Euroseas (ESEA) Q4 2025 earnings summary

Executive summary

• Q4 2025 net revenues were $57.4M, up 7.7% year-over-year, with net income of $40.5M and adjusted EBITDA of $40.7M; full year net income was $137M and adjusted EBITDA $155.9M.

• Declared a quarterly dividend of $0.75 per share, a 7% increase, with an annualized yield of about 5%.

• Repurchased 480,455 shares (~6.8% of outstanding) for $11.4M under a $20M buyback plan since 2022.

• Full year 2025 net revenues reached $227.9M, a 7% increase over 2024.

Financial highlights

• Q4 2025 basic and diluted EPS were $5.82 and $5.79; adjusted EPS was $4.50 basic and $4.48 diluted.

• Full year 2025 basic and diluted EPS were $19.73 and $19.72; adjusted EPS was $16.75 basic and $16.74 diluted.

• Q4 2025 gain on vessel sale was $9.2M; full year gain on vessel sales totaled $19.4M.

• Q4 2025 TCE rate was $30,268/day, up from $26,479/day in Q4 2024; full year TCE was $29,107/day.

• Q4 2025 vessel operating expenses per day were $7,042; full year: $6,763.

Outlook and guidance

• 87% of 2026 voyage days fixed at ~$30,700/day, 71% of 2027 at ~$31,900/day, and 41% of 2028 at ~$32,400/day.

• Contracted revenues exceed $550M over the next five years.

• Minimal off-hire and dry docking days expected in 2026; OpEx guidance assumes EUR/USD in 1.15–1.20 range and 3% annual OpEx increase.

• Dividend yield expected to remain at least 5%, with potential for further increases depending on cash position.

• Management expects continued strong profitability even with conservative charter renewal rates.