Slides
Page 1
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 December 31, 2025 February 25, 2026
Page 2
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.
Page 3
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 ‒ 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 $6.53/share since listing and $6.96/share since June 23, 2025 o Paid three quarterly dividends of $0.14/share each since listing ▪ 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 ‒ Following the acquisition of our first MR tanker in November 2025, we plan to further expand our fleet with the purchase of an additional modern medium-range product tanker, through a combination of debt and equity financing. ‒ 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
Page 4
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 Q4 Financial Highlights ▪ Declared a quarterly dividend of $0.14 per share for the fourth quarter of 2025, payable on or about March 17, 2026 to shareholders of record on March 10, 2026 as part of the Company’s common stock dividend plan Financial Results Notes: 1. See press release of February 24, 2026 for reconciliation of Adjusted EBITDA 2. Basic and Diluted Fourth Quarterly Dividend Declaration in million USD except per share figures Q4 2025 Net Revenues 4.48 Net Income 1.27 $0.45/share(2) Adj. EBITDA(1) 1.59
Page 5
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 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 27.9 years Name Type Size (DWT) Size (TEU) Year Built Hellas Avatar MR Tanker 49,997 na 2015 Total Tankers 1 vessels 49,997 na 11.0 years Grand Total 3 vessels 90,879 na 18.6 years
Page 6
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 ▪ 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 ▪ Minimum TC Period ▪ Re-delivery Range ▪ Dry-Dock ▪ Voyage Charter ▪ Idle 2025 2026 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Q3 Q4 Q1 Q2 Q3 Q4 Q1 HELLAS AVATAR JOANNA AEGEAN EXPRESS $9,500 (until end Sep '26) $16,500$19,000 (until end Mar '26) $43,500$36,315 $16,700$16,700
Page 7
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 Segment by TEU Size Range 20yrs+/ Fleet Orderbook / Fleet Our fleet (# of vessels) 100-999 Small Containerships 41% 4% 1000-1999 Feeders, small 21% 13% 2 2000-2999 Feeders, large 30% 9% 3000-5999 Intermediate, small 29% 18% 6000-7999 Intermediate, large 27% 14% 8000-11999 Neo-Panamax, small 10% 11% 12000-16999 Neo-Panamax, large - 40% 17000+ Post-Panamax - 86% Total fleet 13% 35% ▪ 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 (February 2026)
Page 8
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 10,825 17,944 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Jan 22 Jan 23 Jan 24 Jan 25 Jan 26 $/ day 1,700 TEU grd 6-12 Month Median Average 1,700 TEU Geared Last 10 Year 6-12 Month TC Rates ($/day) Source: Clarksons Research as of February 20, 2026 February 20, 2026 $28,000/day
Page 9
9 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Product Tankers Market Overview
Page 10
10 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 MR Tanker TC Rates Source: Clarksons Research, February 20, 2026 Note: 1. 50,000 DWT DH Eco MR Tanker 1 Year TC Rate(1) ($/day) 3 Year TC Rate(1) ($/day) 24,413 23,750 25,000 10,000 15,000 20,000 25,000 30,000 35,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 $/day 1 Yr TC 5-Yr Average 5-Yr Median 21,238 21,000 21,000 12,500 15,000 17,500 20,000 22,500 25,000 27,500 30,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 $/day 3 Yr TC 5-Yr Average 5-Yr Median
Page 11
11 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 MR Tanker Newbuilding & Secondhand Values Source: Clarksons Research, February 20, 2026 Notes: 1. 47,000-51,000 DWT MR NB Price 2. 51,000 DWT DH Eco MR 5 Yr Old Price 3. 50,000 DWT DH Eco MR 10 Yr Old Price Newbuilding Price Evolution(1) ($m) 5 Yr Old SH Price Evolution(2) ($m) 10 Yr Old SH Price Evolution(3) ($m) 49.5 45.6 47.0 30.0 35.0 40.0 45.0 50.0 55.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 NB Price 5-Yr Average 5-Yr Median 45.0 39.0 41.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 55.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 5 Yr Old Price 5-Yr Average 5-Yr Median 35.0 29.6 31.5 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 10 Yr Old Price 5-Yr Average 5-Yr Median
Page 12
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 0% 10% 20% 30% 40% 50% 60% 70% 80% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 8.8 14.1 13.5 17.0 13.7 3.7 3.3 4.2 9.7 1.1 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 MR Tanker Fleet Age Profile & Orderbook Source: Clarksons Research Note: 1. Orderbook % Fleet calculated in terms of DWT Age Profile (mDWT) % of Total 14% 20% 20% 30% 17% Orderbook as % of Fleet(1) Feb-26: 14.1% MR Tanker Deliveries & Demolitions (mDWT) 5.0 4.5 2.8 2.3 4.4 3.3 3.3 2.5 1.4 1.0 4.3 0.8 (0.1) (0.5) (0.7) (1.1) (0.7) (0.4) (1.6) (0.6) (0.2) (0.0) (0.7) (0.0) (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 2026 Deliveries Demolitions
Page 13
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 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 2027 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% 80 85 90 95 100 105 110 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 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 Q1-26
Page 14
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 Product Market Trends & Outlook Summary ▪ 2025 was a healthy year for the product tanker market, with earnings remaining stable. One-year TC rates for MR product tankers peaked at $23,750/ day in November–December, broadly in line with the 5-year median levels. In February 2026, the average one-year TC rate stood at approximately $25,000/ day. ▪ In 2026, the MR product tanker market shows mixed signals. While high fleet growth of around 5.5% could exert downward pressure on rates amid possibly moderating demand growth, several factors may help mitigate this potential oversupply: ‒ Significant regional trade shifts ‒ Firmer ton-mile demand in recent months driven by higher cargo volumes ‒ A growing number of newbuild LR2 tankers entering the dirty trade segment ‒ Sanctions-related disruptions boosting demand for mainstream product tankers, which may ease pressure on clean product tanker capacity ‒ Ongoing geopolitical uncertainties, regulatory changes, and evolving trade patterns contributing to a more balanced supply- demand dynamic ▪ Initial forecasts for 2027 suggest a supply / demand balance tilted in favor of supply, with product tanker fleet capacity growth of 5.7% excluding scrapping projected, versus expected oil trade volume growth of ~1%. However, clearly, a range of factors and complexities, similar to those in 2026, could provide for a more balanced market. Source: Clarksons Research
Page 15
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 Current Fleet Financial Results & Prospects
Page 16
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 Financial Highlights: Q4 & Twelve Months 2025 Notes: 1. Basic and Diluted 2. Including interest income 3. See press release of February 24, 2026 for Adjusted EBITDA and Adj. Net Income reconciliation to Net Income Q4 12M (in million USD except per share amounts) 2025 2025 Net Revenues 4.48 13.23 Net Income 1.27 14.71 Earnings per Share (1) 0.45 5.25 Interest & Finance Costs, Net(2) 0.07 (0.09) Depreciation 0.25 0.30 (Gain) / Loss on Sale of Vessels - (10.23) Adjusted EBITDA (3) 1.59 4.69 Adjusted Net Income (3) 1.27 4.48 Adjusted Earnings per Share (1) 0.45 1.60 Weighted Average Numbers of Shares(1) 2,816,615 2,799,666
Page 17
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 Cash Flow Break Even for the Next 12 months Cash Flow Break Even Estimate - Containerships ($/day) Cash Flow Break Even Estimate – Product Tanker ($/day) 8,038 9,038 9,038 9,038 6,851 1,187 1,000 - - OPEX G&A Expenses Operating B/E Drydocking Expenses EBITDA B/E Interest Expenses Operating & Financing B/E Loan Repayments (excl. Balloon) Total 9,534 9,534 12,194 16,414 8,347 1,187 - 2,660 4,220 OPEX G&A Expenses Operating B/E Drydocking Expenses EBITDA B/E Interest Expenses Operating & Financing B/E Loan Repayments (excl. Balloon) Total ➔ Rechartering the vessels in excess of about $9,500/day (gross) contributes positive cash flow ➔ Rechartering the vessels in excess of about $17,300/day (gross) contributes positive cash flow
Page 18
18 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Balance Sheet Highlights Capital Structure December 31, 2025 ($m) Assets ▪ Cash & Other assets: $7.5m ▪ Vessels book value: $35.2m ▪ Total assets (at book value): $42.7m Liabilities ▪ Bank Debt (incl. Deferred Charges): $20.0m, i.e. ~46.8% of total book value of assets ▪ Trade Accounts Payable: ~$0.8m, i.e.~1.9% of total book value of assets ▪ Other liabilities: ~$0.9m, i.e.~2.2% of total book value of assets Net Asset Value ▪ The charter-adjusted market value of vessels estimated about $46.5m(1) ➔ Net Asset Value around $32.3m, or around $11.46/share Notes Note: 1. Based on Company estimates as of end-December 2025 assuming vessel rechartering Book Value of Vessels 2025Q4 Cash & Other Assets Other Liabilities Trade Accounts Payable NBV Bank Debt 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 Assets Liabilites & NBV $ m
Page 19
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 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