Himalaya Shipping (HSHP) investor relations material

Executive summary

• Net profit of $13.5 million and EBITDA of $33.3 million reported for Q4 2025, with operating revenues rising to $42.1 million, driven by higher time charter equivalent earnings.

• Earnings per share reached $0.29, up from $0.02 in Q4 2024.

• Cash distributions for Q4 2025 totaled $0.30 per share, with a $0.06–$0.13 dividend declared for January 2026.

• Acquired additional shares in 2020 Bulkers Management AS, increasing ownership to 54% effective April 2026.

• Twelve Newcastlemax dry bulk vessels were in operation as of December 31, 2025.

Financial highlights

• Operating profit was $26 million, up from $14 million in Q4 2024; EBITDA grew to $33.3 million from $21.3 million.

• Time charter equivalent earnings rose to $39,600 per day from $27,800 per day year-over-year.

• Cash and cash equivalents stood at $32.4 million at quarter end, up from $19.4 million at year-end 2024.

• Cash flow from operations was $24.8 million for Q4 2025.

• Total gross debt was $700.6 million at year-end, with a loan-to-value ratio of 62%.

Outlook and guidance

• Five out of 12 ships fixed on rates until March 2025; 11 of 12 vessels to be exposed to the spot market thereafter.

• All vessels fixed on long-term index charters with market-leading premiums, averaging 141%.

• Management expects a strong year ahead, leveraging index-linked charters for flexibility.

• Dividend yield projected at 22% at $35,000/day and up to 50% at $55,000/day Baltic Capesize Index rates.

• The company does not expect to meet the revenue threshold for Bermuda’s new 15% corporate income tax in the near future but will monitor regulatory developments.