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Second Quarter 2026 Financial Results August 3 , 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 Annual Report 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 (1/3) 3 Q2 2026 – Financial Results ► Q2 2026 Adjusted Net Income(1) of $9.8 million ($0.40 per share). ► Q2 2026 Net Income of $5.2 million ($0.21 per share). ► Q2 2026 Liquidity of $331.5 million(2). ► Cash(3) exceeding Debt(4) by $108.9 million as of the end of Q2 2026. 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 Holdings Limited’s 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 3) plus $84.7 million of available undrawn funds from one hunting license facility as of June 30, 2026. 3. Cash denotes Cash and cash equivalents (including restricted cash) of $234.8 million plus margin deposits of $12.0 million relating mainly to our forward freight agreements (“FFAs”) and bunker swaps. 4. Debt denotes long-term debt including current and non-current portion.
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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 (2/3) 4 Operating Platform ► Completion of the previously announced transaction with Cargill International S.A., with no pending transfers of the related trading book. ► Current focus on Kamsarmax vessels. ► 26(1) chartered-in dry bulk vessels from third-party owners consisting of: ❖ 2 Capesize vessels on period charters (one of which is expected to be redelivered within 2026). ❖ 24 Kamsarmax / Panamax vessels, 23 of which are chartered-in primarily under short-term period charters or for TC trips. Notes 1. As of July 31, 2026 and excluding one vessel sub-chartered out to Cargill International S.A. on back-to-back terms pursuant to the previously announced transaction.
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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 (3/3) 5 Owned Fleet and Employment Strategy ► 30(1) owned dry bulk vessels of a total capacity of approximately 2.7 million DWT: ❖ 6 Capesize vessels, all of which are on period charters. ❖ 7 Kamsarmax vessels, out of which 5 are on period charters. ❖ 9 Ultramax vessels, out of which 8 are on period charters. ❖ 8 Supramax vessels, out of which 4 are on period charters. ► 12 of the period charters are subject to index-linked charter agreements (with owner’s option to convert to fixed rate based on the prevailing FFA curve), while the remaining 11 are fixed-rate agreements. Notes 1. As of July 31, 2026 and including one vessel that we have agreed to sell. Vessel Disposal ► Agreement for the sale of the 2009-built, 55,469 DWT capacity dry bulk vessel, Bermondi, with expected conclusion in Q3 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 6 Market Environment (1) Average Baltic TC Rates ► Charter rates remained at attractive levels during Q2 2026, supported by strong demand and despite the heightened volatility in the Capesize segment. ► FFA levels indicate a healthy charter rate environment through 2026, carrying over to 2027. ► New vessel ordering for the whole fleet stands at 13.8%. 34,078 20,720 18,051 Notes 1. Clarksons and Baltic Exchange – July 2026. Forward Freight Agreements Curve Orderbook for Dry Bulk Vessels 13.8% 4.00% 8.00% 12.00% 16.00% 20.00% 24.00% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Bulkcarrier Capesize Panamax Handymax 0 10,000 20,000 30,000 40,000 50,000 C5TC P5TC S11TC 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 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 Appendix I - Net Income to Adj. Net Income Reconciliation 7 Expressed in thousands of U.S. dollars, Three-month period ended June 30 except share and per share data 2026 Net Income 5,167 Deferred charter-in expense (397) Amortization of time-charter assumed (308) G&A expenses - non-cash component 1,063 Non-recurring expenses for realignment of operating platform 553 Loss on derivative instruments, excluding realized (gain) / loss on derivative instruments (1) 3,710 Adjusted Net Income 9,788 Weighted average number of shares 24,241,646 Adjusted Earnings per Share 0.40 Adjusted Net Income and Adjusted Earnings per Share represent Net Income before deferred charter-in expense, amortization of time-charter assumed, non-recurring expenses for realignment of operating platform, general and administrative expenses - non-cash component and loss on derivative instruments, excluding realized (gain)/loss on derivative instruments. 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 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 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. Previously, the Company’s calculation of Adjusted Net Income and Adjusted Earnings per Share included adjustments for any gain/loss incurred in connection with the sale of vessels and for any loss on vessels held for sale. As the Company’s fleet management activities may, subject to market and other conditions, periodically include the sale of dry bulk vessels, the Company no longer includes such adjustments in its calculation of these non-GAAP measures beginning with the results for the first quarter ended March 31, 2026. We believe this updated methodology provides a more meaningful view of the Company’s operating performance. (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 8 Appendix II – Owned Dry Bulk Fleet Utilization Three-month period ended June 30 2026 Owned Dry Bulk Fleet Available Days 2,670 Owned Dry Bulk Fleet Utilization(1) 99.1% (1) We calculate utilization of our owned dry bulk fleet 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 include 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 9 Appendix III – Owned Vessels Fleet List (1) # Vessel Name Type Capacity (DWT) Year Built 1 FRONTIER Capesize 181,415 2012 2 PROSPER Capesize 179,895 2012 3 DORADO Capesize 179,842 2011 4 MAGNES Capesize 179,546 2011 5 IMPERATOR Capesize 176,387 2012 6 ENNA Capesize 175,975 2011 7 AEOLIAN Kamsarmax 83,478 2012 8 GRENETA Kamsarmax 82,166 2010 9 HYDRUS Kamsarmax 81,601 2011 10 PHOENIX Kamsarmax 81,569 2012 11 BUILDER Kamsarmax 81,541 2012 12 FARMER Kamsarmax 81,541 2012 13 SAUVAN Kamsarmax 79,700 2010 14 MERCHIA Ultramax 63,585 2015 15 DAWN Ultramax 63,561 2018 16 SEABIRD Ultramax 63,553 2016 17 ORION Ultramax 63,473 2015 18 DAMON Ultramax 63,301 2012 19 ARYA Ultramax 61,424 2013 20 ALWINE Ultramax 61,090 2014 21 AUGUST Ultramax 61,090 2015 22 ASTROS Ultramax 60,297 2018 23 ATHENA Supramax 58,018 2012 24 ERACLE Supramax 58,018 2012 25 NORMA Supramax 58,018 2010 26 CURACAO Supramax 57,937 2011 27 URUGUAY Supramax 57,937 2011 28 SERENA Supramax 57,266 2010 29 LIBRA Supramax 56,701 2010 30 BERMONDI (2) Supramax 55,469 2009 Type Capacity (DWT) % Capesize 1,073,060 40% Kamsarmax 571,596 22% Ultramax 561,374 21% Supramax 459,364 17% Total 2,665,394 100% Notes 1. As of July 31, 2026. 2. Denotes vessel that we have agreed to sell.
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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 IV – Chartered -In Vessels Fleet List (1) # Vessel Name Capacity (DWT) Year Built Earliest Redelivery to Owners 1 SHANDONG MIGHTINESS 210,896 2021 August 2026 2 CAPE PROTEUS (2) 180,585 2011 April 2027 3 GRAMPUS CHARM 82,937 2013 November 2026 4 GRAND OCEAN 82,698 2023 Two TC Trips 5 SAPHIRA 82,577 2021 September 2026 6 APJ PRITI 2 82,574 2006 October 2026 7 ASTRAEA SB 82,533 2009 TC Trip 8 NEW ERA 82,153 2011 September 2026 9 PELLA 82,114 2010 TC Trip 10 ADMIRAL JIMMU 82,024 2020 October 2026 11 EVER RADIANCE 81,951 2022 October 2026 12 EVER MAJESTY 81,936 2021 February 2027 13 HERMES CENTURY 81,800 2026 February 2031 14 PISTI 81,737 2021 October 2026 15 SAKIYAZA ORCHID 81,588 2017 TC Trip 16 EVMILOS 81,507 2012 TC Trip 17 KYNOURIA 81,354 2012 November 2026 18 GEORGITSI (2) 81,309 2012 September 2026 19 PLATANOS 81,123 2011 TC Trip (plus one TC Trip in charterer’s option) 20 SEA UNITY 81,112 2016 September 2026 21 SIFNOS 81,084 2015 TC Trip 22 GEMINI OCEAN 80,982 2017 September 2026 23 NORD SATURN 77,288 2012 TC Trip 24 OCEAN ZENON 76,956 2007 TC Trip 25 FEDERAL SW 76,483 2011 TC Trip 26 STAHLA 76,049 2012 TC Trip (plus one TC Trip in charterer’s option) Notes 1. As of July 31, 2026 and excluding one vessel sub-chartered out to Cargill International S.A. on back-to-back terms pursuant to the previously announced transaction. 2. Time-chartered out for the whole remaining charter-in period. # Vessel Capacity (DWT) Estimated Delivery 1 NEWBUILDING 82,400 Q2 2027 – Q1 2028