derivatives, and the gain on the sale of the vessel, the adjusted earnings per share, again attributable to controlling shareholders for the fourth quarter of 2025, would have been 88.87 respectively basic and diluted, compared to an adjusted loss of $1.33 per share for the year before, for the quarter of the year before.

Opportunities arise.

Something we are admittedly balance sheet in this high valuation provider.

Anastasios Aslidis: The adjusted earnings per share, again, attributable to controlling shareholders for Q4 2025, would have been $0.88 and $0.87, respectively, basic and diluted, compared to an adjusted loss of $1.33 per share for the year before, for the quarter of the year before. Let's now look at the numbers for the full year 2025 and compare them to the full year of 2024. For the full year of 2025, the company re-reported total net revenues of $52.3 million, representing a 14.4% decrease over total net revenues of $61.1 million during the 12 months of 2024.

Looking ahead. However, we remain focused on disciplined capital allocation operational efficiency and delivering profits for the benefit of all our shareholders.

And with that.

The floor was attaches for his part of the presentation.

Hey, my productivity good morning from me as well, ladies and gentlemen.

Speaker #2: Let's now look at the numbers for the full years 2025 and compare them to the full year of 2024. For the full year of 2025, the company reported total net revenues of 52.3 million, representing a 14.4% decrease over total net revenues of 61.1 million during the 12 months of 2024, a result both of the increased of the decreased number of vessels we operated and the lower slightly lower time charter equivalent rates and by our vessels on average during the full year of 2025 as compared to the year before.

As usual over the next four slides I will give you an overview of our financial highlights for the fourth quarter and full year.

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In comparison to the same period of 2024.

Let's turn to slide 15.

For the fourth quarter of 2025.

Reported total net revenues of $17 4 million, representing 19, 9% increase over total net revenues of $14 5 million during the fourth quarter of 2004.

Anastasios Aslidis: A result both of the increase, of the decreased number of vessels we operated and the lower, slightly lower time charter equivalent rate earned by our vessels on average during the full year of 2025 as compared to the year before. Interest and other financing costs for the 12 months of 2025 amounted to $6.9 million, compared to $8 million for 2024. Again, this decrease is mainly due to the lower interest rates on our loan state, and partly offset by the higher average that we gave during the whole year of 2025, again, as compared to the previous year. Adjusted EBITDA for the 12 months of 2025 was $12.55 million, compared to $9.4 million achieved during 2024, a 33% increase.

This was a result of the higher time charter rates our vessels earned in the fourth quarter of last year.

Speaker #2: Interest and other financing costs for the 12 months of 2025 amounted to 6.9 million, compared to 8 million for 2024. Again, this decrease is mainly due to the lower interest rates our loans paid, and partly offset by the higher average debt we carried during the whole year of 2025, again as compared to the previous year.

Back to the same periods of the year before.

Which was partly offset by the lower average.

Number of vessels operated in the fourth quarter of 2025 as compared to the year before.

Speaker #2: Adjusted EBITDA for the 12 months of 2025 was 12.55 million, compared to 9.4 million achieved during 2024, a 33% increase. For the full year, we recorded a 2.8 million gain on sales of vessels both the Irini P that we sold in Q4, but also Tasos that we sold earlier in the year.

Anastasios Aslidis: For the full year, we recorded a $2.8 million gain on sales of vessels, both the Eirini P that we sold in Q4, but also Tasos that we sold earlier in the year. Again, we had no vessel sales to report for 2024. Basic and diluted loss per share attributable to controlling shareholders for the 12 months of 2025 was $1.55, compared to basic and diluted loss attributable to controlling shareholders for 2024, which was $4.62.

Speaker #2: Again, we had no vessel sales to report for 2024. Basic and diluted loss per share attributable to controlling shareholders for the 12 months of 2025 was $1.55, compared to basic and diluted loss attributable to controlling shareholders for 2024, which was $4.62.

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Again, no shame that we recorded.

During the fourth quarter of 2024.

Basic and diluted earnings per share attributable to controlling shareholders for the fourth quarter of 2025.

Anastasios Aslidis: Excluding the effect on the net income attributable to controlling shareholders for 2025 of the unrealized loss on derivatives and the net gain on sale of vessels, the adjusted loss per share, which has been $2.50 basic and diluted compared to an adjusted loss per share of $4.10 for 2024. Let's now move to slide 16 and look at more numbers there. As usual, in this slide, we report our utilization rates for Q4 and full year for the 2 years we are comparing. Let's look first at the fourth quarter results, the Q4 of 2025.

Speaker #2: Excluding the effect on the net income attributable to controlling shareholders for 2025 of the unrealized loss on derivatives, and the net gain on sale of vessels, the adjusted loss per share would have been 2.5 dollars basic and diluted, compared to an adjusted loss per share of 4.10 dollars for 2024.

$1.14.

Latest on $2 8 million approximate eight basic and diluted.

Weighted average number of shares outstanding compared to a loss.

Or to $28 calculated on $2 7 million.

Speaker #2: Let's now move to slide 16 and look at more numbers there. As usual, in this slide, we report our utilization rates for the fourth quarter and full year, for the two years we're comparing.

Basic and diluted weighted average number because our spending for the fourth quarter of 2024.

Excluding the effect on the net income attributable to controlling shareholders for the quarter.

The unrealized gain on derivatives and the gain on the sale of a vessel.

Speaker #2: Let's look first at the fourth at the quarter results, the fourth quarter of 2025. For that quarter, our commercial utilization rate was 100%, while our personal utilization rate 99.6%, as compared again to 100% commercial and 99.4% operational for the year before.

The adjusted earnings per share again attributable to controlling shareholders.

Anastasios Aslidis: For that quarter, our commercial utilization rate was 100%, while our operational utilization rate 99.6%, as compared again to 100 commercial and 99.4% operational for the year before. On average, 11.2 vessels were owned and operated by us during Q4 2025, earning another time charter equivalent rate of $16,260 per day, compared to 13 vessels that we operated during the same period of the previous year, which, which earn on average $12,201 per day, a significant improvement of the daily earnings.

Fourth quarter of 2025 would have been 88, and 87%, respectively basic and diluted compared to an adjusted loss of $1.33 per share.

The year before.

Over the year before.

Speaker #2: On average, 11.2 vessels were owned and operated by us during the fourth quarter of 2025, earning an average time charter equivalent rate of 16,262 dollars per day, compared to 13 vessels that we operated during the same period of the previous year, which and which earned on average 12,201 dollars per day.

Let's now look at the numbers for the full year 2025, and compared them to the full year of 'twenty 'twenty four.

For the full year of 2025 the company.

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Presenting a protein.

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Speaker #2: A significant improvement of the daily earnings. Our total operating expenses including management fees, G&A expenses, but excluding direct working costs were 7,869 dollars per vessel per day during the fourth quarter of 2025, compared to 7,087 dollars per vessel per day, during the same period of 2024.

Anastasios Aslidis: Our total operating expenses, including management fees, D&A expenses, but excluding direct costs, were $7,869 per vessel per day during Q4 2025, compared to $7,087 per vessel per day during the same period of 2024. If we move further down this table, we can see also the bottom of the table, we can see the breakeven, the customer breakeven rate, which takes into account, in addition to, the operating expenses I mentioned, dry docking expenses, interest expenses, and loan repayments without balloons expressed in a dollar per day basis.

The increase of the decreased number of vessels, we operate and then lower slightly lower time charter equivalent rate and by our vessels.

On average during the full year of 2025 as compared to the year before.

Another financing cost for the 12 months of 25 amounted to $6 9 million compared to 8 million for 2024.

Speaker #2: If we move further down this table, we can see also the bottom of the table, we can see the break-even the cash flow break-even rate, which takes into account, in addition to the operating expenses I mentioned, direct working expenses, interest expenses, and loan repayments, without balloons, expressed in a dollar per day basis.

Again. This decrease is mainly due to the lower interest rates are low.

And partly offset.

The higher other that we get during the whole year can transpire again as compared to the previous year.

Adjusted EBITDA for the 12 months of 2025.

Anastasios Aslidis: Thus, in total, for Q4 2025, our daily cash flow breakeven rate was $13,231, as compared to $11,259 for Q4 2024, partly reflecting the higher dry docking expenses we incurred during that period. Let's move to the right part of the slide and look at the yearly results. Again, starting with the utilization rate, which I'll go very quickly. All of the utilization rates we recorded were around 99% or in between 100%. The time charter equivalent rate we earned were $11,642 on average for 2025, versus $13,039 on average for 2024.

Speaker #2: Thus, in total, for the fourth quarter of 2025, our daily cash flow break-even rate was 13,231 dollars, as compared to 11,259 dollars for the fourth quarter of 2024, partly reflecting the higher direct working expenses we incurred during that period.

12, 55 million compared to $9 4 million achieved during 2024.

The 3% increase.

For the full year, we recorded a $2 8 million gain on sale of vessels. Both in EP that we showed in Q4, but also a crusher.

We spoke earlier in the year.

Speaker #2: Let's move to the right part of the slide and look at the yearly results, again starting with the utilization rate, which I'll go very quickly, all of the utilization rates we recorded were around 99 or in between 100%, and the time charter equivalent rates we earned were 11,642 on average for 2025, versus 13,039 dollars on average for 2024.

Yeah, We said no vessel sales to report for 2024.

Basic and diluted loss per share attributable to controlling shareholders for the 12 months of 25.

It was $1 55.

Compared to basic and diluted loss.

I'll tell you they want to controlling shareholders footprint in before which was $4 62.

Excluding the effect on the net income.

Speaker #2: We see here that while the fourth quarter of 2025 was significantly higher than the fourth quarter of 2024, the whole year on average ended up producing lower time charter rates because the market in the beginning of the year was lower.

Anastasios Aslidis: We see here that while the Q4 of 2025 was significantly higher than the Q4 of 2024, the whole year on average ended up producing lower time charter rates because the market at the beginning of the year was lower. Our total operating expense for the year, including management fees and G&A expenses, again excluding dry docking costs, averaged $7,422 in 2025, compared to $6,967 in 2024. The cash flow breakeven for the full year ended up being $12,345 for 2025, compared to $13,221 for 2024. Again, the reduction primarily due to lower dry docking expenses on average for the full year. Let's now move to the next slide, slide 17, to review our debt profile.

I think they went to controlling shareholders for 25 or beyond.

Loss on derivatives and the net gain on sale of vessels.

The adjusted loss per share would have been two and a half dollars basic and diluted compared to an adjusted loss per share.

Speaker #2: Our total operating expense for the year, including management fees and G&A expenses, again excluding direct working costs, averaged ed 7,422 dollars, in 2025, compared to 6,967 dollars in 2024.

Ballpoint pen for.

For 2024.

Let's now move to slide 16.

When you look at the more number that.

Yeah.

And you use them in this light we report our utilization rates.

Speaker #2: The cash flow break-even for the full year ended up being 12,345 dollars for 2025, compared to 13,221 dollars for 2024, again the reduction primarily due to a lower direct working expenses on average for the whole year.

The fourth quarter and full year.

But two years were compared.

Let's look first at the fourth quarter.

Quarterly results for the fourth quarter of 2025, well that portal.

Our commercial utilization rate it was 100% why not of a personal utilization rate and 99, 6% as compared again to a kind of a percent conventional.

Speaker #2: Let's now move to the next slide, slide 17, to review our debt profile. As of December 31st, 2025, our outstanding debt stood at 103.7 million, with an average margin of about 2%.

99, 4% of our personal cloud.

Anastasios Aslidis: As of December 31st, 2025, our outstanding debt stood at $103.7 million, with an average margin of about 2%. Assuming a 3-month SOFR rate of around 3.65% as of 18 February, you can see that the cost of our senior debt on average was 5.65%. The chart in the upper part of this slide shows our debt amortization schedule, with debt repayments of $12.2 million during 2026, $21 million in 2027, and $17 million in 2028, inclusive of balloon payments of $1.2 million, $10.2 million, and $6.7 million, respectively.

The year before.

On average 11, two vessels were owned and operated by US during the fourth quarter when 65.

Speaker #2: Assuming a three-month soft rate of around 3.65% as of February 18, you can see that the cost of our senior debt on average was $5.65%.

And another time charter equivalent rate of $16260 per day.

Compared to 17 vessels, we operated during the same period of the previous year.

And which and on average.

$201 a day.

Speaker #2: The chart in the upper part of this slide shows our debt amortization schedule, with debt repayments of 12.2 million during 2026, 21 million in 2027, 17 million in 2028, inclusive of balloon payments of 1.2, 10.2, and 6.7 million respectively.

The significant improvement of the data.

Our total operating expenses, including management fees G&A expenses, but excluding drydocking costs were 7000 tons of $69 per vessel per day during the fourth quarter compared.

Compared to several thousand.

And $97 per vessel per day during the same period of 2024.

Speaker #2: Please note that although we have arranged the debt financing for two new or two Ultramax new buildings, our current debt figure that I quoted you includes only the portion of one of the two loans that we used to finance part of the pre-delivery payments.

Anastasios Aslidis: Please note that although we have arranged the debt financing for 2 new or 2 Ultramax newbuildings, our current debt figure that I quoted you includes only the portion of 1 of the 2 loans that we used to finance part of the pre-delivery payments. Please also note that the 2027 and 2028 repayment figures I gave you include repayments of the 2 said loan facilities that we have started drawing to finance our Ultramax newbuildings, which are scheduled for delivery during the Q2 and Q3 of 2027. Turning to the bottom of this slide, we can see our cash flow breakeven estimate for the next 12 months, broken down by its major components.

People, who have hovered around this table you can see also the car.

Both of them on the table, we can see that breakeven.

Cash flow breakeven rate.

Which takes into account in addition to the operating expenses I mentioned drydocking expenses interest expenses and enrollment payments without balloons expressed in a dollars per day basis.

Speaker #2: Please also note that the 2027 and 2028 repayment figures I gave you include repayments of the two said loan facilities, that we have started drawing to finance our Ultramax new buildings, which are scheduled for delivery in the second during the second and third quarters of 2027.

That's in total for the fourth quarter of 2025, our daily cash flow breakeven and was 13251 village.

As compared to $11259 for the fourth quarter.

Speaker #2: Turning to the bottom of this slide, we can see our cash flow break-even estimate for the next 12 months, broken down by its major components.

Partly reflecting the higher drydocking expenses, we incurred during that period.

Let's move to the right part of the slide and look at the year to date results again, starting with a utilization rate, which I'll go very quickly all of the utilization of Haynesville recorded where I was last night and between the 100%.

Speaker #2: Our EBITDA break-even level is 7,478 dollars per day, and our overall break-even level cash flow break-even level for the next 12 months is expected to be around 11,663 dollars per vessel per day.

Anastasios Aslidis: Our EBITDA breakeven level is at $7,478 per day, and our overall breakeven level, cash flow breakeven level for the next 12 months is expected to be around $11,663 per vessel per day. Let's move now to my last slide, slide 18, to review some highlights from our balance sheet in our usual brief style. This slide offers a snapshot of our assets and liabilities and hopefully provides a concise picture of our financial position. As of 31 December 2025, cash and other assets in our balance sheet stood at approximately $31.8 million, while advances for newbuildings amounted to about $14.4 million.

And the time charter equivalent rate. We earned were 11642 on average for 2025.

Speaker #2: Let's move now to my last slide, slide 18, to review some highlights from our balance sheet. In our usual brief style, this slide offers a snapshot of our assets and liabilities, and hopefully provides a concise picture of our financial position.

13000.

$39 on average for cranes in before we see here that why is the fourth quarter of 2005 was significantly higher in the fourth quarter placements across the whole year or another.

And the top producing lower time charter rates because the market at the beginning of the year It was lower.

Our total operating expense for the year, including management fees and G&A expenses.

Speaker #2: As of December 31st, 2025, CAF, another asset in our balance in our balance sheet, stood at approximately 31.8 million, while advances for new buildings amounted to about 14.4 million, and the remaining part on the asset side of our balance sheet is our vessels, which at their book value their book value stood at about 166 million, resulting in a total book value for our assets of about 212 million.

And excluding that doesn't cost a bit.

$7422.

<unk> 25, compared to $6967 from 'twenty to 'twenty four.

The cash flow breakeven for the full year ended up being 12600 <unk>.

Anastasios Aslidis: The remaining part on the asset side of our balance sheet is our vessels, which as their book value, their book value stood at about $166 million, resulting in a total book value for our assets of about $212 million. On our liability side, as I mentioned, bank debt is a big part of our liabilities, which stood at the end of last year at $103.7 million. While we had other short-term liabilities of $5.9 million, all in all, representing about 66% of our overall liability side. This results in a book value for our shareholders' equity of about $93 million, which translates in a, in a net book value per share of $31.8.

Five.

<unk> 25, compared to $13221 puts my sense for again, the reduction primarily due to lower their dose and expenses on average for the full year.

Speaker #2: On our liability side, as I mentioned, bank debt is a big part of our liabilities, which stood at the end of last year at 103.7 million.

Let's now move to the next slide slide 17.

To review our debt profile.

As of December 31st 2025.

Speaker #2: While we had other short-term liabilities of 5.9 million, all in all representing about 66% of our overall liability liability side. These results, in a book value for our shareholders' equity, of about 93 million, which translates in a net book value per share of 31.8 dollars.

Our outstanding debt 200.

$103 7 million with another margin of about 2%.

Assuming three months shelf raise the bar.

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And 65% as of February 18, you can see that the cost proportion your debt leverage was $5 565%.

The chart in the upper part of the slide shows our debt amortization schedule with debt repayments.

Speaker #2: However, based on our internal and external valuations, of our ships, the market value for our fleet exceeds its respective book value. We estimate it's worth about 214 million, versus a book value of 166, meaning that the about that the difference of about 48 million should be added to the value for our shares.

Anastasios Aslidis: However, based on our internal and external valuations of our ships, the market value for, for our fleet exceeds its respective book value. We estimate it's worth about $214 million versus a book value, $166 million, meaning that the about the difference of about $48 million should be added to the value per share. If we do that, we'll come up with a net asset value per share in excess of $48 per share. If we compare this to the recent trading range of our sales, although, although it has increased the last few days of about $17, it becomes evident that there's significant potential upside for the owners of our stock. We hope both our shareholders and prospective investors will appreciate that, hoping that narrowing of this discount will provide significant returns to their investment.

Of $12 2 million during 2026 1 million in Franklin $717 million in 'twenty engaged inclusive of balloon payments of one to 10.2 and $6 7 million respectively.

Aristides J. Pittas: ... the difference of about $48 million should be added to the value per share. If we do that, we'll come up with a net asset value per share in excess of $48 per share. If we compare this to the recent trading range of our sales, although, although it has increased the last few days of about $17, it becomes evident that there's significant potential upside for the owners of our stock. We hope both our shareholders and prospective investors will appreciate that, hoping that narrowing of this discount will provide significant returns to their investment. With that, I will pass the floor back to Aristides, to continue the call. Thank you, Tasos. Let us now open up the floor for any questions we may have.

He's not disposal, which of our haynesville debt financing for our clean power to move that much will be in English.

Speaker #2: If we do that, we'll come up with a net asset value per share in excess of 48 dollars per share. If we compare this to the recent trading range of ourselves, although it has increased the last few days, of about 17 dollars, it becomes evident that there's significant potential upside for the owners of our stock.

Our current debt figure that I quoted you.

R&D portion or one of us to launch, but we used to finance part.

For the pre delivery payments.

Please also note that it's been 27, and placing gateway payment Tejas I gave you includes the repayment of the two standalone facilities.

Speaker #2: And we hope both our shareholders and prospective investors will appreciate that, hoping that narrowing of this discount will provide significant returns to their investment.

Such type of drones to finance that.

New buildings, which are scheduled for delivery in the sector during the second and third quarters of 2020.

Speaker #2: And with that, I will pass the floor back to Aristides to continue the call.

Anastasios Aslidis: With that, I will pass the floor back to Aristides, to continue the call.

Turning to the bottom of the slide we can see our cash flow breakeven estimate for the next 12 months broken down by major components.

Aristides J. Pittas: Thank you, Tasos. Let us now open up the floor for any questions we may have.

Speaker #1: Thank you, Tasso. Let us now open up the floor for any questions we may have.

Speaker #3: Thank you. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue.

Our EBITDA breakeven level is at $707478 per day, and our overall breakeven level.

Operator: Thank you. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue, and for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question is from Tate Sullivan with Maxim Group. Please proceed.

Cash flow break even levels for the next 12 months is expected to be.

Speaker #3: You may press star two if you would like to remove your question from the queue. And for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Do you like $1663.

So the vessel per day.

Let's move now to my last slide slide.

Speaker #3: Our first question is from Tate Sullivan with Maxim Group. Please proceed.

18.

Cool.

Some highlights from our balance sheet.

Tate Sullivan: Hi, good morning. Thank you for all the comments. I was just looking first at your non-controlling interest and the income to the joint venture partners. If I recall, you started that arrangement with NRP Partners a couple years ago. Are you happy with how that JV has gone? Is that still a source of financing or transactions that you'd look at going forward in this, in this current market there, please?

Speaker #4: Hi, good morning. Thank you for all the comments. And I was just looking first at your non-controlling interest in income to the joint venture partners.

A brief silence.

This slide offers a snapshot of our assets and liabilities.

Hopefully provide a concise picture of our financial position.

Speaker #4: And if I recall, you started that arrangement with NRP Partners a couple of years ago. Are you happy with how that JV has gone?

As of December 31st 2025.

Speaker #4: Is that still a source of financing or transactions that you'd look at going forward in this current market? There, please.

Another assets on our balance now balance, which stood at approximately $31 8 million, while advances going with buildings amounted to about $14 for review and the remaining part of the architecture for our balance sheet you saw a reference which is the book value their book values.

Aristides J. Pittas: Yes, I have to say we are very happy with the conversation that we're having with NRP and the investors that they have found who contributed in this project. Everything is going, moving ahead smoothly, and we are happy that the Norwegian market is starting to hear more and more about EuroDry. We look forward to perhaps doing more such deals. Yes.

Speaker #1: Yes. I have to say we are very happy with the patient that we are having with NRP. And the investors that they have found who contributed in this project.

It's about 166 million, resulting in a total.

Speaker #1: Everything is going moving ahead smoothly. We are happy that the Norwegian market is starting to hear more and more about Eurodry. And we look forward to perhaps doing more such deals, yes.

Book value of our assets of about $212 million.

On our liability side.

As I mentioned bank debt is a big part of our liabilities, which took Atlanta last year rather than three.

$3 7 million.

One other short term liabilities of $5 9 million, representing about 66% of overall like a liability.

Tate Sullivan: If you can share, is that mostly, is that mostly Norwegian? Is that a Norwegian-based entity, or how do you share that?

Speaker #4: And if you can share, is that mostly Norwegian? Is that a Norwegian-based entity? Or how do you share that?

Tate Sullivan: If you can share, is that mostly, is that mostly Norwegian? Is that a Norwegian-based entity, or how do you share that?

Yeah.

Liability side.

Speaker #1: Yeah, yes. It's a Norwegian-based entity, and the investors within this group are mainly Norwegian.

Aristides J. Pittas: Yes, it's a, it's a Norwegian-based entity, and the investors within this group are mainly Norwegian.

These results and our book value for our shareholders equity of about 93 million, which translates.

Net net book value per share or 31 $8.

Tate Sullivan: Okay. Thank you. Separately, in your presentation, you had a great data point on bauxite as a percent of Capesize cargoes. I was wondering if you do have sort of a similar cargo present, not bauxite for your fleet, but a cargo breakdown for your fleet with, with per ship carrying capacity of about 60,000 to 82,000 deadweight tons each. Is it more soybeans, as you noted, more demand, or, or might you have a rough mix on it?

Speaker #4: Okay. Thank you. And separately, in your presentation, you had a great data point on box site as a percent of cape-sized cargoes I was wondering if you do have sort of a similar cargo present, not box site, for your fleet, but a cargo breakdown for your fleet with what per ship carrying capacity of about 60,000 to 82,000 deadweight tons.

However, based on our internal and external evaluation.

Of our ships the market value of our fleet exceeds.

The book, what we estimate is worth about 214 million versus book value rather than.

66.

Speaker #4: Each is it more soybeans, as you noted, more demand, or might you have a rough mix on it?

Meaning to be about.

And then there's a difference of about 48 million should be added to the value of our shares we'll do that when you come up with a net asset value per share nexus or 48%.

Aristides J. Pittas: We can offline, you know, present you with the, the data of the various ships that we have and what they have carried, if I understood correctly, during the year. We can, we, we can discuss it.

Speaker #1: Well, I mean, we can offline present you with the data of the various ships that we have and what they have carried if I understood correctly.

This is coffee will compare these to the Asian pricing guidance for ourselves, although it increased the last few days booked at about $17. It becomes evident that there are significant potential upside.

Speaker #1: During the year, we can discuss it.

Speaker #4: Okay. Your present, just can you comment on coal demand as that decreased meaningfully compared to iron ore demand and soybeans? I didn't see coal mentioned in your presentation.

Tate Sullivan: Okay. Your present, just can you comment on coal, coal demand, has that decreased meaningfully compared to iron ore, demand and, and soybeans? I didn't see coal mentioned in your presentation.

So powerful.

And we hope both our shareholders and prospective investors.

I appreciate that.

Hoping that narrow this discount would provide significant returns on their investment and with that I will pass the floor back productivity continues of course.

Aristides J. Pittas: Yes. Coal is a, is a commodity that for the last 5 or 6 years, we are saying that it's, it reached peak, peak consumption, and it's never happened up to date. Actually, I think this year was pretty steady. Going forward, it is certain that coal will be a smaller percentage of the mix of energy, but, as an absolute value, I think it will continue growing.

Speaker #1: Yes. Coal is a commodity that for the last five or six years, we are saying that it reached peak consumption. And it's never happened up to date, or actually, I think this year was pretty steady.

Thank you so let us now open up the scope of any questions you may have.

Thank you.

Good question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue. You May press star two if he would like to remove your question from the queue and for participants using speaker equipment. It may be necessary to pick up your handset before pressing the star keys.

Speaker #1: Going forward, it is certain that coal will be a smaller percentage of the mix of energy. But as an absolute value, I think it will continue growing.

The next question is from Tate Sullivan with Maxim Group. Please proceed.

Tate Sullivan: Thank you very much.

Speaker #4: Okay. Thank you very much.

Speaker #1: Thanks.

Aristides J. Pittas: Thanks.

Hi, Good morning, Thank you for for all the comments.

Speaker #3: Our next question is from Hans Baldorff with Noble Capital Markets. Please proceed.

Operator: Our next question is from Hans Baldauf, with Noble Capital Markets. Please proceed.

I was just looking for a stickier.

Non controlling interest in the income to the joint venture partners. If I recall, you started that arrangement with MRP partners. A couple of years ago or are you happy with how the JV is gone is that still true.

Hans Baldauf: Hello, congrats on a good quarter and the year. For the fixed rate coverage for 2026, that stands at 22% currently, and it was mentioned that you'd be open to fixing more long-term charters. With the cash flow break even for the next year at $11,663, and the current rates, you know, sitting well above that, how are you thinking about expanding coverage? Do you have an idea in mind of what, you know, how many, what percentage of the fleet you would fix to long-term charters this year?

Speaker #1: Hello. Congrats on a good quarter and a year. For the fixed rate coverage for 2026, that stands at 22% currently. And it was mentioned that you'd be open to fixing more long-term charters.

So financing or transactions that you'd look at going forward.

Okay.

Speaker #1: And with a cash flow breakeven for the next year at 11,663 and the current rates sitting well above that, how are you thinking about expanding coverage?

Well it's hard.

As we say we are very happy with the patients that have been in the b.

The investments that they go for.

Speaker #1: And do you have a idea in mind of what how many what percentage of the fleet you would fix to long-term charters this year?

Colm could do sit in these classes.

Everything is moving ahead smoothly.

Aristides J. Pittas: It's, it's difficult to say because it depends a lot on how the market evolves. Right now we're seeing, we're seeing a strengthening market day by day. We did take some cover yesterday as we fixed an FFA contract. As, as I said during the presentation, we fixed 90 days for Q2 at $19,250, and another 90 days of Q3 at $17,250, which is a hedge to, to the open vessels that we currently have. We will fix more at, at these levels, but I can't say, you know, how much more.

Speaker #2: It's difficult to say because it depends a lot on how the market evolves. But right now, we're seeing a strengthening market day by day.

We are happy that they didn't know who we do love it.

Starting to hear more about them.

We look forward to perhaps.

Speaker #2: We did take some cover yesterday as we contract, as I said during the presentation. We fixed 90 days for Q2 at 19,250 dollars. And another 90 days of Q3 at 17,250 dollars.

Yes.

Yeah.

If you can share is that mostly is that mostly Norwegian is that a Norwegian based Anthony.

Or partnership.

Yes, yes.

Another reason the baseband and the investors within this group are mainly in the region.

Okay. Thank you and secondly in your presentation, you had a great data point on bauxite as a percent of Capesize cargoes.

Speaker #2: Which is a hedge to the open vessels that we currently have. So we will fix more. At these levels, but I can't say how much more.

I was wondering if you do have sort of a similar cargo present not bauxite for your fleet, but a cargo breakdown for your fleet with what per ship carrying capacity of about 60000 to 82000 deadweight tons. Each ship more soybeans as you know it did more demand or might you have a rough.

Speaker #1: Okay. And you mentioned that we're modeling 2026. It looks very similar to 2025. And right now, the rates to start 2026 are much stronger than they were to start 2025.

Hans Baldauf: You mentioned that we're modeling 2026, it looks very similar to 2025. You know, right now the rates to start 2026 are much stronger than they were to start 2025. Can you talk more about the similarities that you're seeing between 2025 and 2026? Are you expecting rates to return to 2025 levels? You know, what do you why is it similar to 2025?

And then we can.

Slide <unk>.

Speaker #1: Can you talk more about the similarities that you're seeing between 2025 and 2026? And are you expecting rates to return to 2025 levels, or why is it similar to 2025?

You know presents you with that though the bed.

Those ships that we have with whoops, they have kind of been duplex understood correctly.

During the year.

Yeah.

We could we can discuss it.

Aristides J. Pittas: Indeed, indeed, 2026 has started off very strongly and stronger than what we expected. We might be surprised on the positive side during the year. There are so many uncertainties about how trade will develop, what will happen in the geopolitical arena. Will the ships start going back through Suez or not? Will there be further embargoes, tariffs? It's really a very difficult market to predict. What is easy to see is the supply of ships, and we expect the supply of ships to increase by about 4%, take away 1, 1.5, 2, for scrapping and delays. We see that the fleet will not increase considerably. Really, to make a call about how strong demand will end up being is extremely difficult.

Speaker #2: Indeed, 2026 has started off very strongly and stronger than what we expected. So we might be surprised on the positive side during the year.

Okay.

You're a person just can you comment on coal.

Coal demand is at.

Decreased meaningfully compared to iron ore.

Demand in and soybeans.

You mentioned in your presentation.

Speaker #2: But there are so many uncertainties about how trade will develop, what will happen in the geopolitical arena. Will ships start going back through snares or not?

Yes.

Coal is a commodity that for the last five or six years.

We are seeing that.

Yeah.

Awesome.

It's never happened up to date.

Speaker #2: Will there be further embargoes? Tariffs? So it's really a very difficult market to predict. What is easy to see is the supply of ships and we expect the supply of ships to increase by about 4% takeaway, 1.5, 2 for scrapping and delays.

This year was pretty steady.

Going forward a little bit it is called.

Call Wouldnt be.

Percentage over the mix.

Admittedly.

But.

As an absolute value I think it will continue going.

Okay. Thank you very much.

Speaker #2: We see that the fleet will not increase considerably. But really, to make a call about how strong demand will end up being, is extremely difficult.

Thanks.

Our next question is from Hans <unk> with Noble capital markets. Please proceed.

Aristides J. Pittas: The average rate for 2026 could end up being similar to 2025. Of course, we hope that it will be even higher.

Hello, Congrats on a good quarter during the year.

Speaker #2: So the average rate for 2026 could end up being similar to 2025. Of course, we hope that it will be even higher.

Aristides J. Pittas: The average rate for 2026 could end up being similar to 2025. Of course, we hope that it will be even higher.

For the fixed rate coverage for 2026 that stands at 22% currently.

It was mentioned that you'd be open to fixing more long term charters some of the cash flow breakeven for the next year at 11663, and the current rates sitting well above that how.

Speaker #1: I think the current rate the current FFA market indicates a higher level, but as Aristides says, there are many uncertainties that.

Anastasios Aslidis: I think the current rate, the current FFA market indicates a higher level, but as Aris says, you know, there, there are many uncertainties that-

Aristides J. Pittas: If you took into account the FFA market just two weeks ago, it indicated exactly the same. It's, it's the market changes and the opinion on the market changes very quickly.

Speaker #2: And if you took into account the FFA market, it does two weeks ago, it indicated exactly the same. So it's the market changes and the opinion on the market changes very, very quickly.

Aristides J. Pittas: If you took into account the FFA market just two weeks ago, it indicated exactly the same. It's, it's the market changes and the opinion on the market changes very quickly.

How are you thinking about expanding coverage and do you ever.

In mind of what we do.

How many what percentage of the fleet you would six two long term charters this year.

It is difficult to say because it depends a lot on how the market evolves.

Speaker #1: Okay. Thank you. And lastly, could you add some more color on your fleet renewal and modernization strategy? Are there the Santa Cruz and the Starlight and Blessed Lock are all on the older side.

Hans Baldauf: Okay, thank you. Lastly, could you add some more color on your fleet renewal and modernization strategy? Are there, you know, the Santa Cruz, the Starlight, and Blessed Luck are all, you know, on the older side, can we expect those to be offloaded during the year, or how are you thinking about that?

Right now we saw we're seeing.

<unk> funding market day by day.

We did take some cargo to guess today as we fix the illicit trade comes back.

Speaker #1: Can we expect those to be offloaded during the year or how are you thinking about that?

As I said, they're doing the prism data soon to be fixed.

Aristides J. Pittas: We haven't taken any decision yet. Indeed, we, we, we are down just to two 2004-built ships and one 2005-built ship. Three are relatively old. We may be... if we are selling them, we might be buying more modern tonnages. This is a strategy that we discuss continuously, but there's no fixed decision yet.

Speaker #2: We haven't taken any decision yet. Indeed, we are down just to two 2004-built ships and one 2005-built ship. So three are relatively old. We may be if we are selling them, we might be buying more modern tonnage.

90 days for Q.

$19260.

And another.

Another 90 days.

Q3 at 17250, <unk>, which is a hedge to the open vessels, but because of them.

So we didn't think small.

At these levels, but I can say you know how much more.

Speaker #2: This is a strategy that we discuss continuously, but there's no fixed decision yet.

Okay.

And we mentioned that when modeling 2026, it looks very similar to 2025.

Speaker #1: Okay. Thank you. I appreciate your comments.

Hans Baldauf: Okay. Thank you. I appreciate your comments.

Yeah, right now the rate to start 2026, so much stronger than they were to start 2025.

Speaker #2: Thank you.

Aristides J. Pittas: Thank you.

Speaker #3: Our next question is from Pofrat with Alliance Global Partners. Please proceed.

Operator: Our next question is from Poe Fratt with Alliance Global Partners. Please proceed.

Ill talk more about the similarities that you're seeing between 2025 and 2026 and are you expecting rates to return to 2025 levels or what are you what is it.

Poe Fratt: Hi. Hi, Eric Stedies, hello, Tasos. I, you know, the macros, the macro has been pretty well covered. I had a micro question. Tasos, maybe I missed it, but can you just highlight whether there was a change to your reported numbers for Q4 2024? Then can you talk about, you know, the claim that you settled, I think, in Q4 2025? Then can you talk about the cash impact of that insurance claim, and then whether that's totally closed out or whether we might see some adjustments in 2026?

Speaker #4: Hi. Hi, Aristides. Hello, Tasos. The macro has been pretty well covered. I had a micro question. Tasos, maybe I missed it, but can you just highlight whether there was a change to your reported numbers for the fourth quarter of 2024?

Similar to 2025.

Indeed, indeed 2026 adult.

Very strongly and stronger than what we expected.

So we might be surprised on the positive side during the year.

Speaker #4: And then can you talk about the claim that you settled, I think, in the fourth quarter of '25? And then can you talk about the cash impact of that insurance claim?

There are so many uncertainties.

About.

<unk> will be well what will happen in the geopolitical.

And when you should start with going back to flows of note.

Speaker #4: And then whether that's totally closed out or whether we might see some adjustments in 2026?

Will.

B they don't bother goes.

Speaker #1: Yeah. We have to recognize that claim in our Q4 numbers after we issued the press release, but it was included in our 20F information in our audited results.

Anastasios Aslidis: Yeah, we had to recognize that, that, that claim in our Q4 numbers after we issued the press release, but it was included in our 20F information in our audited results. That's why you might, you might see a difference compared- if you compare to the press release, but compare to the 20F, that claim, that the recognition of that claim was included. That situation was resolved, and we recover the $1.4 million that we record here as other operating income. I think that situation is now closed. We don't expect anything on either side, either positive or negative.

So.

Really a very difficult market to.

To predict what is easy to see is the supply of ships and we expect the supply of ships to increase by about 4% takeaway widen one into half two for scrapping them delays.

Speaker #1: So that's why you might see a difference if you compare to the press release. But compared to the 20F, that recognition of that claim was included.

We see that the fleet will not increase considerably, but really to make a call about how strong demand will end up being is extremely difficult.

Speaker #1: And then that situation was resolved, and we recover the 1.4 million that we record here as other operating income. I think that situation is now closed.

So the odds are that age footprint at 26.

That being similar to 2025 of course, we hope that it could be even higher.

Speaker #1: We don't expect anything on either side, either positive or negative.

The current rate the current FFA market indicates a high level.

Speaker #4: Okay. Great. Thank you so much.

Poe Fratt: Okay, great. Thank you so much.

He says.

Speaker #1: You're welcome, Paul.

Anastasios Aslidis: You're welcome, Paul.

And the answer is that.

Speaker #2: Thank you, Paul.

Aristides J. Pittas: Thank you, Paul.

And if you took into account the SFA market two weeks ago. It indicates it's exactly the same so.

Operator: There are no further questions at this time. I would like to turn the conference back over to Mr. Pittas for closing remarks.

Speaker #3: There are no further questions at this time. I would like to turn the conference back over to Mr. Peters for closing remarks.

Okay.

The market changes and the opinion and the market changes there.

Speaker #2: Thank you all for listening in in today's presentation, and then we will be back in three months' time with hopefully another quarter of good results.

Aristides J. Pittas: Thank you all for listening in to today's presentation, and then we will be back in three months' time with hopefully another quarter of good results.

Very quickly.

Okay.

And lastly could you add some more color on your fleet renewal in modern modernization strategy there.

Speaker #1: Thanks, everybody.

Anastasios Aslidis: Thanks, everybody.

Operator: Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

No.

Santa Cruz and with Star ride and lots of luck are all you know on the older side can we expect those to be offloaded during the year or are you thinking about that.

We haven't taken any decision yet.

We are down the dose.

Two to 2000 and for Big ships and one 2005.

So.

Three are relatively old.

We may be.

If we are selling them, we might be buying more components, we see the strategy that we discuss continuously but theres no.

This season.

Okay. Thank you I appreciate your comments.

Thank you.

Our next question is from Pavel <unk> with Alliance Global Partners. Please proceed.

Alright.

Hi, Eric.

Sure.

So I.

You know the more the macro the macro has been pretty well covered.

Mike quick question maybe.

Maybe I missed it but can you just highlight whether there was a change to your reported numbers for the fourth quarter 2024.

And then can you talk about the.

They claim that you settled but I think in the fourth quarter 'twenty five.

And then could you talk about the cash impact to pet insurance claim and that and whether that's totally closed out or whether we might see some adjustments in 2026.

Yeah, we can't recognize it.

Our claim in our Q4 numbers.

After we issued the press release, but it was included in our 20-F.

Formation in August as a result.

So that's why you might you might fade defense competitively compared to the person is compared to the 20-F.

My pleasure.

Completion of a claim.

And then back to the situation.

What was the result and will recover.

The one 4 million that we report here.

Sure.

Other operating income.

I think that.

Situation is now.

Now we don't expect anything.

On the other side either positive or negative.

Okay, great. Thank you so much.

Youre welcome Paul.

Thank you Paul.

There are no further questions at this time I would like to turn the conference back over to Mr. Peterson for closing remarks.

Thank you all for listening in today's presentation, and we will be back in three months time with hopefully another close to go good results. Thanks, everybody.

Thank you. This will conclude today's conference you may disconnect at this time and thank you for your participation.

[music].

Q4 2025 EuroDry Ltd Earnings Call

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