EuroDry (EDRY) investor relations material

Executive summary

• Q2 2026 net revenues reached $17.7 million, a 57% year-over-year increase, with net income of $6.6 million, reversing a prior-year loss.

• Adjusted EBITDA for Q2 2026 was $11.71 million, up over 500% year-over-year, reflecting strong operational performance and market conditions.

• H1 2026 net revenues rose 48.8% to $30.5 million, with net income of $6.8 million, reversing a $6.8 million loss in H1 2025.

• Share repurchase program extended, with $5.8 million spent to date and 358,130 shares repurchased.

• Signed term sheet with Alpha Bank S.A. to refinance M/V Ekaterini with a loan up to $19 million.

Financial highlights

• Q2 2026 adjusted net income was $6.95 million ($2.44 per diluted share); adjusted EBITDA margin was approximately 66%.

• Basic and diluted EPS for Q2 2026 were $2.36 and $2.32; H1 2026 basic EPS was $2.45.

• Average time charter equivalent rate for Q2 2026 was $20,398/day, nearly doubling year-over-year.

• Cash and cash equivalents plus restricted cash totaled $31.3 million as of June 30, 2026.

• Debt as of June 30, 2026 was $98.1 million; shareholders' equity stood at $100.1 million.

Outlook and guidance

• Annualized EBITDA for 2026 projected at $38.4 million based on current forward rates.

• Fixed rate contract coverage is about 28% for the remainder of 2026, with significant spot market exposure.

• Management expects operating expenses to remain near budget levels for the rest of 2026.

• Bulkcarrier markets are expected to remain favorable in H2 2026, with 2027 projected to be more balanced but uncertain.

• Each $1,000/day change in average rate impacts EBITDA by $1.4 million and EPS by $0.5.