Costamare Bulkers (CMDB) investor relations material

Executive summary

• Q1 2026 net income was $9.9 million and adjusted net income reached $12.4 million, with EPS of $0.41 and adjusted EPS of $0.51.

• Liquidity at quarter-end was $353.3 million, with cash exceeding debt by $127.2 million.

• Fleet renewal included the sale of a 2011-built Capesize vessel for a $7.0 million capital gain and acquisition of a 2018-built Ultramax.

• Major progress made in transferring the legacy trading portfolio to Cargill, significantly reducing balance sheet risk.

• Operating platform realigned with a focus on Kamsarmax vessels and delivery of a newbuilding Kamsarmax on long-term charter.

Financial highlights

• Adjusted net income was $12.4 million ($0.51 per share) and net income was $9.9 million ($0.41 per share) for Q1 2026.

• Liquidity comprised $258.5 million in cash and equivalents, $10.1 million in margin deposits, and $84.7 million in undrawn funds.

• Owned dry bulk fleet utilization was 97.4% for Q1 2026.

• Sale of a Capesize vessel generated capital gains of $7.0 million.

• Total voyage revenue for Q1 2026 was $111.5 million.

Outlook and guidance

• Expectation to fully exit remaining legacy trades by year-end, further derisking the balance sheet.

• Positioned to grow countercyclically in a low asset value environment due to strong net cash position.

• Charter rates improved in Q1 2026 and have continued to rise since April; FFA levels remain healthy.

• Newbuild Kamsarmax vessel to be chartered-in with delivery expected between Q2 2027 and Q1 2028.