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Global Ship Lease (GSL) investor relations material
Global Ship Lease Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 100% contract coverage for 2025, 96% for 2026, and 74% for 2027, adding $778 million in contracted revenues in the first nine months of 2025, bringing total forward contract cover to $1.92 billion over 2.5 years.
Net income for 9M25 was $306.7 million, up 20.8% year-over-year; adjusted EBITDA reached $396.7 million.
Announced a 19% increase in annualized dividend to $2.50 per share, up 67% from $1.50 a year ago, with $33 million remaining under share buyback authorization.
Maintained strong credit ratings, including investment-grade on U.S. private placement notes and affirmations from Moody’s, S&P, and KBRA.
Focused on maximizing optionality amid high macro, geopolitical, and regulatory uncertainty.
Financial highlights
Revenue for 9M25 was $575.5 million, up from $528.6 million in 9M24; Q3 2025 operating revenue was $192.7 million, up 10.7% year-over-year.
Adjusted EBITDA for 9M25 was $396.7 million, up 6.9% year-over-year; Q3 2025 adjusted EBITDA was $130.2 million.
Net income for 3Q25 was $92.6 million; normalized EPS for 3Q25 was $2.62.
Realized a $28.3 million gain from the sale of older vessels.
Net cash provided by operating activities for the nine months was $334.5 million.
Outlook and guidance
Forward contract cover of $1.92 billion over 2.5 years provides strong cash flow visibility.
Will continue to lock in charter coverage at attractive rates while maintaining financial and strategic flexibility.
Disciplined fleet renewal and selective growth to support future earnings as existing fleet ages.
CAPEX for 2025 and 2026 includes $2.74–$2.77 million per ship for special survey & dry-docking, and $7.1–$1.5 million for other capex.
Decarbonization-related CAPEX subject to commercial agreements with charterers.
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