Costamare Bulkers (CMDB) investor relations material

Executive summary

• Adjusted Net Income for Q2 2026 was $9.8 million ($0.40 per share), while reported Net Income was $5.2 million ($0.21 per share).

• Six-month adjusted net income was $22.2 million ($0.92/share) and net income was $15.1 million ($0.62/share).

• Liquidity at quarter-end stood at $331.5 million, with cash exceeding debt by $108.9 million.

• Completed transfer of legacy trading portfolio to Cargill, reducing balance sheet risk.

• Agreed to sell the 2009-built Bermondi vessel, with sale expected to close in Q3 2026.

Financial highlights

• Q2 2026 total voyage revenue was $111.6 million; six-month total voyage revenue was $223.1 million.

• Q2 2026 voyage expenses were $30.2 million; charter-in hire expenses were $38.9 million.

• Q2 2026 vessels' operating expenses were $16.4 million; daily operating expenses were $6,036.

• Q2 2026 interest income was $1.7 million; interest and finance costs were $2.1 million.

• Six-month gain on sale of vessels was $7.7 million.

Outlook and guidance

• FFA levels indicate a healthy charter rate environment through 2026 and into 2027.

• Trading platform expected to be free of remaining legacy positions by year-end.

• Net cash positive position enables countercyclical growth if asset values decline.

• Market outlook notes heightened volatility in Capesize segment due to geopolitical and energy market factors; Panamax and Supramax segments supported by strong demand and commodity flows.