Ernst Russ (ERAG) investor relations material

Executive summary

• Strategy is shifting toward a diversified listed shipowner, longer charters and a “manage the manager” model focused on resilient, long-term returns.

• H1 revenue was EUR 78.6m, EBITDA EUR 39.7m and EBIT EUR 24.6m; prior-year results included vessel-sale gains.

• Fleet expansion and long-term charters lifted backlog, including the acquisition pipeline, to USD 688.6m; minimum average remaining charter duration reached 32.0 months.

• FY 2026 EBIT guidance was raised to EUR 45m–EUR 55m, while revenue guidance remains EUR 145m–EUR 160m.

Financial highlights

• Q2 revenue was EUR 40.9m versus EUR 38.9m YoY; higher average charter rates offset lower Management Services revenue.

• Q2 EBITDA was EUR 19.1m versus EUR 23.2m and EBIT EUR 11.4m versus EUR 15.2m, primarily reflecting the prior-year vessel-sale gain.

• H1 net income after non-controlling interests was EUR 20.3m versus EUR 34.9m; EPS was EUR 0.60 versus EUR 1.04. Q2 EPS was EUR 0.28.

• Prior-year H1 results included EUR 32.3m in gains from two container vessel sales; adjusted EBITDA margin improved to 50.4% from 48.9%.

• H1 operating cash flow was EUR 38.1m versus EUR 47.6m; cash and bank balances were EUR 117.7m at 30 June, up from EUR 114.3m at year-end.

Outlook and guidance

• FY 2026 revenue guidance is EUR 145m–EUR 160m, with EUR 151.4m contracted as of 30 June; it depends on future USD exchange rates.

• FY 2026 EBIT guidance rose to EUR 45m–EUR 55m from EUR 34m–EUR 44m following positive business performance and the EF EMIRA sale; guidance excludes further vessel sales.

• Guidance assumes stable charter markets, planned utilisation and a H2 average exchange rate of USD 1.18/EUR; forecast fleet utilisation is 97.0%.

• EF EMIRA was sold in May and handed over on 6 July; the sale generated a EUR 12.82m disposal gain.