Slides
Page 1
न Ө EURODRY LTD Earnings Presentation Quarter Ended June 30 , 2026 August 06 , 2026
Page 2
2 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Forward/Looking Statements Statements in this presentation may be "forward/looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward/looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward/looking statements due to numerous potential risks and uncertainties including, but not limited to, the need to manage our growth and integrate additional capital, acquire additional vessels, volatility in the dry/bulk shipping business and vessel charter rates, our ability to obtain sufficient capital, the volatility of our stock price, and other risks and factors. Forward/looking statements made during this presentation speak only as of the date on which they are made, and EuroDry Ltd. (“we”, “EuroDry” or the “Company”) does not undertake any obligation to update any forward/looking statement to reflect events or circumstances after the date of this presentation. Because forward/looking statements are subject to risks and uncertainties, we caution you not to place undue reliance on any forward/looking statements. All written or oral forward/looking statements by EuroDry or persons acting on its behalf are qualified by these cautionary statements. This presentation also contains historical data about the dry bulk trade, the dry bulk fleet and the dry bulk rates. These figures have been compiled by the Company based on available data from a variety of sources like broker reports and various industry publications or represent Company’s own estimates. The Company exercised reasonable care and judgment in preparing these estimates, however, the estimates provided herein may not match information from other sources. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such jurisdiction.
Page 3
3 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 2026 Second Quarter Financial Highlights Notes: 1. See press release of Aug 06, 2026 for reconciliation of Adjusted Net Income 2. See press release of Aug 06, 2026 for reconciliation of Adjusted EBITDA 3. Diluted Repurchase Program ▪ As of today, we have repurchased 358,130 shares of our common stock in the open market for $5.8 million, since the initiation of our repurchase plan of up to $10 million, announced in August 2022. The Board approved the continuation of the Program for a further year in August 2025 and 2026, respectively, and will review it again after a period of twelve months. Recent developments ▪ On July 28, 2026, the Company signed a term sheet with ALPHA BANK S.A. in order to refinance the indebtedness of M/V “Ekaterini” with a loan of up to $19 million. The agreement is subject to customary documentation. Financial Results in $m, unless otherwise indicated Q2 2026 Net Revenues $17.70m Net Income Attributable to Controlling Shareholders $6.59m $2.32/share(3) Adjusted Net Income(1) $6.95m $2.44/share(3) Adjusted EBITDA(2) $11.71m
Page 4
4 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Recent Developments, S&P , Chartering & Operational Highlights S&P Chartering FFA Hedging Idle Period / Commercial Off- Hire ▪ None ▪ Blessed Luck: fixed for about 30-35 days @ $12,500 ▪ Ekaterini: fixed for about 100-110 days @ $20,900 ▪ Santa Cruz: fixed for about 100-120 days @ $19,400 ▪ Xenia: fixed for about 90-100 days @ $20,000 ▪ Good Heart: fixed for min 10 months to max 14 months days @ $115% of the Average Baltic Supramax S10TC index ▪ Starlight: fixed for about 80-100 days @ $18,500 - $19,000, depending on the redelivery area ▪ Alexandros P: fixed for about 60-65 days @ $30,000 (Incl 5.5 days waiting time, the TCE stands at $27,500) ▪ On Feb 19th, 2026, sold 90 days of KMX-82 5TC-average for 2026Q3 at $17,250/day (1 vessel equivalent) ▪ On March 30th, 2026, sold 90 days of KMX-82 5TC-average for 2026Q3 at $17,100/day (1 vessel equivalent) ▪ None Dry-Dockings & Repairs ▪ None
Page 5
5 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Fleet Profile EuroDry’s fleet currently consists of 11 vessels with an average age (1) of ~13.8 years and an aggregate carrying capacity of 766k DWT. The Company is further expanding its fleet through the addition of two 63,500 DWT Ultramax vessels and two 82,000 DWT Kamsarmax vessels currently under construction. The two Ultramax vessels are scheduled for delivery in Q2 and Q3 2027, while the two Kamsarmax vessels will be delivered in Q1 and Q2 2028. Upon delivery of all four vessels, the Company's total carrying capacity will increase to approximately 1,057k DWT. Notes: 1. Average age is weighted by the size of the vessels 2. Vessel is 61% owned by EuroDry Avg. Age: 11.2 years Total Carrying Capacity: 374k DWT Avg. Age: 9.0 years Total Carrying Capacity: 164k DWT Avg. Age: 21.7 years Total Carrying Capacity: 229k DWT 2x Kamsarmax 3x Panamax 6x Ultra/Supramax Name Type Size (DWT) Year Built(1) Country of Build Current Fleet Ekaterini Kamsarmax 82,006 2018 CH Xenia Kamsarmax 82,019 2016 CH Alexandros P Ultramax 63,127 2017 CH Christos K (2) Ultramax 63,197 2015 CH Maria (2) Ultramax 63,153 2015 CH Yannis Pittas Ultramax 63,243 2014 CH Good Heart Ultramax 62,996 2014 CH Molyvos Luck Supramax 57,924 2014 CH Blessed Luck Panamax 76,704 2004 JP Starlight Panamax 75,611 2004 JP Santa Cruz Panamax 76,440 2005 JP Total 11 Vessels 766,420 13.8 years Name Type Size (DWT) Delivery Country of Build Under Construction Aristeidis Ultramax 63,500 2027Q2 CH Troboni Ultramax 63,500 2027Q3 CH Nikos P Kamsarmax 82,000 2028Q1 Christina Bel Kamsarmax 82,000 2028Q2 Total 4 Vessels 291,000 Total (Fully-Delivered) 15 Vessels 1,057,420
Page 6
6 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Current Fleet Employment Profile Fixed rate coverage for the remaining of 2026 is about 28.2% through charters, excluding ships on index charters which are open to market fluctuations but have secured employment ▪ Minimum TC Period ▪ Re-delivery Range ▪ Dry-Dock ▪ Off-Hire 2026 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 Starlight $18,500 $12,500 $15,000 $19,000 Blessed Luck $8,800 $14,500 $19,850 $12,500 Molyvos Luck 101% of BSI58 Maria 115% of BSI58 Santa Cruz $12,050 $11,250 $14,300 $19,400 Ekaterini $16,000 $15,000 $16,950 $20,900 Alexandros P $20,000 $20,000 $13,000 $16,300 $27,500 Xenia $10,400 $20,500 $23,000 $20,000 Christos K $15,500 Yannis Pittas 115% of BSI58 Good Heart 115% of BSI58 (until Jun 2027)
Page 7
7 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Market Overview
Page 8
8 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Market Highlights 2026 Q2 Source: Clarksons Research, Jul 31, 2026 BDI – BPI Index Spot Rates ($/day) 1 Year TC Rates ($/day) Kamsarmax 82k DWT Panamax 72k DWT Supramax 58k DWT Q2-2026 Average 19,261 17,961 19,313 Q2-2026 last Day (Jun 26) 18,250 16,950 23,000 July 31, 2026 18,450 17,150 20,875 Kamsarmax 82k DWT Panamax 75k DWT Supramax 58k DWT Q2-2026 Average 18,625 17,067 16,740 Q2-2026 last Day (Jun 26) 18,250 16,750 17,125 July 31, 2026 18,625 17,125 16,750 0 1,000 2,000 3,000 4,000 5,000 6,000 Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24 Apr 24 Jul 24 Oct 24 Jan 25 Apr 25 Jul 25 Oct 25 Jan 26 Apr 26 Jul 26 BDI BPI
Page 9
9 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 World GDP & Shipping Demand Growth Sources: GDP - International Monetary Fund: 2025-27 Actual/estimates & Projections (Jul-26). In parentheses, previous actual/estimates & projections for 2025-27 as of Apr-26. 2015- 2024: Figures in parentheses indicate beginning of respective year estimates from Clarksons. Trade: Updated Clarksons figures (Jul-26), 2024-26 Previous estimates in parenthesis from Clarksons (Apr-26) Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026p 2027p USA 2.9 1.8 2.5 3.0 2.6 -2.1 6.2 2.5 2.9 2.8 2.1(2.1) 2.3(2.3) 2.2(2.1) Eurozone 2.1 1.8 2.6 1.8 1.6 -6.0 6.4 3.6 0.4 1.0 1.4(1.4) 0.9(1.1) 1.2(1.2) Japan 1.8 0.7 1.6 0.8 -0.3 -4.3 3.6 1.3 0.7 -0.2 1.1(1.2) 0.6(0.7) 0.7(0.6) China 7.0 6.8 6.9 6.8 6.1 2.3 8.6 3.1 5.4 5.0 5.0(5.0) 4.6(4.4) 4.1(4.0) India 8.0 8.3 6.8 6.5 3.9 -5.8 9.7 7.6 7.2 7.1 7.7(7.6) 6.4(6.5) 6.7(6.5) Russia -2.0 0.2 1.8 2.8 2.2 -2.7 5.9 -1.4 4.1 4.9 1.0(1.0) 1.1(1.1) 1.1(1.1) Brazil -3.5 -3.3 1.3 1.8 1.2 -3.3 4.8 3.0 3.2 3.4 2.3(2.3) 2.4(1.9) 2.2(2.0) ASEAN-5 4.6 4.8 5.2 4.9 4.2 -4.4 4.1 5.5 4.1 4.8 4.5(4.5) 4.1(4.1) 4.3(4.4) World 3.4 3.2 3.8 3.6 3.0 -2.7 6.7 3.8 3.3 3.5 3.5(3.4) 3.0(3.1) 3.4(3.2) Dry Bulk Trade (% p.a.) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024e 2025 2026p 2027p Ton Miles 1.5 2.6 5.4 2.4 0.5 1.0 3.9 -0.5 5.9 5.1 1.9(2.0) 3.8(2.5) 1.8(1.3) ▪ Global growth projected to slow to 3% in 2026 before recovering to 3.4% in 2027, broadly unchanged compared with the April 2026 figures. ▪ World is struggling to reconcile the various forces in play in today’s market environment: ‒ Energy prices remain elevated, pushing inflation and interest rates higher while AI-driven demand has upgraded countries integrated into the global tech value chain. ▪ World trade volume growth is projected to slow sharply from 5% in 2025 to 3.5% in 2026 before recovering to 4.3% in 2027. ‒ These dynamics reflect earlier front-loading and the drag from tariffs as well as gradual adjustment of trade linkages and production chains through, among other things, trade diversion and rerouting and the brisk growth of technology related trade flows. ▪ Global disinflation has stalled: ‒ Inflation shock brings 10-yr U.S. Treasury to ~ 4.7%.
Page 10
10 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 % Fleet in DWT Orderbook as % of Fleet Current Orderbook Vessel Orderbook ▪ The orderbook(1), currently, at about 14.43% of the fleet, although higher than the 7% low seen in 2021, remains among the lowest levels in history ▪ At the same time, factors such as increased slow steaming, higher scrapping rates, and the tightening of environmental regulations could further constrain the available bulker fleet Source: Clarksons Research Note: 1. Orderbook % Fleet calculated in terms of DWT Jul-2026: 14.43% Orderbook as % of Fleet(1)
Page 11
11 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 0 10 20 30 40 50 60 70 80 90 100 110 120 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028+ m DWT Handy Handymax Panamax Capesize Delivered to-date Start 2025 0 100 200 300 400 0-4 '5-9 '10-14 '15-19 20+ m DWT Capesize Panamax Handymax Handysize Dry Bulk Fleet Overview Dry Bulk Age Profile Orderbook(2) Source: Clarksons Research Notes: 1. Clarksons estimates for 2026 -2028 2. In 2026/2028 deliveries are given as percent of fleet of previous year calculated without accounting for scrapping, other removals or conversions Fleet Development(1) No of vessels for del in 26/ 27/ 28+ as of Jul 2026 : ▪ Cape: 38/ 93/ 187 ▪ Panamax: 86/ 163/ 223 ▪ H/S/Umax: 86/ 212/ 263 ▪ Handy: 81/ 114/ 122 16.2% 18.4% 31.3% 22.3% 11.8% 3.6% 2.8% 3.0% 3.8%4.0% 3.0% 3.0% 4.5% 4.5% Fleet Growth (%)% of Total 6.9% 0 5 10 15 20 0 200 400 600 800 1,000 1,200 1,400 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 % growth in DWT terms m DWT, year start Total Bulkcarrier Fleet Development % Yr/Yr
Page 12
12 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Outlook Summary ▪ Bulkcarrier markets have continued to perform strongly in 2026, supported by resilient dry bulk trade fundamentals. Average Supramax and Panamax time charter rates have risen by approximately 33% YoY , reaching their highest levels in two years and broadly returning to the elevated levels last seen in March 2024. Demand for bulk carriers has remained robust, underpinned by strong export volumes of key commodities, including iron ore, grain, and bauxite, which have sustained healthy fleet utilization and freight earnings. ‒ Capesize vessels remained the strongest-performing segment during the quarter, although freight markets for Supramax and Panamax vessels also strengthened in Q2. ▪ Although uncertainty and key risks remain, in our view – and contrary to the fundamental analysis- the outlook for bulk carrier markets remains favorable heading into the 2026 H2 supported by resilient market conditions. The following factors will be critical in shaping market performance through the remainder of 2026 and into 2027: ‒ A US - Iran agreement, when reached, could support a gradual normalization of Gulf vessel traffic, although implementation risks remain. ‒ Potential dry bulk market benefits of a US-Iran agreement include vessel repositioning inefficiencies and improved macroeconomic sentiment, partly offset by the release of trapped tonnage and easing coal demand as LNG flows normalize. ‒ Iron ore trade has been robust, supported by strong exports from Australia and Brazil, the Simandou ramp-up, and resilient Chinese imports. ‒ Coal trade has remained flat year-on-year in YTD, reflecting weaker Chinese and Indian imports and Indonesian export constraints, however robust demand from Japan and Korea following the gas facilities shut down in Qatar, has been a great support for the market in the last few months. ‒ Grain and minor bulk trades have remained resilient despite Middle East tensions. ▪ On the supply side, ordering of new vessels has accelerated significantly in recent months. ▪ Looking ahead to 2027, mixed signals in our fundamental analysis indicate great uncertainty in a rather firm market, based on existing rates. The drybulk fleet is expected to continue growing at similar rate as in 2026 while demand growth will depend on Chinese steel consumption, effects on coal trade and production from a possible conclusion of the Iran war amongst other factors. Key uncertainties include geopolitics (Middle East tensions, Red Sea routings, US - China trade relations), the Simandou ramp-up, vessel speeds, and demolition activity. Overall, fundamentals point to a more balanced market in 2027, though fundamentals should remain supportive relative to historical norms.
Page 13
13 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 $/day Panamax 1 Year TC rate 20yr Median TC rate Position on the Dry Bulk Market Cycle Panamax Vessel – 1 Year Time Charter Rate Panamax(1) Vessel – 10 Year Old Historical Price Range (2016/Jul 2026) Source: Clarksons Research Note: 1. 69k until Jan/07, 72k until Jan/12, 75k until Jan/19, 76k until Jan/21. 82k from January 21 onwards. ‘Eco’ design vessel from Jan-24 As of Jul 31, 2026, 1YR TC rate for 75k DWT Panamax vessel stands at $17,125/day 0 5 10 15 20 25 30 35$m Current Price Median Price Min. Price Max. Price Average Price
Page 14
14 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Financial Overview
Page 15
15 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Financial Highlights: Q2 and H1 of 2025 and 2026 Notes: 1. See press release of Aug 06, 2026 for Adjusted EBITDA reconciliation to Net Income / (Loss) and Cash Flow from Operations and reconciliation of Adjusted Net Income/(Loss) 2. Source: Clarksons Q2 6M (in million USD except per share amounts) 2025 2026 Change (%) 2025 2026 Change (%) Net Revenues 11.28 17.70 57.0% 20.49 30.49 48.8% Net Income / (Loss) Attributable to Controlling Shareholders (3.07) 6.59 (6.77) 6.84 Interest & Finance Costs Net (incl. Interest Income) 1.73 1.51 3.50 2.99 Depreciation 3.22 2.90 6.43 5.80 (Gain)/ Loss on Sale of Vessel 0.00 0.00 (2.08) 0.00 Interest Rate Derivatives & Unrealized FFA (Gain)/ Loss 0.03 0.36 0.11 0.44 Adjusted EBITDA(1) 1.87 11.71 526.5% 0.85 16.58 1841.7% Adjusted Net Income/(Loss)(1) (3.01) 6.95 (8.68) 7.28 Adj. Net Income/(Loss) per share, diluted(1) (1.10) 2.44 (3.17) 2.57 Panamax 1 Year TC Rate ($/day)(2) $11,827 $17,067 $11,864 $16,392
Page 16
16 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Fleet Data: Q2 and H1 of 2025 and 2026 Notes: 1. Utilization Rate is calculated excluding scheduled off-hire (drydockings and special surveys) and vessels in lay-up if any. Scheduled off-hire amounted to 8.1 days and 8.1 days for the second quarter and the first half of 2025 and 0.0 days and 16.3 days for the second quarter and the first half of 2026 2. TCE calculation shows the gross rate the vessels earn while employed; it excludes periods during which the vessels are laid/up or off/hire for commercial or operational reasons Q2 6M 2025 2026 2025 2026 Fleet (#) Number of Vessels 12.0 11.0 12.4 11.0 Operational 99.3% 100.0% 99.2% 99.9% Commercial 100.0% 100.0% 99.2% 100.0% Overall 99.3% 100.0% 98.4% 99.9% TCE ($/day/vessel) Time Charter Equivalent (2) $10,428 $20,398 $8,761 $17,452 Vessel Operating Expenses 6,785 6,608 6,685 6,599 G&A Expenses 754 836 734 863 Total Operating Expenses $7,539 $7,444 $7,419 $7,462 Interest Expense 1,593 1,534 1,571 1,525 Drydocking Expense 322 71 187 385 Loan Repayments w/o Balloons 2,768 2,810 2,692 2,826 Breakeven $12,222 $11,858 $11,869 $12,198 Utilization Rate(1) (%) Breakeven ($/day/vessel)
Page 17
17 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Indicative EBITDA Calculator This slide provides our internal estimates and is meant to assist our shareholders and analysts on how to evaluate and forecast our EBITDA for the following quarters ▪ Our Kamsarmax vessels achieve a 5% premium to the Kamsarmax index. ▪ For our Japanese Panamax vessels, we assume a ~15% discount to current index levels and FFAs. ▪ For our modern Ultramax vessels, we assume a ~14% premium to current index levels and FFAs. Sources: Company , Clarksons Notes: 1. FFAs as of Jul 30, 2026 2. $7,500 OPEX assumed, incl. management fees and G&A 3. In historical periods, the difference of contracted and Available days represents days off hire EBITDA Calculator - 2026 Actual H1 2026 Q3 2026 Q4 2026 FY 2026 Number of vessels 11.0 11.0 11.0 11.0 Calendar days 1,991 1,012 1,012 4,015 Calendar (available) days 1,975 1,011 996 3,982 (A) Contracted EBITDA Contribution Contracted days 1,972 503 59 2,534 Coverage (2) 99.9% 49.7% 5.9% 63.6% Average TC rate contracted ($/day) 17,452 19,245 17,520 17,809 Actual / Contracted EBITDA contribution bef. DD Exp ($m) 17.3 5.4 0.5 23.3 (B) Open Days EBITDA Contribution Indicative drydocking days estimate 1 16 17 Open or Index-linked Days 507 921 1428 Baltic Indices & FFA Rates (1) Supramax ($/day) 18,850 18,500 18,624 Panamax ($/day) 18,372 18,764 18,625 Kamsarmax ($/day) 19,708 20,100 19,961 Average rate implied ($/day) 22,845 19,563 20,729 "Open Days" EBITDA contribution ($m) 7.2 10.2 17.4 (C) FFA Hedging -0.5 -0.5 (D) Actual / Indicative drydocking costs -0.8 -0.2 -0.9 -1.8 (A+B+C+D) Total EBITDA estimation ($m) 16.6 12.0 9.9 38.4
Page 18
18 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Debt Repayment Profile ▪ As of June 30, 2026, EuroDry has outstanding debt of $98.1m with average margin of about 1.99% ▪ Assuming 3Μ SOFR(1) of 3.75%, our cost of senior debt as of June 30, 2026 is about 5.74% Debt Repayment Profile Note: 1. As of Jul 31, 2026 Cash Flow Break Even Estimate for the Next 12 Months ($/day) 5.6 5.4 10.8 10.3 9.8 1.2 10.2 6.7 19.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 2026 2027 2028 2029 $m Repaid Existing Loan Existing Loan Repayments Balloon 7,688 8,458 10,047 12,872 6,841 847 770 1,589 2,825 OPEX G&A Expenses Operating B/E Drydocking Expenses EBITDA B/E Interest Expense Operating and Financing B/E Loan Repayments Total
Page 19
19 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Balance Sheet Highlights Capital Structure (June 30, 2026) ($m) Assets ▪ Cash & Other Assets: ~$37.9m ▪ Vessels Book Value: ~$160.2m ▪ Advances for NB Vessels: ~$14.4m ▪ Total Assets (@ Book Value ) ~$212.5m Liabilities ▪ Bank Debt (incl. Deferred Charges): $98.1m, i.e.~ 46.1% of total book value of assets ▪ Other Liabilities: ~$5.0m, i.e.~2.3% of total assets Shareholders’ Equity (Net Book Value) ▪ Minority Interest: ~$9.4m ▪ Shareholders’ Equity: ~$100.1m, or Net Book Value ~ $34.92/share ▪ Own estimate of market value of vessels about $239.95(1) (about $79.8m higher than their respective book values suggesting a NAV/share in excess of $60.81/share) ‒ Every $1m change in each vessel’s value changes NAV/share by about $3.84 Notes Note: 1. As of June 30, 2026 Book Value of Assets (2026Q2) Advances for NB vessels Cash & Other Assets Bank Debt Other Liabilities Minority Investment Net Book Value - 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 220.0 Assets Liabilites & NBV
Page 20
20 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 EuroDry Contacts Tasos Aslidis Chief Financial Officer EuroDry Ltd. 11 Canterbury Lane Watchung, NJ 07069 aha@eurodry.gr Tel: 908/3019091 Fax: 908/3019747 Nicolas Bornozis/Markella Kara Investor Relations Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY 10169 eurodry@capitallink.com Tel: 212/6617566 Fax: 212/6617526 EuroDry Ltd. c/o Eurobulk Ltd 4, Messogiou & Evropis Street 151 24 Maroussi, Greece www.eurodry.gr info@eurodry.gr Tel. +30/211/1804005 Fax.+30/211/1804097