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1 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Earnings Presentation Quarter Ended June 30, 2025 August 12, 2025
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2 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 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 container 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 EuroHoldings 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 EuroHoldings or persons acting on its behalf are qualified by these cautionary statements. This presentation also contains historical data about the containerized trade, the containership fleet and the containership 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.
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3 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 ▪ Euroholdings Ltd was spun off Euroseas Ltd on March 17, 2025 ‒ A fleet of two debt-free vessels, M/V Aegean Express and M/V Joanna, and about $14m of cash from the sale of of M/V Diamantis P ‒ Euroseas distributed the shares of Euroholdings to its shareholders on a pro-rata basis on March 17, 2025 o Distribution ratio: 1 share of Euroholdings for 2.5 shares of Euroseas ‒ Euroholdings was listed on NASDAQ and began trading on March 18, 2025, under the symbol “EHLD.” o Trading at an average price of $6.04/share since listing and $7.63/share since June 23, 2025 o Paid first dividend of $0.14/share on July 16, 2025 ▪ New majority shareholder since June 23, 2025 ‒ Marla Investments Inc, a company affiliated with Latsis Family, has acquired 51.04% of the outstanding common shares from the Pittas family. ‒ Following the transaction, members of the Pittas family still retain about 8.0% ownership interest in the Company; no shares of the Company were issued in the transaction. ‒ The management has remained in place o Aristides J. Pittas will continue to serve as the CEO; Athina Atalioti, CFO; Tasos Aslidis, CSO; Simos Pariaros, CAO Company Overview
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4 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 ▪ Euroholdings Ltd. to focus on tankers… ‒ …and, initially, pursue a modern medium range (“MR”) product tanker investment ▪ Use funds on Balance Sheet to acquire vessel(s) ‒ Funds of about $15 million are available to serve as equity for the first investment in the sector ‒ Currently evaluating opportunities ▪ Further fleet growth to be pursued at a later stage supported by… ‒ …funds generated by existing fleet, and/or, ‒ potential fundraising in the capital markets ▪ Continue operating existing containerships ‒ The containership markets, especially for feeder vessels like ours, have remained strong ‒ Our vessels, despite their age, may be rechartered beyond their current contracts… o …contributing further earnings and value to our shareholders… o ...and further enabling the execution of our growth plan in the tanker sector New Shipping Segment Focus: Tankers
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5 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 2025 Q2 Financial Highlights ▪ Declared second quarterly dividend of $0.14 per share for the second quarter of 2025, payable on or about September 16, 2025 to shareholders of record on September 9, 2025 as part of the Company’s common stock dividend plan Financial Results Notes: 1. See press release of August 12, 2025 for reconciliation of Adj. Net Income (for the six-month period) and Adjusted EBITDA to Net Income 2. Basic and Diluted Dividend Declaration ▪ As previously announced, on June 23, 2025, certain shareholders, all associated with the Pittas family, have sold 51.04% of the Company’s outstanding common shares to Marla Investments Inc., a company affiliated with the Latsis family. Members of the Pittas family retained approximately 8% interest in the Company. No shares of the Company were issued in the transaction Recent Developments in million USD except per share figures Net Revenues 2.92 Net Income 0.82 Adj. EBITDA(1) 0.81 Q2 2025 0.30/ share(2)
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6 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Product Tankers Market Overview
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7 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Last 10 Year MR Tanker TC Rates Source: Clarksons Research, August 8, 2025 Note: 1. 50,000 DWT DH Eco MR Tanker 1 Year TC Rate(1) ($/day) 3 Year TC Rate(1) ($/day) 20,625 23,488 22,500 10,000 15,000 20,000 25,000 30,000 35,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 Yr TC 5-Yr Average 5-Yr Median 18,375 20,721 20,750 12,500 14,500 16,500 18,500 20,500 22,500 24,500 26,500 28,500 30,500 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3 Yr TC 5-Yr Average 5-Yr Median
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8 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Last 10 Year MR Tanker Newbuilding & Secondhand Values Source: Clarksons Research, August 8, 2025 Notes: 1. 47,000-51,000 DWT MR NB Price 2. 51,000 DWT DH Eco MR 5 Yr Old Price 3. 50,000 DWT DH Eco MR 10 Yr Old Price Newbuilding Price Evolution ($m) 5 Yr Old SH Price Evolution ($m) 10 Yr Old SH Price Evolution ($m) 48.8 44.2 44.8 30.0 35.0 40.0 45.0 50.0 55.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 NB Price 5-Yr Average 5-Yr Median 42.0 37.3 40.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 55.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 Yr Old Price 5-Yr Average 5-Yr Median 32.0 28.0 30.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 Yr Old Price 5-Yr Average 5-Yr Median
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9 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 5.0 4.5 2.8 2.3 4.4 3.3 3.4 2.5 1.4 1.0 2.3 (0.1) (0.5) (0.7) (1.1) (0.7) (0.4) (1.6) (0.6) (0.2) (0.0) (0.2) (2.0) (1.0) 0.0 1.0 2.0 3.0 4.0 5.0 6.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Deliveries Demolitions MR Tanker Fleet Age Profile & Orderbook Source: Clarksons Research Note: 1. Orderbook % Fleet calculated in terms of DWT Age Profile (mDWT) 8.0 15.1 12.8 16.8 12.9 3.4 3.2 4.6 9.6 0.5 0.0 5.0 10.0 15.0 20.0 25.0 30.0 0-4 5-9 10-14 15-19 20+ 40,000-49,999 DWT 50,000-54,999 DWT % of Total 13% 21% 20% 30% 15% Orderbook as % of Fleet(1) 0 10 20 30 40 50 60 70 80 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Aug-25: 15.7% MR Tanker Deliveries & Demolitions (mDWT)
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10 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Trade Demand Outlook Source: Clarksons Research Oil Products Seaborne Trade Global Refinery Capacity 2,500 2,700 2,900 3,100 3,300 3,500 3,700 3,900 18.0 19.0 20.0 21.0 22.0 23.0 24.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 btm mb/d mb/d Billion Tonne-miles (2.0%) (1.5%) (1.0%) (0.5%) 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 94 96 98 100 102 104 106 108mb/d World Total Y-o-Y Growth (%)Global Demand Development (mb/d) 80.0 85.0 90.0 95.0 100.0 105.0 110.0 Q1-15 Q3-15 Q1-16 Q3-16 Q1-17 Q3-17 Q1-18 Q3-18 Q1-19 Q3-19 Q1-20 Q3-20 Q1-21 Q3-21 Q1-22 Q3-22 Q1-23 Q3-23 Q1-24 Q3-24 Q1-25 Q3-25
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11 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Current Containership Fleet Financial Results & Prospects
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12 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Current Fleet Profile & Employment Current on the water fleet is comprised of 2 vessels with an average age of 26.9(1) years and a carrying capacity of 3,171 TEU. Charter coverage is approximately 82% for the remaining 6 months of 2025 and about 40% for 2026 Source: Company Note: 1. Average age is weighted by the size of the vessels in TEU Fleet Profile Fleet Employment ▪ Minimum TC Period ▪ Re-delivery Range ▪ Dry-Dock ▪ Idle Name Type Size (DWT) Size (TEU) Year Built/Delivered Joanna Feeder 22,301 1,732 1999 Aegean Express Feeder 18,581 1,439 1997 Total 2 vessels 40,882 3,171 26.9 years 2025 2026 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 AEGEAN EXPRESS JOANNA $9,500 (until end Sep '26) $16,500$19,000 (until end Mar '26) $16,700
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13 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Financial Highlights: Q2 & First Half 2025 Notes: 1. Including interest income 2. See press release of August 12, 2025 for Adjusted EBITDA and Adj. Net Income reconciliation to Net Income 3. Basic and Diluted Q2 H1 (in million USD except per share amounts) 2025 2025 Net Revenues 2.92 5.79 Net Income 0.82 11.90 Earnings per Share, Diluted 0.30 4.28 Interest & Finance Costs, Net(1) (0.04) (0.04) Depreciation 0.02 0.03 (Gain) / Loss on Sale of Vessels - (10.23) Adjusted EBITDA (2) 0.81 1.67 Adjusted Net Income (2) 0.82 1.67 Adjusted Earnings per Share (3) 0.30 0.60 Weighted Average Numbers of Shares(3) 2,783,999 2,782,436
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14 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Cash Flow Break Even Cash Flow Break Even Estimate for the Next 12 months ($/day) 8,532 8,709 9,873 6,751 1,781 177 1,164 OPEX G&A Expenses Operating B/E Drydocking expenses EBITDA B/E Aegean Express afloat maintenance (*) Total ➔ Rechartering the vessels in excess of about $11,000/day (gross) contributes positive cash flow (*) MV Aegean Express – If we decide to charter the vessel for a long period (1–2 years) following the expiration of the current charter at the end of Dec 2025
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15 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Charter extension possibilities for our two elder containerships depend on near term availability of feeders ▪ Orderbook primarily concentrated on large containerships ‒ Capacity growth will be significant in vessel sizes employed in the main lane routes ‒ Regional distribution is done by “feeders”: the more main lane volume, the more feeders are required ▪ Feeders and Intermediate containerships have very small orderbooks ‒ Additionally, the feeder and intermediate size fleet are relatively old with large percentage of vessels over 20 years of age, making them likely scrapping candidates, especially, in light of the environmental regulations ‒ Quite possible that the fleet capacity of feeder and intermediate containerships will decline opposite to the larger vessels and overall fleet Feeders Are Likely In Short Supply! Source: Clarksons Research (July 2025) Segment by TEU Size Range 20yrs+/ Fleet Orderbook / Fleet Our fleet (# of vessels) 100-999 Small Containerships 37% 4% 1000-1999 Feeders, small 20% 7% 2 2000-2999 Feeders, large 27% 4% 3000-5999 Intermediate, small 26% 8% 6000-7999 Intermediate, large 24% 5% 8000-11999 Neo-Panamax, small 7% 10% 12000-16999 Neo-Panamax, large - 43% 17000+ Post-Panamax - 70% Total fleet 12% 29%
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16 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 1,700 TEU Geared Last 10 Year 6-12 Month TC Rates ($/day) Source: Clarksons Research as of August 8, 2025 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Jan 22 Jan 23 Jan 24 Jan 25 $/ day 1,700 TEU grd 6-12 Month Median Average August 8, 2025 $28,750/day $9,840 $16,599
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17 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Balance Sheet Highlights Capital Structure June 2025 ($m) Assets ▪ Cash & Other assets: $16.8m ▪ Vessels book value: $3.6m ▪ Total assets (at book value): $20.4m Liabilities ▪ Trade Accounts Payable: ~$0.5m, i.e.~2.3% of total book value of assets ▪ Other liabilities: ~$1.9m, i.e.~9.3% of total book value of assets Net Asset Value ▪ The charter-adjusted market value of vessels estimated about $14.5m(1) => Net Asset Value around $29.5m, or around $10.48/share of which over 50% is in cash! ➔ The Company is ready to initiate its new strategic focus in the MR product tanker sector Notes Note: 1. Based on Company estimates as of end-June 2025 assuming vessel rechartering Book Value of Vessels 2025Q2 Cash & Other Assets Other Liabilities Trade Accounts Payable NBV 0 5 10 15 20 Assets Liabilites & NBV $ m
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18 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 EuroHoldings Contacts Tasos Aslidis Chief Strategy Officer EuroHoldings Ltd. 4, Messogiou & Evropis Street 151 24 Maroussi, Greece info@euroholdings.gr Tel. +30-211-1804005 Fax.+30-211-1804097 Nicolas Bornozis / Markella Kara Investor Relations Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY 10169 euroholdings@capitallink.com Tel: 212- 6617566 Fax: 212-6617526 EuroHoldings Ltd. c/o Eurobulk Ltd 4, Messogiou & Evropis Street 151 24 Maroussi, Greece www.euroholdings.gr info@euroholdings.gr Tel. +30-211-1804005 Fax.+30-211-1804097