Ernst Russ (ERAG) Investor presentation summary

Market and charter outlook

• Freight rates softened during 2025 while charter rates held firm; low tonnage availability is expected to support charter-rate momentum, amid continued uncertainty.

• Red Sea closure was expected to continue through 2025 and into Q1 2026; the impact of the one-year US-China trade truce remained uncertain.

Fleet and financial performance

• 26 vessels on water at 30 September 2025; fleet market value USD 557m, utilization 97.7% and average charter rate USD 17,802 per day.

• Average remaining charter duration was 24.4 months, including newbuildings; fixed revenue backlog was USD 433m at 30 September 2025.

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

• 2025 forecast: revenue EUR 152-162m, including EUR 152m contracted; EBIT from ship operations EUR 48-63m and EBIT including vessel sales EUR 87-102m.

Capital markets and strategic priorities

• Free float was 25%; average daily trading was 16k shares in Q1-Q3 2025, with limited visibility and inactivity cited as contributors to a valuation gap.

• Reducing non-strategic fleet minority interests is intended to simplify the ownership structure; handover of MV EF Elena was planned for December 2025.

• Research coverage increased from one to three analysts, with one more expected; investor conference participation and capital-markets communication were expanded.

• Growth plans include two newbuildings with long-term charters and portfolio diversification across counterparties, contract durations and shipping segments; a clear dividend policy is a long-term goal.