EuroDry (EDRY) investor relations material

Executive summary

• Q2 2026 delivered the strongest quarterly performance in four years, with net revenues of $17.7 million (up 57% YoY) and net income attributable to shareholders of $6.6 million, reversing prior year losses.

• Adjusted EBITDA for Q2 2026 was $11.7 million, up over 500% year-over-year, reflecting strong operational performance and market conditions.

• Fleet utilization reached 100% operationally and commercially, with no idle or dry docking periods in the quarter.

• The company repurchased 358,130 shares for $5.8 million under its ongoing $10 million buyback program, extended through 2026.

• Signed a $19 million refinancing term sheet for MV Ekaterini, increasing liquidity.

Financial highlights

• Q2 2026 net revenues were $17.7 million, up 57% from Q2 2025; H1 2026 net revenues were $30.5 million, up 48.8% YoY.

• Net income attributable to controlling shareholders was $6.6 million in Q2 2026 and $6.8 million in H1 2026, reversing losses from the prior year.

• Adjusted EBITDA for Q2 2026 was $11.7 million, over five times higher than Q2 2025; H1 2026 adjusted EBITDA was $16.6 million.

• Basic and diluted EPS for Q2 2026 were $2.36 and $2.32; H1 2026 basic EPS was $2.45 and diluted EPS $2.41.

• Cash and cash equivalents plus restricted cash totaled $31.3 million as of June 30, 2026.

Outlook and guidance

• Bulkcarrier markets are expected to remain favorable in H2 2026, supported by resilient dry bulk trade and high time charter rates.

• Fixed rate contract coverage is about 28% for the remainder of 2026, with significant spot market exposure.

• Annualized EBITDA for 2026 is projected at $38.4 million, with a $1,000/day rate change impacting EBITDA by $1.4 million.

• Management expects operating expenses to remain near budget levels, with no significant cost pressures anticipated.

• Key risks include geopolitical tensions, vessel supply growth, and macroeconomic uncertainties.