Costamare Bulkers (CMDB) investor relations material

Executive summary

• Q3 2026 net income was $16.6 million, or $0.68 per share; adjusted net income was $12.4 million, or $0.51 per share.

• The owned fleet comprised 29 vessels totaling 2.6 million DWT; the operating platform also included 32 chartered-in vessels, primarily Kamsarmax/Panamax.

• Cash exceeded debt by $141.7 million, with total liquidity of $358.2 million at September 30, 2026.

Financial highlights

• Q3 total voyage revenue was $131.5 million versus $222.9 million in Q3 2025; net income was $16.6 million versus $7.4 million.

• Q3 owned-fleet TCE revenue was $45.5 million; total TCE revenue was $96.1 million.

• 9M 2026 total voyage revenue was $354.6 million; net income was $31.7 million and adjusted net income was $34.6 million.

• Q3 operating cash flow was $21.3 million; 9M operating cash flow was $41.5 million.

Outlook and guidance

• Fixed-rate coverage, including index-linked contracts converted to fixed rates, was ~80% of owned-fleet available days in Q4 2026 and 52% in Q1 2027.

• FFA curves indicated a healthy charter-rate environment through the rest of 2026 and into 2027, with some expected normalization.

• New $133 million facilities are expected to lower financing costs and extend maturities to Q4 2031/Q1 2032; completion remains subject to final documentation.