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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 September 30, 2025 November 17, 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 Ltd. (“we”, “EuroHoldings” 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 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 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 $6.62/share since listing and $7.27/share since June 23, 2025 o Paid two quarterly dividends of $0.14/share each, in July and September, 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 ▪ On Aug 12, 2025, the Company announced its decision to focus on the tanker sector ‒ Initially would pursue a modern medium-range product tanker investment using its own funds ‒ Will continue operating its two elder feeder containerships until their charter expiration or the next drydocking if any of the charters gets renewed 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 2025 Q3 Financial Highlights ▪ Declared third quarterly dividend of $0.14 per share for the third quarter of 2025, payable on or about December 16, 2025 to shareholders of record on December 9, 2025 as part of the Company’s common stock dividend plan Financial Results Notes: 1. See press release of November 17, 2025 for reconciliation of Adjusted EBITDA 2. Basic and Diluted Third Quarterly Dividend Declaration in million USD except per share figures Q3 2025 Net Revenues 2.96 Net Income 1.54 $0.55/share(2) Adj. EBITDA(1) 1.44
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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 ▪ On Nov 5, 2025, the Company announced the signing of a Memorandum of Agreement (MoA) to acquire its first MR product tanker from LATSCO, an affiliated party ‒ The vessel has a carrying capacity of 49,997 dwt and was built in 2015 in South Korea ‒ The purchase price totals $31.83m, with delivery expected before the end of the week. ‒ An independent committee of disinterested directors was formed to evaluate and approve the transaction. ▪ 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 EuroHoldings Acquires its First MR Product Tanker
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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 Fleet Profile After the delivery of M/V Hellas Avatar, fleet is comprised of 2 containerships with a carrying capacity of 3,171 TEU… …and a product tanker with capacity of 49,997 dwt Source: Company Fleet Profile Containerships Fleet Profile Product Tankers Name Type Size (DWT) Size (TEU) Year Built Joanna Feeder 22,301 1,732 1999 Aegean Express Feeder 18,581 1,439 1997 Total Containerships 2 vessels 40,882 3,171 26.9 years Name Type Size (DWT) Size (TEU) Year Built Hellas Avatar MR Tanker 49,997 na 2015 Total Tankers 1 vessels 49,997 na 10.0 years Grand Total 3 vessels 90,879 na 17.6 years
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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 ▪ 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 Continue Operating Containerships Fleet Employment 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 $16,700 $9,500 (until end Sep '26) $16,500$19,000 (until end Mar '26) ▪ Minimum TC Period ▪ Re-delivery Range ▪ Dry-Dock ▪ Idle
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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 Segment by TEU Size Range 20yrs+/ Fleet Orderbook / Fleet Our fleet (# of vessels) 100-999 Small Containerships 39% 4% 1,000-1,999 Feeders, small 20% 10% 2 2,000-2,999 Feeders, large 29% 6% 3,000-5,999 Intermediate, small 28% 12% 6,000-7,999 Intermediate, large 26% 7% 8,000-11,999 Neo-Panamax, small 8% 10% 12,000-16,999 Neo-Panamax, large - 40% 17,000+ Post-Panamax - 79% Total fleet 12% 29% ▪ 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 (October 2025)
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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 10,100 16,870 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 $/ day 1,700 TEU grd 6-12 Month Median Average 1,700 TEU Geared Last 10 Year 6-12 Month TC Rates ($/day) Source: Clarksons Research as of November 14, 2025 November 14, 2025 $28,750/day
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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 Product Tankers Market Overview
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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 23,870 23,500 23,750 10,000 15,000 20,000 25,000 30,000 35,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $/day 1 Yr TC 5-Yr Average 5-Yr Median MR Tanker TC Rates Source: Clarksons Research, November 14, 2025 Note: 1. 50,000 DWT DH Eco MR Tanker 1 Year TC Rate(1) ($/day) 3 Year TC Rate(1) ($/day) 21,00020,910 20,750 12,500 15,000 17,500 20,000 22,500 25,000 27,500 30,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $/day 3 Yr TC 5-Yr Average 5-Yr Median
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12 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 MR Tanker Newbuilding & Secondhand Values Source: Clarksons Research, November 14, 2025 Notes: 1. 47,000-51,000 DWT MR NB Price 2. 51,000 DWT DH Eco MR 5 Yr Old Price 3. 50,000 DWT DH Eco MR 10 Yr Old Price Newbuilding Price Evolution(1) ($m) 5 Yr Old SH Price Evolution(2) ($m) 10 Yr Old SH Price Evolution(3) ($m) 48.5 44.9 46.3 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 43.0 38.1 41.0 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 33.0 28.7 31.0 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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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 MR Tanker Fleet Age Profile & Orderbook Source: Clarksons Research Note: 1. Orderbook % Fleet calculated in terms of DWT Age Profile (mDWT) % of Total 13% 20% 20% 30% 16% Orderbook as % of Fleet(1) Nov-25: 14.1% MR Tanker Deliveries & Demolitions (mDWT) 8.4 14.7 13.0 16.7 13.5 3.4 3.3 4.4 9.8 0.8 0.0 5.0 10.0 15.0 20.0 25.0 30.0 0-4 5-9 10-14 15-19 20+ mDWT 40,000-49,999 DWT 50,000-54,999 DWT 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 5.0 4.5 2.8 2.3 4.4 3.3 3.4 2.5 1.4 1.0 3.5 (0.1) (0.5) (0.7) (1.1) (0.7) (0.4) (1.6) (0.6) (0.2) (0.0) (0.4) (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
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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 Trade Demand Outlook Source: Clarksons Research Oil Products Seaborne Trade Global Refinery CapacityGlobal Demand Development (mb/d) 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% 3.0% 85 90 95 100 105 110 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 mb/d World Total Y-o-Y Growth (%) 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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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 Product Market Trends & Outlook Summary ▪ The product tanker market has remained strong in recent weeks, with rates about 10% higher than average levels seen in 2025. One- year TC rates reached a year-to-date high of $23,750/ day in early November, matching the average levels observed over the 2020– 2025 period and standing approximately 20% above the 10-year average. ‒ Time charter rates have remained relatively stable throughout the year ‒ In 2025, vessel prices have corrected by about 10% compared to their 2024 decade-long peaks, with secondhand prices registering small increases over the recent weeks ▪ On the supply side, ordering of new ships has been relatively limited in the recent years due to lack of available slots in shipyards and the lack of clarity for the “fuel of the future” ‒ Orderbook to fleet ratio is still at historical levels while --- ‒ …the age profile of the MR product fleet, with almost 46% of the fleet over 15 years of age provide quite a pool of candidates for removal ‒ ...with emissions regulation-related requirements and related compliance costs further reduce the fleet via increased scrapping or slower operational speed for a portion of the fleet ‒ …creating the backdrop for a charter rate recovery if demand strengthens ▪ On the demand side, the near-term outlook for the tanker market remains positive as the industry approaches the seasonally stronger part of the year… ….but in 2026 and beyond, while demand for crude and oil products trade (tons) will be in principle linked to world economic growth, demand for product tankers will also depend on changes in refinery capacity and their geographical location that would likely result in longer-haul product flows ▪ Risks and opportunities abound both in the short and medium term, including but not limited to: ‒ economic and geopolitical developments including effects from any tariffs and other protectionist measures ‒ sanction-related inefficiencies reducing effective fleet supply, or, resulting in their removal ‒ developments that affect the pattern of trade in general (i.e. Suez Canal crossings) ‒ competition from crude tankers in clean trades ‒ climate change related policies and timing of decarbonization targets (IMO’s Net Zero timeframe)
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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 Current Fleet Financial Results & Prospects
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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 Financial Highlights: Q3 & Nine Months 2025 Notes: 1. Basic and Diluted 2. Including interest income 3. See press release of November 17, 2025 for Adjusted EBITDA and Adj. Net Income reconciliation to Net Income Q3 9M (in million USD except per share amounts) 2025 2025 Net Revenues 2.96 8.75 Net Income 1.54 13.44 Earnings per Share (1) 0.55 4.81 Interest & Finance Costs, Net(2) (0.12) (0.16) Depreciation 0.02 0.05 (Gain) / Loss on Sale of Vessels - (10.23) Adjusted EBITDA (3) 1.44 3.11 Adjusted Net Income (3) 1.54 3.21 Adjusted Earnings per Share (1) 0.55 1.15 Weighted Average Numbers of Shares(1) 2,816,615 2,793,954
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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 Cash Flow Break Even for the Next 12 months Note: 1. 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 Cash Flow Break Even Estimate - Containerships ($/day) ➔ Rechartering the vessels in excess of about $10,000/day (gross) contributes positive cash flow (1) Cash Flow Break Even Estimate – Product Tanker ($/day) ➔ Rechartering the vessels in excess of about $15,370/day (gross) contributes positive cash flow
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19 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Balance Sheet Highlights Capital Structure September 30, 2025 ($m) Assets ▪ Cash & Other assets: $17.5m ▪ Vessels book value: $3.6m ▪ Total assets (at book value): $21.1m Liabilities ▪ Trade Accounts Payable: ~$0.4m, i.e.~1.7% of total book value of assets ▪ Other liabilities: ~$1.5m, i.e.~7.3% of total book value of assets Net Asset Value ▪ The charter-adjusted market value of vessels estimated about $13.8m(1) ➔ Net Asset Value around $30.2m, or around $10.73/share Notes Note: 1. Based on Company estimates as of end-September 2025 assuming vessel rechartering Book Value of Vessels 2025Q3 Cash & Other Assets Other Liabilities Trade Accounts Payable NBV 0.0 5.0 10.0 15.0 20.0 Assets Liabilites & NBV $ m
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20 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