Ernst Russ (ERAG) Investor presentation summary

Fleet and charter profile

• 27 vessels on water and 6 on order; fleet market value USD 597m, average age 16.6 years and 55,987 TEU capacity, including newbuildings.

• Fleet includes 18 container feeders, 4 intermediate container vessels, 1 neo-panamax container vessel, 3 multipurpose vessels and 1 bulker; orders include 2 feeders and 4 intermediate tankers.

• Average charter duration reached 32.6 months, including newbuildings; two feeder newbuildings are due in H2 2028 and tanker deliveries in Q4 2026–Q2 2027.

• 2025 average charter rate was USD 18,135/day; fleet operated 9,495 trading days at 97.7% utilization, with OPEX of USD 6,918/day, excluding docking and ship-management costs.

• Red Sea rerouting supported TEU-mile demand; strong fleet growth softened freight markets, while tight vessel availability lifted charter rates to post-Covid highs.

2025 financial performance

• Revenue was €158.1m and EBITDA €126.2m in 2025; EBITDA rose 35% YoY and included €42.9m of vessel-sale gains, versus €1.9m in 2024.

• EBIT was €96.4m in 2025, including vessel sales; earnings per share were €2.18.

• Average charter rate increased 4% YoY to USD 18,135/day, while average OPEX declined from USD 7,080 to USD 6,918/day.

• Utilization improved to 97.7% from 96.4%; trading days fell to 9,495 from 10,338, including 227 off-hire days, particularly due to the MV Lodur incident.

Balance sheet and cash flow

• Year-end equity was €292.8m and the equity ratio 79.1% (84.2% adjusted); cash ratio was 192.6%, with liquidity of €114.3m.

• FY 2025 operating cash flow was €86.9m; investing cash flow was -€96.0m, including €61.2m vessel-sale proceeds and €45.6m shipping-segment investments.

• Financing cash flow was €23.9m; liquidity moved from €110.7m at the start of 2025 to €114.3m at year-end.