Ernst Russ (ERAG) Investor presentation summary

Market and outlook

• Freight rates softened during 2025 while charter rates held firm; low tonnage availability is expected to support charter-rate momentum. Red Sea closure was expected to continue through 2025 and into Q1 2026.

• US-China trade-policy truce impact remained uncertain, alongside broader market uncertainty.

Operating and financial performance

• Q1–Q3 2025 revenue was EUR 119.2m, EBITDA EUR 99.9m and earnings per share EUR 1.62.

• Q1–Q3 2025 cash ratio was 403.8% and equity ratio was 87.0%; average EBITDA ratio over the prior three years was 61.3%.

• FY 2025 revenue forecast: EUR 152–162m, including EUR 152m contracted revenue; utilization forecast at 97.0%, versus 96.4% in 2024.

• FY 2025 EBIT forecast: EUR 48–63m from ship operations and EUR 87–102m including vessel sales; 2024 comparatives were EUR 65.8m and EUR 67.7m, respectively.

Fleet and contracted revenue

• At 30 September 2025, 26 vessels were on water and two were on order; fleet market value was ~USD 557m, with an average age of 17.1 years.

• Q1–Q3 2025 utilization was 97.7%; average charter rate was USD 17,802 per day and average remaining charter duration was 24.4 months.

• Fixed revenue backlog was USD 433m at 30 September 2025, supported by charterers diversified across counterparties and contract durations.