2020 BULKERS (2020) Q2 2026 earnings summary

Executive summary

• Reported net profit of $29.8 million and EBITDA of $28.6 million for Q2 2026, driven by vessel sales.

• All vessels sold by end of Q2 2026, with significant cash returned to shareholders via dividends and share repurchases.

• Retained approximately $5 million in cash to pursue future strategic opportunities.

Financial highlights

• Q2 2026 operating revenues were $28.9 million, up from $14.7 million in Q2 2025, mainly due to a $28.9 million gain on vessel sales.

• Six-month 2026 operating revenues reached $190.7 million, up from $24.2 million year-over-year, with a $178.1 million gain on vessel sales.

• Total operating expenses for Q2 2026 were $0.3 million, down from $4.8 million in Q2 2025, reflecting vessel sales.

• Net financial income of $1.2 million in Q2 2026, compared to a $1.5 million expense in Q2 2025, due to lower interest expenses.

• Total assets dropped to $6.0 million as of June 30, 2026, from $270.2 million at year-end 2025, following vessel sales and cash distributions.

Outlook and guidance

• Company intends to leverage its platform and retained cash to pursue new strategic or value-creating opportunities.

• Forward-looking statements highlight significant uncertainties and risks related to future plans.