Costamare Bulkers (CMDB) investor relations material

Executive summary

• Adjusted net loss of $1.7 million ($0.07 per share) for Q4 2025, mainly due to one-off expenses from dry bulk platform realignment and non-cash G&A expenses.

• Report covers Q4 2025 and full-year 2025, the company's second full quarter as an independent public entity after a spin-off in May 2025.

• Cooperation agreement with Cargill led to disposal of most trading portfolio and transfer of chartered-in vessels.

• Liquidity stood at $311.0 million at Q4 end, with cash of $226.3 million and negative net debt of $70.7 million.

• Operating platform now focused on Kamsarmax vessels, with legacy Capesize charters being phased out.

Financial highlights

• Q4 2025 adjusted net loss was $1.7 million or $0.07 per share, compared to a GAAP net loss of $18.2 million after adjustments.

• Q4 2025 total voyage revenue: $218.5 million; full-year 2025: $597.2 million.

• Total cash at quarter end was $226.3 million; debt $155.6 million, resulting in negative net debt of $70.7 million.

• Capital gains from vessel sales totaled $7.7 million, with $8 million in cumulative profitability since acquisition.

• Net cash from operating activities in Q4: $26.4 million; investing activities: $8.6 million; financing activities: -$3.9 million.

Outlook and guidance

• Most legacy Capesize vessels to be redelivered within the year; only one chartered-in vessel remains to be transferred under the Cargill agreement.

• First newbuild Kamsarmax vessel expected in Q2 2026, with a second between Q2 2027 and Q1 2028.

• Majority of period charters are index-linked, with option to convert to fixed rate based on FFA curve.

• Charter rates strengthened in Q4 and remain healthy into the new year.

• Management highlights favorable dry bulk market fundamentals, with strong Capesize and Panamax indices supported by robust exports and improved sentiment.