Ernst Russ (ERAG) Investor presentation summary

Market and operating model

• Shipowner and tonnage provider model combines vessel ownership with commercial management, financing and quality assurance; charter income less trading-day OPEX drives EBITDA.

• Continued Red Sea rerouting supported TEU-mile demand, while tariff volatility pressured Transpacific volumes; freight rates softened amid fleet growth, but tight vessel availability lifted charter rates to post-Covid highs.

• 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.

Fleet and charter coverage

• Fleet comprised 27 vessels on water and 2 on order; market value ~USD 597m, average age 16.6 years, minimum average remaining charter duration 28.2 months and capacity 55,987 TEU, including vessels on order.

• Two 2,280-TEU feeder newbuildings are scheduled for H2 2028 with dual-fuel propulsion, LNG and methanol ready.

• 2025 fixed revenue backlog rose 61% YoY to EUR 449m as average charter duration extended to 28.2 months; fleet size declined from 29 to 27 vessels.

• Two multipurpose vessels were acquired in 2026; diversification targets vessel sectors, counterparties and charter periods, with long-term charters to reduce volatility.

2025 financial performance

• Revenue was EUR 158.1m, EBITDA EUR 126.2m and EBIT EUR 96.4m; EBITDA margin was 79.9%.

• 2025 EBITDA included EUR 42.9m of vessel-sale gains versus EUR 1.9m in 2024; average charter rate rose 4% YoY and utilization increased to 97.7% from 96.4%.

• Net income after minorities was EUR 73.5m and earnings per share EUR 2.18; positive EUR 4.7m tax result reflected reduced deferred tax liabilities.

• Year-end liquidity was EUR 114.3m; equity ratio was 79.1% (84.2% adjusted) and cash ratio 192.6%.

• Operating cash flow was EUR 86.9m; investing cash flow included EUR 61.2m vessel-sale proceeds and EUR 45.6m shipping investments.