Euroseas (ESEA) Q2 2025 earnings summary

Executive summary

• Q2 2025 net revenues were $57.2M, net income $29.9M, and adjusted EBITDA $39.3M, with diluted EPS at $4.29; H1 2025 net revenues reached $113.6M and net income $66.8M.

• Declared a quarterly dividend of $0.70 per share, up 7.7% from the previous quarter, and repurchased 463,074 shares for $10.5M since May 2022.

• Fleet consisted of 22 vessels in Q2 2025, with two newbuilds expected by 2027 and a vessel sale agreed for $50M.

• Published 2024 ESG/Sustainability Report and continued fleet modernization and newbuilding programs.

• Sale of MARCOS V for $50M, with proceeds to be used for fleet renewal.

Financial highlights

• Q2 2025 net revenues decreased 2.5% year-over-year to $57.2M; net income fell from $40.7M in Q2 2024 to $29.9M.

• Adjusted EBITDA for Q2 2025 was $39.3M, down from $42.3M in Q2 2024; H1 2025 adjusted EBITDA was $76.4M, up from $66.9M.

• H1 2025 net revenues increased 7.7% year-over-year to $113.6M; net income rose to $66.8M from $60.8M.

• Q2 2025 adjusted EPS was $4.20 diluted, compared to $4.92 in Q2 2024.

• Cash and current assets at June 30, 2025, were $126.8M; book value of fleet $517.4M.

Outlook and guidance

• Nearly 90–100% of 2025 available days secured at rates around $28,000/day; 66–67% of 2026 days fixed at about $31,600/day.

• Time charter rates expected to remain strong for the rest of 2025; 2026 outlook depends on Suez Canal access, tariffs, and global economic conditions.

• Fleet renewal and growth to continue, with two newbuilds expected in 2027.

• Management expects potential rate pressures in 2026–2027 due to global fleet growth, but sees advantages in feeder/intermediate segments due to low orderbook and aging fleet.