Euroseas (ESEA) investor relations material

Executive summary

• Q2 2026 net revenues were $56.5 million, with net income attributable to controlling shareholders of $33.2 million ($4.74 per diluted share), and adjusted EBITDA of $40.1 million.

• Adjusted net income for Q2 2026 was $32.9 million, and adjusted EBITDA margin was approximately 71%.

• A quarterly dividend of $0.80 per share was declared, reflecting a 4.2%-4.5% annualized yield, payable in September 2026.

• Share repurchases since May 2022 totaled 480,460 shares (6.8% of outstanding) for $11.36 million.

Financial highlights

• Q2 2026 net revenues decreased 1.2%-1.3% year-over-year due to a lower average vessel count, partially offset by higher charter rates.

• Net income attributable to controlling shareholders rose to $33.2 million from $29.9 million in Q2 2025.

• Adjusted EBITDA increased to $40.1 million from $39.3 million year-over-year.

• Basic and diluted EPS for Q2 2026 were $4.77 and $4.74, up from $4.32 and $4.29 in Q2 2025.

• For H1 2026, net revenues were $112.3 million, net income attributable to controlling shareholders was $65.7 million, and adjusted EBITDA was $81 million.

Outlook and guidance

• Charter coverage is 96% for 2026, 81% for 2027, and 47% for 2028 at average daily rates of $30,900, $31,700, and $32,300, respectively.

• Market rates are expected to moderate towards year-end 2026, with 2027 facing supply pressure from new deliveries, but scrapping and slow steaming may offset this.

• No significant delays are expected in newbuild deliveries; shipyards are meeting schedules.

• Management continues to seek accretive investment opportunities while balancing risk.