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Fourth Quarter 2025 Financial Results Conference Call February 20 , 2026
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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 (1/4) 3 Q4 2025 – Financial Results ► Q4 2025 Adjusted Net Loss(1) of $1.7 million ($0.07 loss per share). ► Q4 2025 liquidity of $311.0 million(2). ► Debt(3) of $155.6 million, Cash(4) of $226.3 million / Negative net debt(5) of $70.7 million as of the end of Q4. Notes 1. Adjusted Net Loss 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 December 31, 2025. 3. Long-term debt including current and non-current portion. 4. Cash and cash equivalents (including restricted cash) of $215.5 million plus margin deposits of $10.8 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 (2/4) 4 Operating Platform – Effective Conclusion of Agreement with Cargill ► FFA, Forward Cargo Book and Chartered-in vessels(1) have been transferred to Cargill. ► Current focus on Kamsarmax vessels. ► 20(2) chartered-in dry bulk vessels from third-party owners of which: ❖ 6 Capesize vessels on period charters (5 of which are expected to be redelivered within 2026)(3). ❖ 12 Kamsarmax vessels chartered-in under period charters(3) or for TC trips. ❖ 2 newbuild Kamsarmax vessels which will be chartered-in under period charters (with Company’s purchase option): ❖ First vessel expected to be delivered in Q2 2026. ❖ Second vessel expected to be delivered between Q2 2027 and Q1 2028. Notes 1. Excluding one chartered-in vessel expected to be novated in Q2/Q3 2026 to Cargill International S.A. (“Cargill”) as per Strategic Cooperation Agreement (the “Cooperation Agreement”). 2. As of February 19, 2026 and excluding the vessel in Footnote 1 and two vessels sub-chartered on back-to-back terms pursuant to the Cooperation Agreement. 3. All six Capesize vessels and two of the period chartered-in Kamsarmax vessels represent legacy transactions entered into prior to the Cooperation Agreement.
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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 (3/4) 5 Fleet Renewal - Sale and Purchase Activity ► Vessel Disposals ❖ Agreement for the sale of the 2011-built, 180,643 DWT capacity dry bulk vessel, Miracle (expected conclusion within Q1 – Q2 2026): ▪ Estimated capital gains of approximately $7.0 million. ▪ $4.7 million profitability(1) since her acquisition in February 2024(2). ❖ Conclusion of the sale of the 2008-built, 56,557 DWT capacity dry bulk vessel, Clara: ▪ Estimated capital gains of approximately $0.7 million. ▪ $3.2 million profitability(1) since her acquisition in August 2021(2). ► Vessel Acquisition ❖ Agreement for the purchase of the 2018-built, 60,297 DWT capacity dry bulk vessel, Koushun (tbr. Astros), with expected delivery within Q1 – Q2 2026. Notes 1. Amount represents the Total voyage revenue less any expenses and fees owed by the respective ship-owning company, for the period starting from each vessel acquisition date until December 31, 2025, as extracted from the consolidated financial statements of Costamare Inc. and Costamare Bulkers Holdings Limited. 2. Vessel initially acquired by Costamare Inc. and transferred to Costamare Bulkers Holdings Limited pursuant to the spin-off..
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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 (4/4) 6 Owned Fleet and Employment Strategy ► 31(1) owned dry bulk vessels of a total capacity of approximately 2.8 million DWT: ❖ 7 Capesize vessels all of which are on period charters. ❖ 7 Kamsarmax vessels out of which 6 are on period charters. ❖ 9 Ultramax vessels out of which 7 are on period charters. ❖ 8 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 February 19, 2026, including one vessel that we have agreed to sell and one vessel that we have agreed to acquire.
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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 7 Market Environment (1) Average Baltic TC Rates 16,515 ► Charter rates have strengthened during Q4 2025 and remain at healthy levels since the beginning of the year. ► The FFA levels for Cal 26 are trending higher than the year before. ► New vessel ordering for the whole fleet stands at 12.8%. 23,159 14,354 15,342 Notes 1. Clarksons and Baltic Exchange – February 2026. Forward Freight Agreements Curve – Cal 26 5.000 10.000 15.000 20.000 25.000 30.000 C5TC P5TC S11TC 28,805 16,227 Orderbook for Dry Bulk Vessels 0 10.000 20.000 30.000 40.000 50.000 C5TC P5TC S11TC 4,00% 8,00% 12,00% 16,00% 20,00% 24,00% Bulkcarrier Capesize Panamax Handymax 12.8%
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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 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 Loss to Adj. Net Loss Reconciliation 9 Expressed in thousands of U.S. dollars, Three-month period ended December 31 except share and per share data 2025 Net Loss (18,192) Deferred charter-in expense 1,949 G&A expenses - non-cash component 933 Non-recurring expenses for realignment of operating platform 14,500 Gain on derivative instruments, excluding realized (gain) / loss on derivative instruments (1) (933) Adjusted Net Loss (1,743) Weighted average number of shares 24,148,902 Adjusted Losses per Share (0.07) Adjusted Net Loss and Adjusted Losses per Share represent Net Loss before deferred charter-in expense, non-recurring expenses for realignment of operating platform, general and administrative expenses - non-cash component and gain on derivative instruments, excluding realized (gain)/loss on derivative instruments. However, Adjusted Net Loss and Adjusted Losses per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Loss and Adjusted Losses per Share is 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 Loss and Adjusted Losses per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Loss and Adjusted Losses 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 Loss and Adjusted Losses 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 Loss and Adjusted Losses 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 Loss and Adjusted Losses 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 Loss are reflected as deductions to Adjusted Net Loss. Charges negatively impacting Net Loss are reflected as increases to Adjusted Net Loss.
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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 10 Appendix II – Owned Dry Bulk Fleet Utilization Three-month period ended December 31 2025 Owned Dry Bulk Fleet Available Days 2,802 Owned Dry Bulk Fleet Utilization(1) 97.5% (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 11 Appendix III – Owned Vessels Fleet List (1) # Vessel Name Type Capacity (DWT) Year Built 1 FRONTIER Capesize 181,415 2012 2 MIRACLE (2) 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 KOUSHUN (tbr. ASTROS) (3) Ultramax 60,297 2018 24 ATHENA Supramax 58,018 2012 25 ERACLE Supramax 58,018 2012 26 NORMA Supramax 58,018 2010 27 CURACAO Supramax 57,937 2011 28 URUGUAY Supramax 57,937 2011 29 SERENA Supramax 57,266 2010 30 LIBRA Supramax 56,701 2010 31 BERMONDI Supramax 55,469 2009 Type Capacity (DWT) % Capesize 1,253,703 44% Kamsarmax 571,596 20% Ultramax 561,374 20% Supramax 459,364 16% Total 2,846,037 100% Notes 1. As of February 19, 2026. 2. Denotes vessel that we have agreed to sell. 3. Denotes vessel that we have agreed to acquire.
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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 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 (3) 180,585 2011 April 2027 5 MILDRED 179,678 2011 March 2026 6 MILESTONE 176,354 2010 April 2026 7 GRAMPUS CHARM 82,937 2013 May 2026 8 GRAND OCEAN 82,698 2023 TC Trip 9 APJ PRITI 2 82,574 2006 March 2026 10 IKAN KEMBUNG 82,023 2020 TC Trip 11 EVER MAJESTY 81,936 2021 TC Trip 12 MAJESTIC STAR 81,878 2020 July 2026 13 MAJESTIC ISLAND 81,632 2017 TC Trip 14 NAVIOS CITRINE (3) 81,626 2017 March 2026 15 GEORGITSI (3) 81,309 2012 September 2026 16 SEA UNITY 81,112 2016 TC Trip 17 KYPROS LOYALTY 78,000 2015 TC Trip 18 EASTERN YUCCA 74,844 2012 TC Trip Notes 1. As of February 19, 2026, excluding two vessels already sub-chartered out to Cargill on back-to-back terms and one vessel whose charter-in agreement is scheduled to be novated to Cargill, pursuant to the Cooperation Agreement. 2. Time-chartered out to a large extent for the remaining charter-in period. 3. Time-chartered out for the whole remaining charter-in period. # Vessel Capacity (DWT) Estimated Delivery 1 NEWBUILDING 1 81,800 Q2 2026 2 NEWBUILDING 2 82,400 Q2 2027 – Q1 2028