EuroDry (EDRY) Q4 2025 earnings summary

Executive summary

• Q4 2025 net revenues were $17.4 million, up 19.9% year-over-year, with net income of $3.2 million and adjusted EBITDA of $7.5 million, reflecting a strong recovery from the prior year.

• Full-year 2025 net revenues were $52.3 million, down 14.4% from 2024, but adjusted EBITDA rose 33% to $12.55 million.

• Share repurchase program extended to August 2026, with $5.3 million spent to date on 334,674 shares.

• Achieved 100% commercial and 99.6% operational utilization in Q4 2025.

• Fleet renewal continued with the sale of M/V Eirini P for $8.5 million and gains from vessel sales.

Financial highlights

• Q4 2025 adjusted net income was $2.4 million ($0.87–$0.88 per diluted share); adjusted EBITDA $7.5 million, up over 300% year-over-year.

• Q4 2025 EPS was $1.14 versus a loss of $2.28 in Q4 2024; adjusted EPS $0.87–$0.88 versus adjusted loss of $1.33.

• Full-year 2025 adjusted loss per share was $2.50, improved from $4.10 in 2024.

• Interest and financing costs declined to $1.6 million in Q4 and $6.9 million for the year.

• Q4 gain on vessel sale was $0.7 million; full-year gain on vessel sales totaled $2.8 million.

Outlook and guidance

• Fixed rate coverage for 2026 stands at 22%, with potential to increase long-term charters if rates remain strong.

• 2026 expected to be broadly similar to 2025, though current rates are stronger; significant uncertainties remain due to geopolitical and trade factors.

• FFA contracts used to hedge exposure; recent fixtures at favorable rates.

• Management expects a balanced drybulk market over the next two years, with ongoing geopolitical and economic uncertainties.

• Plans to secure more year-long or longer charters if market rates remain strong or improve.