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EuroDry (EDRY) investor relations material
EuroDry Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 net revenues were $17.4 million, up 19.9% year-over-year, with net income of $3.2 million and adjusted EBITDA of $7.5 million, reflecting a strong recovery and profitability driven by higher charter rates and vessel sales.
Full year 2025 net revenues were $52.3 million, down 14.4% year-over-year, but adjusted EBITDA rose 33% to $12.55 million.
Share repurchase program extended to August 2026, with $5.3 million spent to date on 334,674 shares.
Fleet renewal ongoing, with sale of older vessels and two new Ultramax vessels under construction for 2027 delivery.
Financial highlights
Q4 2025 net income was $3.2 million, compared to a loss of $6.2 million in Q4 2024; adjusted EBITDA for Q4 2025 was $7.5 million, up over 300% year-over-year.
Q4 2025 EPS was $1.14 (basic/diluted), compared to a loss of $2.28 in Q4 2024; adjusted EPS for Q4 2025 was $0.88.
Full-year 2025 adjusted loss per share improved to $2.50 from $4.10 in 2024.
Operating expenses per vessel per day rose to $7,127 in Q4 2025 from $6,391 in Q4 2024.
Utilization rates remained high: 100% commercial and 99.6% operational in Q4 2025.
Outlook and guidance
Fixed rate coverage for 2026 stands at 22%, with plans to secure more long-term charters if rates remain strong.
2026 market expected to be similar to 2025, with ongoing uncertainties from geopolitical and economic factors.
Fleet expansion planned with two new Ultramax vessels delivering in 2027.
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