Global Ship Lease (GSL) investor relations material

Executive summary

• Operating revenue for Q1 2026 was $198.1 million, up 3.7% year-over-year, with adjusted EBITDA of $133.2 million and net income of $91.4 million; normalized net income was $92.1 million.

• Maintained 100% charter coverage for 2026 and 86% for 2027, with $2.1 billion in contracted revenues over 2.6 years.

• Annualized dividend declared at $2.50 per share, with ongoing share buybacks and $33 million remaining authorized.

• Focused on disciplined fleet renewal, resilience, and maintaining a strong balance sheet amid geopolitical and regulatory uncertainty.

• Fleet size stood at 71 vessels as of March 31, 2026.

Financial highlights

• Cash position at $655 million, with $156 million restricted; cash and equivalents at $404.9 million as of March 31, 2026.

• Debt reduced to $657.8 million from $777.7 million year-over-year; nearly net zero debt.

• Forward sales of three older ships for $52 million, expected to unlock a $25 million book gain.

• Ongoing payment of an annualized $2.5 per share dividend, yielding about 6%.

• Vessel operating expenses rose 5.4% to $52.7 million, reflecting fleet changes and inflation.

Outlook and guidance

• 100% forward contract cover for 2026 and 86% for 2027 provides strong revenue visibility.

• Ongoing focus on selective, accretive fleet renewal and energy-saving retrofits to meet regulatory and market demands.

• CAPEX for 2026 and 2027 guided at ~$3.5 million per vessel for dry-docking and special surveys, plus ~$2.2 million per year for other capex.

• Charter market remains healthy, especially for ships above 4,000 TEU, with forward coverage at firm rates.

• Strategy prioritizes deleveraging and building cash reserves for opportunistic acquisitions.