Euroseas (ESEA) Q2 2026 earnings summary

Executive summary

• Q2 2026 net revenues were $56.5 million, with net income attributable to controlling shareholders of $33.22 million ($4.74 per diluted share); adjusted net income was $32.92 million ($4.70 per diluted share), and adjusted EBITDA reached $40.13 million.

• Declared a quarterly dividend of $0.80 per share, reflecting an annualized yield of 4.2%-4.5%, payable in September 2026.

• Share repurchase program has bought back 480,460 shares (6.8% of outstanding) for $11.36 million since May 2022.

Financial highlights

• Q2 2026 net revenues decreased 1.2% year-over-year due to a lower average vessel count, partially offset by higher charter rates.

• Net income attributable to controlling shareholders rose to $33.22 million from $29.9 million year-over-year; adjusted EBITDA increased to $40.13 million from $39.3 million.

• For H1 2026, net revenues were $112.34 million (down 1.1% year-over-year), net income attributable to controlling shareholders was $65.74 million, and adjusted EBITDA was $81 million.

• Basic and diluted EPS for Q2 2026 were $4.77 and $4.74, respectively, compared to $4.32 and $4.29 in Q2 2025.

• Operational utilization rate remained high at 99.9% for Q2 2026.

Outlook and guidance

• Charter coverage is 96% for 2026, 81% for 2027, and 47% for 2028, at average daily rates of $30,900, $31,700, and $32,300, respectively.

• Market rates are expected to moderate towards the end of 2026, with 2027 facing potential pressure from increased vessel deliveries and possible Red Sea route normalization.

• Capacity management, scrapping, and slower steaming are expected to help absorb new supply.

• Twelve newbuild vessels scheduled for delivery from Q3 2027 to Q1 2029, expected to make the fleet among the youngest in the sector.

• Management continues to seek accretive investment opportunities while balancing risk.