Ernst Russ (ERAG) Investor presentation summary

Market backdrop

• Red Sea closures divert ships around Africa, lengthening transit times and reducing available capacity; US trade policies drive volatile shipping volumes.

• Freight rates are weaker and more volatile in 2025, while charter rates are holding firm; low tonnage availability is expected to support charter-rate momentum amid ongoing uncertainty.

Fleet and operations

• 26 vessels on water and 2 on order; capacity of 691,564 dwt / 50,081 TEU and average age of 16.8 years at June 30, 2025.

• H1 2025 utilization was 97.3%; average charter rate was $17,412/day and average remaining contract duration was 18.9 months.

• Fleet composition: 19 feeder containerships, 4 intermediate containerships, 1 Neo-Panamax containership, 1 multipurpose vessel and 1 bulker.

H1 2025 financial performance

• Revenue was EUR 79.8m, EBITDA EUR 71.3m and EPS EUR 1.04 in H1 2025.

• Fleet market value was ~USD 520m and fixed revenue backlog USD 281m as of June 30, 2025; charterers are diversified across a broad range.

• Average EBITDA ratio over the last 3 years was 59.7%; cash ratio was 295.2% and equity ratio 80.2% at June 30, 2025.