Ernst Russ (ERAG) investor relations material

Executive summary

• Strategy shifts toward a diversified fleet and longer-term contracted cash flows, supporting more predictable earnings and returns.

• Fleet comprised 27 existing vessels at September-end; the charter backlog was USD 722.1m, up 38% since year-start.

• Fleet renewal advanced through tanker deliveries, newbuilding commitments and sales of older container vessels; fleet size was up 17% since end-2024.

Financial highlights

• Q3 revenue was EUR 40.2m, EBITDA EUR 31.1m and EBIT EUR 23.3m; EBITDA and EBIT included a EUR 12.8m gain on the EF Emira sale.

• Q3 EBITDA and EBIT rose from EUR 28.6m and EUR 22.0m YoY; EPS was EUR 0.41, while profit after minorities fell to EUR 14.0m from EUR 19.7m, mainly due to prior-year tax income.

• 9M revenue was EUR 118.8m versus EUR 119.2m; EBITDA was EUR 70.8m versus EUR 99.9m, EBIT EUR 47.9m versus EUR 77.6m, and EPS EUR 1.02 versus EUR 1.62.

• 9M declines reflected lower vessel-sale gains and insurance reimbursements and higher docking costs; prior-year vessel-sale gains exceeded EUR 32m.

• 9M operating cash flow was EUR 56.2m; cash and bank balances rose to EUR 134.7m from EUR 114.3m at year-end 2025.

Outlook and guidance

• FY 2026 guidance was raised to revenue of EUR 159.0m–164.0m and EBIT of EUR 63.0m–70.0m on 9 November.

• EUR 159.6m of FY revenue was contracted; guidance assumes a Q4 average USD/EUR rate of 1.12 and planned fleet utilization, forecast at 97%.

• Market outlook points to gradual normalization from high levels, with timing dependent on Middle East security and new vessel supply; the Mirror handover is expected in January 2027 and does not affect 2026 guidance.