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Euroseas (ESEA) investor relations material
Euroseas Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
Executive summary
Q3 2025 net revenues were $56.9M, up 5.1% year-over-year, with net income of $29.7M and adjusted EBITDA of $38.8M, reflecting strong operational performance and higher charter rates.
Declared a quarterly dividend of $0.70 per share, yielding about 5%, and continued share repurchases, with $10.5M spent under a $20M buyback program since 2022.
Completed the sale of vessel Marcos V for $50M, recording a $9.3M gain, and secured multi-year forward charters for newbuilds and existing vessels, increasing revenue visibility.
Announced multi-year forward charters for five vessels, including four under construction, significantly increasing contracted revenue into 2032.
Financial highlights
Q3 2025 net revenues increased 5.1% year-over-year to $56.9M; net income rose to $29.7M from $27.6M in Q3 2024.
Adjusted EBITDA for Q3 2025 was $38.8M, up from $36.1M in Q3 2024; nine-month 2025 adjusted EBITDA was $115.2M, a 12% increase year-over-year.
Basic and diluted EPS for Q3 2025 were $4.27 and $4.25, respectively, compared to $3.97 and $3.95 in Q3 2024.
For the first nine months of 2025, net revenues grew 6.8% to $170.5M, with net income of $96.5M.
Average time charter equivalent rate in Q3 2025 was $29,284/day, up 10.7% year-over-year.
Outlook and guidance
100% of Q4 2025 available days secured at $30,345/day; 75% of 2026 days covered at $31,300/day, 52% of 2027 at $33,500/day, and 29% of 2028 at $35,500/day.
Forward charters for five vessels provide contracted revenues into 2032 and increase charter coverage to about 75% for 2026 and over 50% for 2027.
Management expects continued strong cash flow and profitability, even if market rates correct.
Conservative modeling assumes 98% utilization and minimal off-hire days, with no scheduled dry dockings in Q4 2025.
Market outlook is mixed: TC rates remain strong, but spot freight rates have softened; new supply from 2027 may pressure rates.
What is the strategic value of the 5-year charter option?
How to capitalize on declining feeder/intermediate fleets?
What are the capital allocation priorities?
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Q4 202518 Feb, 2026
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Frequently asked questions
Euroseas Ltd. is a shipping company that provides global transportation services primarily through its fleet of containerships. These vessels transport a variety of dry and refrigerated containerized cargoes, including manufactured goods and perishables. Euroseas operates on both spot and long-term charter markets. The company is headquartered in Marousi, Greece, and its shares are listed on the NASDAQ.
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