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Third Quarter 2025 Financial Results Conference Call November 14, 2025
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Costamare Bulkers Holdings Limited 68 114 196 237 125 49 165 165 165 255 192 0 91 155 213 112 173 71 2 This presentation contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could”, “expect” and similar expressions. You should not place undue reliance on these statements. These statements are not historical facts but instead represent only the Company’s beliefs regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, it is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Registration Statement on Form 20-F (File No. 001-42581). All forward-looking statements reflect management’s current views with respect to certain future events, and the Company expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in the Company’s views or expectations, or otherwise. Forward Looking Statements
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Costamare Bulkers Holdings Limited 68 114 196 237 125 49 165 165 165 255 192 0 91 155 213 112 173 71 Highlights (1/5) 3 First full quarter results as an independent, publicly traded company Q3 2025 – Financial Results ► Q3 2025 Net Income of $7.4 million ($0.30 per share). ► Q3 2025 Adjusted Net Income(1) of $5.4 million ($0.22 per share). ► Q3 2025 liquidity of $290.5 million(2). ► Debt(3) of $159.3 million, Cash(4) of $205.8 million / Negative net debt(5). Notes 1. Adjusted Net Income and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare Bulkers financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Appendix I. 2. Liquidity includes Cash (as defined in Footnote 4) plus $84.7 million of available undrawn funds from one hunting license facility as of September 30, 2025. 3. Long-term debt including non-current portion. 4. Cash and cash equivalents (including restricted cash) of $184.5 million plus margin deposits of $21.3 million relating mainly to our forward freight agreements (“FFAs”) and bunker swaps. 5. Net debt is equal to Debt (as defined in footnote 3) minus Cash (as defined in footnote 4).
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Costamare Bulkers Holdings Limited 68 114 196 237 125 49 165 165 165 255 192 0 91 155 213 112 173 71 Highlights (2/5) 4 Realignment of Trading Platform and Integration with Owned Fleet ► FFA and Forward Cargo Book transferred to Cargill(1). ► Further optimization of Chartered-in Fleet(2): ❖ 19 chartered-in vessels transferred or agreed to be transferred to Cargill. ❖ Early redelivery to owners of three chartered-in vessels. ❖ Charter-out of two vessels for long term period(3). ► The Realigned Trading Platform will: ❖ Focus on Kamsarmax vessels driven by a balanced cargo-driven portfolio. ❖ Support the owned fleet through improved market insight and operational flexibility. Notes 1. As per agreement announced on September 29, 2025. 2. As of November 13, 2025 and referring to vessels on period charters. 3. Charter-out periods generally align with the tenor of the remaining charter-in periods. 4. Chartered-in vessels on period charters and excluding the two newbuilding Kamsarmax vessels with delivery in Q2 2026 and Q2 2027/Q1 2028. As of September 30, 2025 No. of Chartered-In Vessels 37(4) Transferred or agreed to be transferred to Cargill 19 Time chartered-out for the whole/most of their remaining charter-in period 5 Redelivered or to be redelivered within Q4 2025 9 To be redelivered within Q1 2026 3 To be redelivered within Q3 2026 1
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Costamare Bulkers Holdings Limited 68 114 196 237 125 49 165 165 165 255 192 0 91 155 213 112 173 71 Highlights (3/5) 5 Owned Fleet and Employment Strategy ► 31(1) owned dry bulk vessels of a total capacity of approximately 2.8 million DWT: ❖ 7 Capesize vessels out of which 6 are on period charters. ❖ 7 Kamsarmax vessels out of which 5 are on period charters. ❖ 8 Ultramax vessels all of which are on period charters. ❖ 9 Supramax vessels out of which 7 are on period charters. ► The majority of the period charters are on index-linked charter agreements with owner’s option to convert to fixed rate based on the prevailing FFA curve. Notes 1. As of November 13, 2025.
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Costamare Bulkers Holdings Limited 68 114 196 237 125 49 165 165 165 255 192 0 91 155 213 112 173 71 Highlights (4/5) 6 Sale and Purchase Activity ► Vessel Disposals ❖ Conclusion of the previously announced sale of the below vessels, generating net sale proceeds after debt prepayment of $44 million: ▪ 2010-built, 58,018 DWT capacity dry bulk vessel, Pythias. ▪ 2011-built, 35,995 DWT capacity dry bulk vessel, Bernis. ▪ 2011-built, 37,152 DWT capacity dry bulk vessel, Acuity. ▪ 2012-built, 37,163 DWT capacity dry bulk vessel, Verity. ▪ 2013-built, 37,071 DWT capacity dry bulk vessel, Equity. ▪ 2012-built, 37,152 DWT capacity dry bulk vessel, Parity. ► Vessel Acquisition ❖ Conclusion of the acquisition of the 2012-built, 176,387 DWT capacity dry bulk vessel, Imperator (ex. Imperator Australis).
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Costamare Bulkers Holdings Limited 68 114 196 237 125 49 165 165 165 255 192 0 91 155 213 112 173 71 Highlights (5/5) 7 Debt Financing ► Financed the acquisition of the Imperator through an existing hunting license facility: ❖ Amount drawn of approximately $15.3 million. ❖ Tenor of 6 years. ▶ Approximately $84.7 million is available, until December 2027, through one hunting license facility for the financing of vessel acquisitions. ▶ No significant loan maturities until 2029.
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Costamare Bulkers Holdings Limited 68 114 196 237 125 49 165 165 165 255 192 0 91 155 213 112 173 71 8 Market Environment (1) 0% 5% 10% 15% 20% 25% Nov-15 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25 Average Baltic TC Rates Orderbook for Dry Bulk Vessels ► The FFA curve depicts a positive momentum for 2026. ► Strong fundamentals and low fleet growth are expected to keep Capesize rates resilient. ► Panamax demand remains supported by strong grain trade, though increased fleet growth could limit rate gains. 25,714 16,607 16,258 10.9% 0 5.000 10.000 15.000 20.000 25.000 30.000 35.000 C5TC P5TC S11TC Notes 1. Clarksons and Baltic Exchange – November 2025. Forward Freight Agreements Curve – Cal 26 23,233 15,345 15,001 0 5.000 10.000 15.000 20.000 25.000 C5TC P5TC S11TC
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Costamare Bulkers Holdings Limited 68 114 196 237 125 49 165 165 165 255 192 0 91 155 213 112 173 71 9 Thank you! Q&A
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Costamare Bulkers Holdings Limited 68 114 196 237 125 49 165 165 165 255 192 0 91 155 213 112 173 71 Appendix I - Net Income to Adj. Net Income Reconciliation 10 Expressed in thousands of U.S. dollars, Three-month period ended September 30 except share and per share data 2025 Net Income 7,354 Accrued charter revenue 1 Deferred charter-in expense 91 G&A expenses - non-cash component 869 Loss on sale of vessels 3,830 Loss on vessel held for sale 1,058 Non-recurring, non-cash write-off of loan deferred financing costs 157 Gain on derivative instruments, excluding realized (gain) / loss on derivative instruments (1) (7,999) Adjusted Net Income 5,361 Weighted average number of shares 24,241,640 Adjusted Earnings per Share 0.22 Adjusted Net Income and Adjusted Earnings per Share represent Net Income before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, deferred charter-in expense, loss on vessel held for sale, loss on sale of vessels, non-recurring, non- cash write-off of loan deferred financing costs, general and administrative expenses - non-cash component and gain on derivative instruments, excluding realized (gain)/loss on derivative instruments. “Accrued charter revenue” is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income and Adjusted Earnings per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income and Adjusted Earnings per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income and Adjusted Earnings per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income and Adjusted Earnings per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income and Adjusted Earnings per Share generally eliminates the effects of the accounting effects of certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income and Adjusted Earnings per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income and Adjusted Earnings per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. (1) Items to consider for comparability, when prior period figures are presented, include gains and charges. Gains positively impacting Net Income are reflected as deductions to Adjusted Net Income. Charges negatively impacting Net Income are reflected as increases to Adjusted Net Income.
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Costamare Bulkers Holdings Limited 68 114 196 237 125 49 165 165 165 255 192 0 91 155 213 112 173 71 11 Appendix II – Owned Dry Bulk Fleet Utilization Three-month period ended September 30 2025 Owned Dry Bulk Fleet Available Days 3,259 Owned Dry Bulk Fleet Utilization(1) 98.4% (1) We calculate utilization of our owned dry bulk fleet (including vessels chartered-in by CBI) by dividing (i) the aggregate number of our on-hire days and ballast days (excluding dry dock ballast days) in a period of our owned dry bulk fleet by (ii) the number of our available days (owned dry bulk fleet) during such period. We use the following definitions in our calculation of utilization of owned dry bulk fleet: ❖ On-hire days. We define on-hire days as the total days that a vessel was on-hire during a period. ❖ Ballast days (excluding dry dock ballast days). We define ballast days (excluding dry dock ballast days) during a period, as the total number of days that a vessel is not on-hire, but is conducting ordinary ship operations (other than dry dock ballast days) which includes repositioning from a discharging port to a loading port, sailing to a port for the conclusion of a prospective sale of a vessel or a change of the technical manager of a vessel. ❖ Available days. We define available days as the number of our ownership days of our owned dry bulk fleet during a period less the aggregate number of dry dock days and dry dock ballast days during such period. We use the following definitions in our calculation of available days (owned dry bulk fleet): ▪ Dry dock days. We define dry dock days as the days during a period that a vessel underwent scheduled repairs or repairs under guarantee, vessel upgrades, scheduled dry-docking or special surveys. ▪ Dry dock ballast days. We define dry dock ballast days as the total days during a period that a vessel spends sailing to and from a shipyard for scheduled repairs or repairs under guarantee, vessel upgrades, scheduled dry-docking or special surveys.
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Costamare Bulkers Holdings Limited 68 114 196 237 125 49 165 165 165 255 192 0 91 155 213 112 173 71 12 Appendix III – Owned Vessels Fleet List # Vessel Name Type Capacity (DWT) Year Built 1 FRONTIER Capesize 181,415 2012 2 MIRACLE Capesize 180,643 2011 3 PROSPER Capesize 179,895 2012 4 DORADO Capesize 179,842 2011 5 MAGNES Capesize 179,546 2011 6 IMPERATOR Capesize 176,387 2012 7 ENNA Capesize 175,975 2011 8 AEOLIAN Kamsarmax 83,478 2012 9 GRENETA Kamsarmax 82,166 2010 10 HYDRUS Kamsarmax 81,601 2011 11 PHOENIX Kamsarmax 81,569 2012 12 BUILDER Kamsarmax 81,541 2012 13 FARMER Kamsarmax 81,541 2012 14 SAUVAN Kamsarmax 79,700 2010 15 MERCHIA Ultramax 63,585 2015 16 DAWN Ultramax 63,561 2018 17 SEABIRD Ultramax 63,553 2016 18 ORION Ultramax 63,473 2015 19 DAMON Ultramax 63,301 2012 20 ARYA Ultramax 61,424 2013 21 ALWINE Ultramax 61,090 2014 22 AUGUST Ultramax 61,090 2015 23 ATHENA Supramax 58,018 2012 24 ERACLE Supramax 58,018 2012 25 NORMA Supramax 58,018 2010 26 URUGUAY Supramax 57,937 2011 27 CURACAO Supramax 57,937 2011 28 SERENA Supramax 57,266 2010 29 LIBRA Supramax 56,701 2010 30 CLARA Supramax 56,557 2008 31 BERMONDI Supramax 55,469 2009 Type Capacity (DWT) % Capesize 1,253,703 44% Kamsarmax 571,596 20% Ultramax 501,077 18% Supramax 515,921 18% Total 2,842,297 100%
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Costamare Bulkers Holdings Limited 68 114 196 237 125 49 165 165 165 255 192 0 91 155 213 112 173 71 13 Appendix IV – Chartered -In Vessels Fleet List (1) # Vessel Name Capacity (DWT) Year Built Earliest Redelivery to Owners 1 SHANDONG MIGHTINESS 210,896 2021 September 2026 2 SHANDONG MISSION (2) 210,800 2021 November 2026 3 SHANDONG RENAISSANCE (2) 210,800 2022 December 2026 4 CAPE PROTEUS 180,585 2011 January 2026 5 MILDRED 179,678 2011 February 2026 6 NAVIOS LUZ (3) 179,144 2010 December 2025 7 MILESTONE 176,354 2010 February 2026 8 GRAMPUS CHARM (3) 82,937 2013 December 2025 9 NAVIOS LIBRA (4) 82,011 2019 January 2026 10 NAVIOS CITRINE (4) 81,626 2017 January 2026 11 AOM BIANCA (3) 81,600 2017 December 2025 12 GEORGITSI (4) 81,309 2012 September 2026 Notes 1. As of November 13, 2025 and adjusted (compared to slide nr 4) for vessels transferred/to be transferred to Cargill (19x) and vessels already redelivered within Q4 (6x). 2. Time-chartered out for most of their remaining period. 3. Expected to be redelivered within Q4 2025. 4. Time-chartered out for the whole remaining period. # Vessel Capacity (DWT) Estimated Delivery 1 NEWBUILDING 1 81,800 Q2 2026 2 NEWBUILDING 2 82,400 Q2 2027 – Q1 2028