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| 3Q 2025 Results | 3Q 2025 Results 1 3rd Quarter 2025 Results Presentation
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| 3Q 2025 Results | 3Q 2025 Results 2 This presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute either advice or a recommendation regarding any securities. The financial information and data contained in this communication is unaudited. This communication includes certain numerical measures (including estimated financial information presented as pro-forma financial measures) that are not derived in accordance with generally accepted accounting principles (“GAAP”), and which may be deemed to be non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities & Exchange Commission (“SEC”). Global Ship Lease believes that the presentation of these non-GAAP financial measures serves to enhance the understanding of the financial performance of Global Ship Lease. However, these non-GAAP financial measures should be considered in addition to and not as substitutes for, or superior to, financial measures of financial performance prepared in accordance with GAAP. Please refer to the appendix appearing at the end of this presentation and the last quarter’s earnings press release for a discussion of these non-GAAP financial measures and a reconciliation of these measures to the most comparable GAAP measures. No representations or warranties, express or implied are given in, or in respect of the accuracy or completeness of any information included in, this presentation. Recipients of this presentation are not to construe its contents, or any prior or subsequent communications from or with Global Ship Lease or its representatives as financial, investment, legal, tax, business, or other professional advice. In addition, this presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Global Ship Lease. Recipients of this presentation should consult with their own advisers and should each make their own evaluation of Global Ship Lease and of the relevance and adequacy of the information. Furthermore, this presentation contains certain tables and other statistical analyses (the “Statistical Information”). Numerous assumptions were used in preparing the Statistical Information, which may not be reflected herein. Certain Statistical Information is derived from estimates and subjective judgments made by third parties. As such, no assurance can be given as to the accuracy, appropriateness or completeness of the Statistical Information as used in any particular context; nor as to whether the Statistical Information and/or the judgments and assumptions upon which they are based reflect present market conditions or future market performance. Unless otherwise specified, all information in this presentation is as of the date of this presentation. Neither the delivery of this presentation nor any other communication with you shall, under any circumstances, create any implication that there has been no change in Global Ship Lease’s affairs since such date. Except as otherwise noted herein, Global Ship Lease does not intend to, nor will it assume any obligation to, update this presentation or any of the information included herein. Uncertainties regarding Geopolitical Conflicts There is uncertainty regarding the macro-economic environment and the broader global economic impact of geopolitical conflicts, such as the continuing war between Russia and Ukraine and ongoing tensions between Israel and Hamas, ongoing disputes between China and Taiwan, deteriorating trade relations between U.S. and China, the imposition of tariffs, trade barriers, sanctions and embargoes, including recently imposed tariffs by the U.S. and the effects of retaliatory tariffs and countermeasures from affected countries, uncertainties surrounding recently implemented and suspended port fee regimes in the United States and China, ongoing political unrest and conflicts in the Middle East and other regions throughout the world, and disruption of shipping routes resulting from the ongoing attacks by Houthis in the Red Sea. While Global Ship Lease cannot predict the long-term economic impact of these and other similar events, it will continue to actively monitor these situations and may take further actions to alter its business operations that it determines are in the best interests of its employees, customers, partners, suppliers, and stakeholders, or as required by authorities in the jurisdictions where Global Ship Lease operates. As a result, many of Global Ship Lease’s estimates and assumptions required increased judgement and carry a higher degree of variability and volatility. The ultimate effects that any such alterations or modifications may have on Global Ship Lease’s business are not clear, including any potential negative effects on its business operations and financial results. Disclaimer
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| 3Q 2025 Results | 3Q 2025 Results 3 Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Our actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in our filings with the SEC. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this presentation, as predictions of future events. Except as required by law, we undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this presentation or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks that we describe in the reports we will file from time to time with the SEC after the date of this presentation. This presentation contains forward-looking statements. Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as "anticipate", "believe", "continue", "estimate", "expect", "intend", "may", "ongoing", "plan", "potential", "predict", “should”, "project", "will" or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and we cannot assure you that these projections included in these forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. The risks and uncertainties include, but are not limited to: • future operating or financial results; • expectations regarding the strength of future growth of the container shipping industry, including the rates of annual demand and supply growth; • geo-political events such as the ongoing war between Russia and Ukraine, ongoing tensions between Israel and Hamas, ongoing disputes between China and Taiwan, deteriorating trade relations between the U.S. and China, and ongoing political unrest and conflicts in the Middle East and other regions throughout the world; • Uncertainties surrounding recently implemented and suspended port fee regimes in the United Sates and China; • the potential disruption of shipping routes, including due to low water levels in the Panama Canal and ongoing attacks by Houthis in the Red Sea; • public health threats, pandemics, epidemics, and other disease outbreaks around the world and governmental responses thereto; • the financial condition of our charterers and their ability and willingness to pay charterhire to us in accordance with the charters and our expectations regarding the same; • the overall health and condition of the U.S. and global financial markets; • changes in tariffs, trade barriers, and embargos, including recently imposed tariffs by the U.S. and the effects of retaliatory tariffs and countermeasures from affected countries; • our financial condition and liquidity, including our ability to obtain additional financing to fund capital expenditures, vessel acquisitions, and for other general corporate purposes and our ability to meet our financial covenants and repay our borrowings; • our expectations relating to dividend payments and expectations of our ability to make such payments including the availability of cash and the impact of constraints under our loan agreements and financing arrangements; • operating expenses, availability of key employees, crew, number of off-hire days, drydocking and survey requirements, costs of regulatory compliance, insurance costs, and general and administrative costs; • future acquisitions, business strategy, and expected capital spending; • general market conditions and shipping industry trends, including charter rates and factors affecting supply and demand; • assumptions regarding interest rates and inflation; • changes in the rate of growth of global and various regional economies; • risks incidental to vessel operation, including piracy, discharge of pollutants, and vessel accidents and damage including total or constructive total loss; • estimated future capital expenditures needed to preserve our capital base; • our expectations about the availability of vessels to purchase, the time that it may take to construct new vessels, or the useful lives of our vessels; • our continued ability to enter into or renew charters including the re-chartering of vessels on the expiry of existing charters, or to secure profitable employment for our vessels in the spot market; • our ability to realize expected benefits from our acquisition of secondhand vessels; • our ability to capitalize on our management’s and directors’ relationships and reputations in the containership industry to our advantage; • changes in governmental and classification societies’ rules and regulations or actions taken by regulatory authorities; • expectations about the availability of insurance on commercially reasonable terms; • changes in laws and regulations (including environmental rules and regulations); • potential liability from future litigation; and • other important factors described from time to time in the reports we file with the SEC. Safe Harbor Statement
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| 3Q 2025 Results | 3Q 2025 Results 4 3Q & 9M2025 Results, and Selected Highlights Maximizing optionality to manage risks & opportunities Revenue EBITDA Net Income Net Income EPS EPS Adjusted¹ Normalized¹ Normalized¹ (1) Adjusted EBITDA, Normalized Net Income, and Normalized EPS are Non-GAAP financial measures. See Appendix for reconciliation with US GAAP. (2) Corporate credit ratings affirmed at Ba2 (Moody’s) / BB+ (S&P) / BB+ (KBRA); $350 million USPP Notes maturing 2027 rated BBB (investment grade) by KBRA: Stable outlook for all (3) Overall quarterly dividend to increase to $0.625 per common share ($2.50 annualized), commencing with 3Q25 dividend scheduled for payment in December 2025 $192.7 million $575.5 million $130.2 million $396.7 million $92.6 million $306.7 million $93.8 million $283.2 million $2.59 $8.60 $2.62 $7.94 3Q 2025 9M 2025Geopolitical tensions, trade disruptions, tariffs Annualized dividend to increase to $2.50 per share³ $778 million contracted revenues added in 9M25 Credit ratings: Ba2, BB+, BB+; BBB for USPP Notes² Contract cover: 100% for 2025, 96% for 2026, 74% for 2027 Regulatory instability: IMO Net Zero, USTR, China port fees
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| 3Q 2025 Results 5 Continuing to Build Contract Cover with Top Tier, Diversified Charterer Base $1.92 billion Contracted revenues @ September 30, 2025¹ 2.5 TEU-weighted cover @ September 30, 2025¹ Including charter extension options exercised Added in 9M 2025² years of average remaining contract cover 38 charters added 9M 2025² CMA CGM 14% (France) Hapag-Lloyd 24% (Germany) Maersk 21% (Denmark) ZIM 6% (Israel) MSC 27% (Switzerland) COSCO / OOCL 6% (China, incl. Hong Kong) ONE 1% (Singapore) RCL 1% (Thailand) Share of Contracted Revenues, by Charterer¹ (1) Contracted revenues, share of contracted revenue by charterer, and TEU-weighted average contract cover as at September 30, 2025; median period. See GSL Earnings Release of November 10, 2025, for outline terms and minimum / maximum redelivery windows of our charter portfolio. The actual amount of revenues and the actual period during which revenues are earned may differ from the amounts and periods shown. TEU (“twenty-foot equivalent unit”) measures containership cargo capacity (2) Includes all charters and extensions agreed, including options exercised, up to September 30, 2025, based on the median firm periods of the respective charters $778 million additional contracted revenues
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| 3Q 2025 Results 6 Dynamic Capital Allocation through the Cycle Consideration of risks to cash flows, and sustainability and profitability of business through the cycle Forward visibility on contracted cash-flows Macro risks Risks and opportunities of industry cyclicality Regulatory environment Evolving challenges and opportunities presented by decarbonization Growing need for fleet renewal to support forward cash flows, as existing fleet ages Capital allocation driven by relative returns, adjusted for risk Return of capital to investors: - Dividends¹: to increase to $2.50 per common share, annualized - Share buy-backs: $57.0 million to date2; Authorization for further $33.0 million3 De-levering to manage balance sheet risk and build equity value CAPEX to meet evolving regulatory & market demands of decarbonization; energy-saving retrofit negotiations with charterers ongoing Cash liquidity for resilience and optionality in an uncertain geopolitical environment Accretive growth & fleet renewal on a selective, disciplined basis Capitalize on cycle to generate long- term value for shareholders Business model intended to provide investors with a stable & liquid platform to participate in cyclical upside & positive volatility of industry, while mitigating exposure to downside risk Share liquidity, to allow investors to enter and exit opportunistically “Easier [for investors] to buy & sell [GSL] shares than to buy and sell ships” (1) Increase in annualized dividend, from $2.10 to $2.50 per common share, comprising $1.50 base dividend + $1.00 supplemental di vidend, from 3Q2025 (scheduled for payment in December 2025) (2) $10.0 million in 3Q 2021, $20.0 million in 2022, $22.0 million in 2023, $5.0 million in 1Q 2024; aggregating to $57.0 million, at an average re-purchase price of $18.52 (3) $33.0 million of capacity remains under our opportunistic share buy-back authorization
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| 3Q 2025 Results 7 Maritime Strategies International Ltd (MSI) – index data through September 30, 2025 Using the Cycle to Create Significant Long-Term Value 0 50 100 150 200 250 300 350 400 450 Newbuild Price Index 1 Yr TC Rate Index Second Hand Price Index June 2021 4 x ultra-high reefer ships June 2021 12 Borealis ships February 2021 7 x 6,000 TEU ships November 2019 2 x 6,100 TEU ships May 2019 3 x 7,800 TEU ships November 2019 2 x 6,800 TEU ships May 2023 4 x 8,500 TEU ships November 2018 GSL & Poseidon merge, doubling fleet Charter Rate & Asset Value Indices (100 = Average 2003 to 9M 2025) December 2024 4 x 9,000 TEU ships (30% Discount) * 20212009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2022 2023200820072006200520042003 2024 9M25
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| 3Q 2025 Results 8 9M 2025 Financials & Highlights (1) Adjusted EBITDA and Normalized Net Income are Non-GAAP financial measures; see Appendix for reconciliation with US GAAP (2) Gains on selective & opportunistic sales of Tasman (5,900 TEU, blt. 2000), Akiteta (2,200 TEU, blt. 2002), and Keta (2,200 TEU, blt. 2003) positively impact P&L and Balance Sheet (3) 0.64% SOFR interest rate caps cover 76% of floating rate debt as at September 30, 2025; caps are amortizing and mature in 202 6 (4) Credit ratings affirmed in 2Q25 & early-July 2025; please refer to GSL press release of July 8, 2025 Shareholder Returns Supplemental dividend introduced in 2Q24, increasing quarterly dividend by 20%, to $0.45 per Common Share ($1.80 annualized) Supplemental dividend upsized twice, to bring overall quarterly dividend to $0.625 per Common Share ($2.50 annualized), starting with 3Q25 dividend $33.0 million remaining under opportunistic share buy-back authorization Ongoing de-levering continues to build equity value Balance Sheet Gross debt: $731.6 million, up from $691.1 million at December 31, 2024 Cash: $562.2 million. $72.3 million is restricted, of which $56.1 million is advanced receipt of charter hire. Remaining $489.9 million covers minimum liquidity, financial covenants, working capital, and dry powder for fleet renewal $85 million re-fi pushes weighted average debt maturity to 4.7 years & cost to 4.34% $28.3 million gain from sale of older ships² 0.64% SOFR interest rate caps³ P&L Revenue: $575.5 million, up from $528.6 million for 9M24 Net Income: $306.7 million², up from $253.9 million for 9M24 Adjusted EBITDA¹: $396.7 million, up from $371.1 million for 9M24 Normalized Net Income¹: $283.2 million, up from $262.3 million for 9M24 Credit Ratings Affirmed Corporate: Moody’s Ba2 / Stable; S&P BB+ / Stable; KBRA BB+ / Stable $350 million 5.69% Senior Secured Notes due July 15, 2027: KBRA BBB / Stable (investment grade) 4
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| 3Q 2025 Results 9 (1) Gross debt outstanding at each period-end; 2022, 2023, 2024 actual, 2025 & 2026 illustrative based on the debt and scheduled am ortization detailed on slide 30 (2) Adjusted EBITDA and Adjusted Net Debt (adjusted for Working Capital) are non-US GAAP measures; please see Appendix for details and reconciliation 950 823 691 695 547 0 100 200 300 400 500 600 700 800 900 1000 Debt Outstanding ($ mm)¹ Adj. Net Debt / Adj. EBITDA (x)2 De-Risking of Balance Sheet Continues¹ Reduced Financial Leverage² Increases Resilience & Flexibility De-levering to De-risk, Grow Equity Value, and Increase Optionality Aggressive amortization schedule¹ to continue to de-risk balance sheet Financial leverage (Adjusted Net Debt / Adjusted EBITDA2) continues to strengthen Credit ratings of Ba2 / BB+ / BB+ underscore balance sheet strength 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 8.4 5.0 4.3 4.2 2.0 1.4 1.1 0.5 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 30-Sep-25
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| 3Q 2025 Results 10 (1) Cost of debt includes a Base Rate of US$-SOFR (floating rate average period) and, where relevant, 3.2 year ICUR (fixed at 2.84%) and a Margin reflecting the blended cost of the debt detailed on slide 30. As at September 30, 2025, SOFR is capped at 0.64% for 76% of floating rate debt; SOFR caps are amortizing, and mature in 2026 (2) Daily interest expense paid (net of paid interest rate caps income) data are disclosed in 3Q2025 Statement of Cash Flows (3) Daily Voyage Expenses (excl. brokerage commissions) data are disclosed on EBITDA Calculator slide of Investor Presentations (4) Daily Vessel Operating Expenses data are disclosed on press releases and 2024 20-F Low cost of proforma debt: 4.34%, blended; average margin of 2.34%; 0.64% SOFR interest rate caps on 76% of floating rate debt² Reducing interest expense has off-set impact of inflation on vessel operating expenses, maximizing resilience & competitiveness Low Cost of Debt & Low Break-Even Rates; Strong Platform to Manage Cycle & Build Value Minimizing Vessels’ Average Daily Break-Even Rates Key Developments Strong Credit Profile has Reduced Borrowing Costs1 Daily interest expense paid (net of paid interest rate caps income) Daily Voyage Expenses (excl. brokerage commissions) Daily Vessel Operating Expenses 4 3 2 Average Daily Break-Even Rate (US$) Cost of Debt1 1.28% 1.30% 0.85% 0.20% 1.49% 1.40% 1.43% 2.00% 6.28% 6.29% 5.68% 4.62% 3.04% 3.15% 2.47% 2.34% 0 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 30-Sep-25 Margin/Coupon Base Rate 10Y UST Yield 7.56% 7.59% 6.53% 4.53%4.82% 3.85% 4.55% 4.34% $12,076 $11,457 $10,569 $9,592 $9,268 $9,285 $9,210 $9,578 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 30-Sep-25
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| 3Q 2025 Results 11 (1) Clarksons (Sea Net) – 30-day sailing period in 2023, before Red Sea & Suez disruption (2) Maritime Strategies International Ltd (MSI) - Mainlanes (Transpacific, Asia-Europe, Transatlantic) represented 26.3% of global containerized trade volumes in 2024; Non- Mainlanes accounted for 73.7% Deployment of sub-10,000 TEU ships: everywhere¹ Deployment of 10,000+ TEU ships: arterial trades¹ GSL focus High-reefer, mid-size & smaller containerships ~74% Proportion of global containerized trade volume in non - Mainlane trades² Sub-10,000 TEU Non - Mainlane trades predominantly served by mid-sized & smaller ships Reefer cargo Fastest growing & most lucrative cargo segment Mid-Size & Smaller Containerships; Flexible Assets & Backbone of Global Trade
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| 3Q 2025 Results 12 Impact of Red Sea Disruption has been Significant; Going Forward, Red Sea Dynamics are Unpredictable (1) Maritime Strategies International Ltd (MSI) (2) Estimated annualized impact on effective capacity of global containership fleet if all Suez-related trades were to be diverted around Cape of Good Hope (COGH), while holding all other variables constant 20% Cargo passing via Suez, pre-Red Sea disruption¹ 34% Capacity deployed via Suez, pre-Red Sea disruption¹ Fleet capacity is absorbed by re-routing via COGH¹ ² Absorption of effective capacity is supportive (10%) 0 2,000 4,000 6,000 8,000 10,000 12,000 Via COGH Via Suez Distance (nm) Distance Implications of Red Sea Disruption & Re-Routing of Suez Trades via Cape of Good Hope (COGH)¹ of global containerized trade volumes of global containership fleet capacity impact on effective global capacity (supply) impact on rates in freight & charter markets Liner operators looking for sustained stability & safety before contemplating costly & complex re-routing of service networks via Red Sea
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| 3Q 2025 Results 13 Impact of US Tariffs & China’s Reaction is Unpredictable; 2019 Trade Tensions may be Instructive (Directionally) Liner operators currently hesitant to resume Red Sea transits. Service network complexity makes re-routing costly. China / US Mainlane Reduced direct trade, following 2019 tariffs Disruption to China-focused supply chains Negative impact on very large containerships dependent on (direct) mainlane trade Increased trade volumes following 2019 tariffs Diversification of supply chains throughout region Increased demand for small & mid-size ships to support indirect / hub & spoke trades Intra-Asia Takeaways Regional trade volumes increased with tariffs Supply chain diversification has persisted Increased inefficiency in the supply chain can drive increased demand for shipping capacity
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| 3Q 2025 Results 14Regulatory Instability Driven by Geopolitical Tensions USTR, China Port Fees, IMO Net Zero: Deferrals & Suspensions USTR Port fees introduced by US in October 2025, targeting Chinese tonnage Industry successfully adapting to manage / mitigate exposure, helped by a lead time of several months between announcement and implementation October 30, 2025: US suspended USTR port fees for one year, from November 10, 2025 Port fees introduced by China in October 2025, in reciprocity to USTR Industry [was] reacting to regulation in real time, as announcement and implementation were concurrent October 30, 2025: China suspended port fees for one year, matching USTR suspension China Port Fees IMO Net Zero Framework Regulation intended to establish global framework for decarbonization of shipping Political pressure in October 2025 meeting of IMO forced one year deferral Deferral expected to support value of existing, conventionally-fueled ships such as those in the GSL fleet Lighthouse image courtesy of stockcake.com
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| 3Q 2025 Results 15 Supply-Side Trends Idle Capacity Minimal, Scrapping Still Largely on Hold 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 0 100 200 300 400 500 600 700 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M25 5,100+ TEU 4,000-5,099 TEU 3,000-3,999 TEU 2,000-2,999 TEU Sub-2,000 TEU Scrapping v. Fleet 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 0.0 0.3 0.6 0.9 1.2 1.5 1.8 2.1 2.4 2.7 3.0 12,000+ TEU 7,600-11,999 TEU 5,200-7,599 TEU 3,900-5,200 TEU 2,900-3,899 TEU 1,300-2,899 TEU Sub-1,300 TEU Idle % of Total Fleet (RH Axis) Idle Capacity (TEU mm) Idle Fleet Ratio (Green Line) Idle Capacity of Global Containership Fleet Remains Minimal¹ Ship Recycling Modest in 2024 & Negligible YTD 2025¹ Capacity Scrapped (TEU kk) Scrapping to Fleet Ratio (Green Line) Minimal slack in system, due to disruption to Red Sea & Suez ~0% Scrapping in wait-and-see mode 9.2 kk TEU scrapped in 9M25¹ 0.8% Idle capacity¹ (1) Maritime Strategies International Ltd (MSI) – data through September 30, 2025 20212009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2022 2023 2024 9M25
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| 3Q 2025 Results 16 Overall orderbook, all containerships 15.2% Our focus segments 2,000 – 9,999 TEU 32.1% Orderbook to fleet ratio¹ (1) Maritime Strategies International Ltd (MSI), as at September 30, 2025 Orderbook to fleet ratio¹ (5.3%) Implied net growth of sub-10,000 TEU fleet through 2029 If all 25+ year old ships were scrapped Overall Orderbook is Meaningful, but Our Sector-Focused Fundamentals Remain Supportive 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 2,000 – 2,999 TEU 4,000 – 5,099 TEU 5,100 – 7,499 TEU 7,500 – 9,999 TEU 10,000+ TEU 3,000 – 3,999 TEU Sub-2,000 TEU Our Focus Segments 15.2% 14.0% 54.2% 32.1% Global Capacity on Order (TEU mm) 4Q25 2026 2027 2028 2029 Sub-10,000 TEU Cumulative Orderbook Deliveries Sub-10,000 TEU Existing Fleet >25 Years Net Cumulative Deliveries v. >25 Year Old Ships Cumulative Orderbook Deliveries (TEU mm) Existing Fleet >25 Years Old (TEU mm) 2.0 1.5 1.0 0.5 0.5 1.0 1.5 2.5 2.0 • Median age for 10,000+ TEU fleet: 7.5 years • Median age for sub-10,000 TEU fleet: 17.5 years • Implied net fleet shrinkage (5.3%) through 2029 if all capacity 25+ years old were scrapped Orderbook & Fleet Ratios, by Size Segment¹ Sub-10,000 TEU Deliveries v. Age Profile¹ *2.5 3.0
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| 3Q 2025 Results 17 Charter Market Rates Still Firm, but Forward Visibility is Limited Short Term (6 – 12 Months) Charter Market Index, 4Q 2020 – 9M 2025¹ Charter Rate Index Market Rates (Indicative) Ship Size (TEU) $ / Day 2,200 – 2,999 25,000 3,500 32,500 4,000 – 5,470 34,000 5,500 – 6,100 36,000 6,500 – 7,000 39,000 7,000 ECO 44,000 7,500 – 8,700 43,000 9,100 ECO 47,000 11,000 47,000 Rates reflect aggregated broker guidance for market rates prevailing in October 2025, assuming prompt availability and for charter terms exceeding one year 0 50 100 150 200 250 (1) Maritime Strategies International Ltd (MSI) – charter rate data through September 30, 2025, based on a basket of ship sizes in the liquid charter market (2) See slide 10 for further details (3) As at September 30, 2025; average remaining contract cover (years) is TEU-weighted; see slide 5 for further details Average break-even rates $9,578 per vessel per day in 9M25², well below market rates $1.92 billion / 2.5 years forward contract cover³ provides insulation * ? 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
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| 3Q 2025 Results | 3Q 2025 Results 18 Summary (1) As at September 30, 2025; average remaining contract cover (years) is TEU-weighted; see slide 5 for further details (2) Based on 9M 2025; see slide 10 for further details (3) To commence with the quarterly dividend for 3Q 2025, scheduled for payment in December 2025 High levels of macro, geopolitical, and regulatory uncertainty; we are focused on maximizing optionality, to manage risks and capitalize on opportunities Forward visibility on cash flows: $778 million added to contracted revenues in 9M 2025, resulting in forward contract cover of $1.92 billion over 2.5 years¹ 1 3 2 Significant de-levering has reduced average break-even rates to $9,578 per vessel per day²; credit ratings reflect balance street strength: Ba2, BB+, BB+ 5 7 6 4 Returning capital to shareholders by upsizing supplemental dividend: overall quarterly dividend to be increased to $0.625 per common chare ($2.50 annualized)³ Increasing focus on disciplined fleet renewal to support forward earnings and returns, as existing “cash cows” begin to age out Balance sheet optimization: debt has weighted average cost of 4.34% and weighted average maturity of 4.7 years; SOFR capped at 0.64% for ~76% of floating rate debt Reduced efficiency and growing fragmentation of global containerized supply chain is stimulating demand for mid-size and smaller containerships
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| 3Q 2025 Results | 3Q 2025 Results 19 ▪ Financial Statements ▪ EBITDA Calculator & CAPEX Guidance ▪ Reconciliation of Non-GAAP Financial Measures ▪ Debt Structure ▪ Decarbonization & Associated Regulations Appendix
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| 3Q 2025 Results | 3Q 2025 Results 20Financial Statements: Balance Sheet at September 30, 2025 (Unaudited) (Expressed in thousands of U.S. dollars, except share data) September 30, 2025 December 31, 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 289,373 $ 141,375 Time deposits 200,500 26,150 Restricted cash 49,090 55,583 Accounts receivable, net 32,921 12,501 Inventories 13,387 18,905 Prepaid expenses and other current assets 31,851 31,949 Derivative assets 7,823 14,437 Due from related parties 173 342 Total current assets $ 625,118 $ 301,242 NON - CURRENT ASSETS Vessels in operation $ 1,895,735 $ 1,884,640 Advances for vessels' acquisitions and other additions 7,418 18,634 Deferred dry dock and special survey costs, net 101,871 91,939 Other non - current assets 13,936 20,155 Derivative assets, net of current portion 544 5,969 Restricted cash, net of current portion 23,223 50,666 Total non - current assets 2,042,727 2,072,003 TOTAL ASSETS $ 2,667,845 $ 2,373,245 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 42,608 $ 26,334 Accrued liabilities 43,223 46,926 Current portion of long-term debt 147,567 145,276 Current portion of deferred revenue 51,119 44,742 Due to related parties 716 723 Total current liabilities $ 285,233 $ 264,001 LONG-TERM LIABILITIES Long - term debt, net of current portion and deferred financing costs $ 577,783 $ 538,781 Intangible liabilities-charter agreements 55,530 49,431 Deferred revenue, net of current portion 32,337 57,551 Total non - current liabilities 665,650 645,763 Total liabilities $ 950,883 $ 909,764 Commitments and Contingencies SHAREHOLDERS' EQUITY Class A common shares - authorized 214,000,000 shares with a $0.01 par value 35,770,652 shares issued and outstanding (2024 – 35,447,370 shares) $ 358 $ 355 Series B Preferred Shares - authorized 104,000 shares with a $0.01 par value 43,592 shares issued and outstanding (2024 – 43,592 shares) - - Additional paid in capital 686,659 680,743 Retained earnings 1,026,842 773,759 Accumulated other comprehensive income 3,103 8,624 Total shareholders' equity 1,716,962 1,463,481 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,667,845 $ 2,373,245
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| 3Q 2025 Results | 3Q 2025 Results 21Financial Statements: P&L for 3Q25 & 9M 2025 (Unaudited) (Expressed in thousands of U.S. dollars) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 OPERATING REVENUES Time charter revenues $ 189,313 $ 172,546 $ 565,614 $ 524,099 Amortization of intangible liabilities-charter agreements 3,355 1,518 9,888 4,523 Total Operating Revenues 192,668 174,064 575,502 528,622 OPERATING EXPENSES: Vessel operating expenses (include related party vessel operating expenses of $6,194 and $5,481 for each of the three month periods ended September 30, 2025 and 2024, respectively, and $17,660 and $16,289 for each of the nine month periods ended September 30, 2025 and 2024, respectively) 52,050 46,590 152,569 141,628 Time charter and voyage expenses (include related party time charter and voyage expenses of $2,781 and $2,170 for each of the three month periods ended September 30, 2025 and 2024, respectively, and $6,500 and $6,487 for each of the nine month periods ended September 30, 2025 and 2024, respectively) 6,960 6,420 18,563 17,051 Depreciation and amortization 30,696 24,965 90,817 73,775 General and administrative expenses 3,745 3,900 12,419 13,038 Loss/(gain) on sale of vessels 14 - (28,329) - Operating Income 99,203 92,189 329,463 283,130 NON-OPERATING INCOME/(EXPENSES) Interest income 5,434 4,705 13,305 12,532 Interest and other finance expenses (9,542) (12,540) (30,005) (32,883) Other income, net 1,030 986 5,024 3,243 Fair value adjustment on derivative asset (1,106) (4,193) (3,937) (4,957) Total non-operating expenses (4,184) (11,042) (15,613) (22,065) Income before income taxes 95,019 81,147 313,850 261,065 Income taxes - - - (1) Net Income 95,019 81,147 313,850 261,064 Earnings allocated to Series B Preferred Shares (2,384) (2,384) (7,152) (7,152) Net Income available to Common Shareholders $ 92,635 $ 78,763 $ 306,698 $ 253,912
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| 3Q 2025 Results | 3Q 2025 Results 22Financial Statements: Cash Flow for 3Q25 & 9M 2025 (Unaudited) (Expressed in thousands of U.S. dollars) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $ 95,019 $ 81,147 $ 313,850 $ 261,064 ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: Depreciation and amortization $ 30,696 $ 24,965 $ 90,817 $ 73,775 Loss/(gain) form sale of vessels 14 - (28,329) - Amounts reclassified to other comprehensive income - 326 - 877 Amortization of derivative assets’ premium 826 1,178 2,775 3,473 Amortization of deferred financing costs 720 3,598 2,977 5,920 Amortization of intangible liabilities-charter agreements (3,355) (1,518) (9,888) (4,523) Fair value adjustment on derivative asset 1,106 4,193 3,937 4,957 Prepayment fees on debt repayment - 870 175 870 Stock-based compensation expense 2,120 2,122 6,364 6,582 CHANGES IN OPERATING ASSETS AND LIABILITIES: (Increase)/decrease in accounts receivable and other assets $ (3,860) $ 7,326 $ (14,102) $ 2,837 Decrease)/(increase) in inventories 4,693 (186) 5,518 7 Increase in derivative asset - (81) (194) (109) Increase in accounts payable and other liabilities 809 11,088 14,549 10,949 Decrease in related parties' balances, net 666 477 162 121 Decrease in deferred revenue (8,831) (1,159) (18,837) (15,613) Payments for drydocking and special survey costs (8,172) (16,137) (35,276) (26,879) Unrealized foreign exchange loss/(gain) - 3 - (1) NET CASH PROVIDED BY OPERATING ACTIVITIES $ 112,451 $ 118,212 $ 334,498 $ 324,307 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of vessels - - (61,541) - Cash paid for vessel expenditures (2,831) (4,647) (12,630) (9,350) Advances for vessel acquisitions and other additions (424) (4,466) (2,772) (11,993) Net (expenses)/proceeds from sale of vessel - - 53,483 - Time deposits (acquired)/withdrawn (185,500) 26,550 (174,350) (12,450) NET CASH (USED IN)/PROVIDED BY INVESTING ACTIVITIES $ (188,755) $ 17,437 $ (197,810) $ (33,793) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from drawdown of credit facilities/sale and leaseback - 300,000 218,500 300,000 Repayment of credit facilities/sale and leaseback (36,892) (41,982) (107,781) (144,045) Prepayment of debt including prepayment fees - (292,010) (70,393) (292,010) Deferred financing costs paid - (2,625) (2,185) (2,625) Net proceeds form offering of Class A common shares, net of offering costs - 652 - 652 Cancellation of Class A common shares - - - (4,994) Class A common shares-dividend paid (18,809) (15,965) (53,615) (42,434) Series B preferred shares-dividend paid (2,384) (2,384) (7,152) (7,152) NET CASH USED IN FINANCING ACTIVITIES $ (58,085) $ (54,313) $ (22,626) $ (192,608) Net (decrease)/increase in cash and cash equivalents and restricted cash (134,389) 81,335 114,062 97,906 Cash and cash equivalents and restricted cash at beginning of the period 496,075 297,284 247,624 280,713 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD $ 361,686 $ 378,619 $ 361,686 $ 378,619 SUPPLEMENTARY CASH FLOW INFORMATION: Cash paid for interest $ 12,247 $ 12,654 $ 35,308 $ 43,280 Cash received from interest rate caps 4,003 6,832 13,136 21,198 NON-CASH INVESTING ACTIVITIES: Acquisition of vessels and intangibles - - 15,987 - NON-CASH FINANCING ACTIVITIES: Unpaid offering costs 445 115 445 115 Unrealized loss on derivative assets/FX option (2,336) (10,637) (8,296) (14,961)
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| 3Q 2025 Results | 3Q 2025 Results 23Adjusted EBITDA and Operating Cash Flow Calculator (Illustrative) The table below presents our illustrative calculator for our fleet for 2025 and 2026, based on historical performance, contracted revenue, and assumed expenses, Capitalized and Drydocking Expenses, Finance Expense (interest, other), and Debt Amortization1. TEU Category 2025 2026 Spot Revenue days2 Spot Net Rate Revenue ($m) Spot Revenue days2 Spot Net Rate Revenue ($m) 2,200-2,999 - 542 3,500 - 271 4,000-5,470 - 70 5,500-6,100 - - 6,500-7,000 - - 7,000 eco - - 7,500-8,700 - - 9,000 ECO - 27 11,000 - - Spot Revenues, Net 2,3, 12 Fixed Revenues, Net 4, 12 $744 $735 Total Revenues Ownership Days Expense/Day ($) Ownership Days Expense/Day ($) OPEX & Mgt Fees 5 25,30012 $7,722 ($195) 24,820 $7,813 ($194) Voyage Expenses 6 25,30012 $434 ($11) 24,820 $439 ($11) G&A Expenses 7 ($9) ($9) Adjusted EBITDA8 Capex(DD)9 ($30) ($33) Capex(BWTS, other)10 ($7) ($2) Finance Expense (interest, other)11 ($30) ($27) Debt Amortization11 ($145) ($148) Balloon Installments11 - - Operating Cash Flow excluding dividends TEU Category 10Y Historical Average 15Y Historical Average Prevailing Market13 2,200-2,299 21,784 17,610 25,000 3,500 27,192 21,514 32,500 4,000-5,470 30,926 25,172 34,000 5,500-6,100 33,524 28,793 36,000 6,500-7,000 38,682 33,581 39,000 7,000 eco 46,938 41,663 44,000 7,500-8,700 45,945 42,106 43,000 9,100 eco 56,569 52,296 47,000 11,000 57,588 53,782 47,000 (1) This information is presented for illustrative purposes only and is not a projection of future charter rates, revenues, costs, Adjusted EBITDA, capex, finance expense (interest, other), debt amortization, or operating cash flow, which may vary materially from the data which may be derived from the assumptions on which this table is based. (2) Spot Revenue Days are presented based on midpoint redelivery date plus updated offhire days accrued up to September 30, 2025, plus updated offhire days scheduled for drydocking during the remaining lifetime of the contract. (3) Spot Revenue, Net should be after deduction of market standard commissions totaling 5%. Open days have been adjusted for 1.3% of unplanned offhire. (4) Fixed Revenue, Net is estimated based on the midpoint redelivery date plus updated offhire days up to September 30, 2025, plus updated offhire days scheduled for drydocking during the remaining lifetime of the contract and is net of all address and brokerage commissions, adjusted based on historical utilization rates, excluding non cash items $9.9 million amortization of the intangible liabilities-charter agreements from below market charters and $3.2 million negative effect of the straight line from the time charter modifications for the nine-month period ended September 30, 2025, as presented in Q3 2025 press release. Thereafter no effect is included for 2025 and 2026 from amortization of intangible liabilities charter agreements and effect of the straight line from the time charter modifications. (5) OPEX and Mgt Fees are based on average per vessel per day for 2023 and 2024, adjusted by 2.6% inflation for year 2025 (so urced by IMF) and 1.18% (sourced by MSI) every year from 2026 onwards. (6) Voyage Expenses are based on average per vessel per day for 2023 and 2024, excluding brokerage commission which is deducted from Revenues, adjusted by 2.6% inflation for year 2025 and 1.18% every year from 2026 onwards. (7) G&A Expenses excluding stock awards are based on 2023 and 2024, adjusted by 2.6% inflation for year 2025 and 1.18% every year from 2026 onwards. (8) Adjusted EBITDA represents net income available to common shareholders before interest income and expense, earnings allocated to preferred shares, depreciation and amortization of drydocking net costs, gains or losses on the sale of vessels, amortization of intangible liabilities, charges for share based compensation, fair value adjustment on derivative assets, income tax, and the effect from straight-lining time charter modifications Adjusted EBITDA is a non-GAAP quantitative measure and is not defined in US GAAP and should not be considered an alternate to Net income or any other financial metric required by such accounting principles. (9) Capex (DD) is estimated based on average costs in 2023 and 2024, adjusted by 2.6% inflation for year 2025 and 1.18% every year from 2026 onwards. (10) Capex (BWTS, other) is estimated based on average costs in 2023 and 2024, adjusted by 2.6% inflation for year 2025 and 1 .18% every year from 2026 onwards. Other include also capitalized capex that have been publicly disclosed. (11) Finance Expense (interest, other) includes (i) interest expense which is estimated based on balances including scheduled fixed amortization schedule, margin/coupon as contractually agreed and 3M SOFR plus CAS (when applicable) (interest rate cap notional amount covers ~76% of the outstanding floating debt at September 30, 2025), and (ii) any finance fees that has been publicly disclosed (capitalized or expensed). (12) In May 2025, Dimitris Y was contracted to be sold and delivered to the buyers on October 13, 2025. (13) Approximate / indicative rates perceived to be prevailing in the market in October 2025 for charters of more than one year, based on data sourced from various brokers and analysts.
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| 3Q 2025 Results | 3Q 2025 Results 24CAPEX Guidance Decarbonization ▪ CAPEX related to energy-saving & emissions-reducing retrofits (“ESDs”) will be subject to commercial agreement with charterers o n a case-by-case basis and other requirements. ▪ Where possible, in order to minimize off-hire, we arrange for regulatory dry-dockings and upgrade work to be concurrent. Indicative CAPEX, based on average costs FY2023 – FY2024 and adjusted for annualized inflation modelled at 2.6% and 1.18% for 2025 and 2026, respectively ▪ Average special survey & dry-docking for 2025 and 2026: ~$2.74 million (11 vessels) and $2.77 million (12 vessels) per ship, respectively. Total average off-hire days for 2025 and 2026 are 63 days and 47 days, respectively. ▪ Total Other Capex for 2025 and 2026: ~$7.1 million and $1.5 million, respectively. Total Other Capex include also capitalized capex that have been publicly disclosed, if any.
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| 3Q 2025 Results | 3Q 2025 Results 25Adjusted EBITDA & Normalized Net Income – Reconciliation (1/2) (Expressed in thousands of U.S dollars) Reconciliation of Non-U.S. GAAP Financial Measures Adjusted EBITDA represents net income available to common shareholders before interest income and expense, earnings allocated to preferred shares, depreciation and amortization of drydocking net costs, gains or losses on the sale of vessels, amortization of intangible liabilities, charges for share based compensation, fair value adjustment on derivative assets, income tax, and the effect from straight-lining time charter modifications. Fair value adjustments on derivative assets and earnings allocated to preferred shares. Adjusted EBITDA is a non-US GAAP quantitative measure used to assist in the assessment of the Company’s ability to generate cash from its operations. The Company believes that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Adjusted EBITDA is not defined in US GAAP and should not be considered to be an alternate to Net income or any other financial metric required by such accounting principles. Our use of Adjusted EBITDA may vary from the use of similarly titles measures by others in our industry. Adjusted EBITDA is presented herein on a forward-looking basis in certain instances. The Company has not provided a reconciliation of any such forward looking non-US GAAP financial measure to the most directly comparable US GAAP measure due to the inherent difficulty in accurately forecasting and quantifying certain amounts necessary for such reconciliation, and we are not able to provide such reconciliation of such forward-looking non-U.S. GAAP financial measure without unreasonable effort. Adjusted EBITDA Adjusted EBITDA - Unaudited Three months ended Three months ended Nine months ended Nine months ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Net income available to Common Shareholders 92,635 78,763 306,698 253,912 Adjust: Depreciation and amortization 30,696 24,965 90,817 73,775 Amortization of intangible liabilities (3,355) (1,518) (9,888) (4,523) Fair value adjustments on derivative assets 1,106 4,193 3,397 4,957 Interest income (5,434) (4,705) (13,305) (12,532) Interest expense 9,542 12,540 30,005 32,883 Stock-based compensation expense 2,120 2,122 6,364 6,582 Earnings allocated to preferred shares 2,384 2,384 7,152 7,152 Income tax - - - 1 Effect from straight lining time charter modifications 483 4,605 3,221 8,854 Loss/(gain) on sale of vessels 14 - (28,329) - Adjusted EBITDA 130,191 123,349 396,672 371,061
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| 3Q 2025 Results | 3Q 2025 Results 26Adjusted EBITDA & Normalized Net Income – Reconciliation (2/2) (Expressed in thousands of U.S dollars) Normalized Net Income Normalized net income represents net income available to common shareholders, after adjusting for certain non-recurring items. Normalized net income is a non-GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported net loss for items that do not affect operating performance or operating cash generated. Normalized net income is not defined in US GAAP and should not be considered to be an alternate to net income or any other financial metric required by such accounting principles. Our use of Normalized net income may vary from the use of similarly titled measures by others in our industry. Normalized Net Income - Unaudited Three months ended Three months ended Nine months ended Nine months ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Net income available to Common Shareholders 92,635 78,763 306,698 253,912 Fair value adjustment on derivative assets 1,106 4,193 3,937 4,957 Loss/(gain) on sale of vessels 14 - (28,329) - Acceleration of deferred financing costs on full repayment of Credit Facilities/Sale and Leaseback agreements - 2,757 - 2,757 Prepayment fee on full repayment of Sale and Leaseback Agreement- CMBFL-$54,000 - 685 - 685 Accelerated write off of deferred financing charges related to full repayment of ESUN Credit Facility - - 102 - Accelerated write off of deferred financing charges related to full repayment of Macquarie Credit Facility - - 216 - Accelerated write off of deferred financing charges related to full repayment of HCOB-CACIB Credit Facility - - 382 - Prepayment fee on partial/full repayment of Macquarie Credit Facility - 185 175 185 Effect from new share-based compensation awards plus acceleration and forfeit of certain share-based compensation awards - - - (201) Normalized net income 93,755 86,583 283,181 262,295
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| 3Q 2025 Results | 3Q 2025 Results 27Year - End Adj. Net Debt to Trailing 12M (TTM) Adj. EBITDA - Reconciliation (Expressed in thousands of U.S dollars, except Adjusted Net Debt / LTM Adjusted EBITDA Ratio) Adjusted Net Debt / Adjusted EBITDA Year Ending TTM 31-Dec-2018 31-Dec-2019 31-Dec-2020 31-Dec-2021 31-Dec-2022 31-Dec-2023 31-Dec-2024 3Q25 Adjusted EBITDA (TTM) 97,241 156,956 163,186 236,333 398,350 462,058 494,732 520,343 Gross Debt (889,177) (912,850) (781,939) (1,085,576) (949,525) (823,177) (691,099) (731,600) Less: Cash and cash equivalents and time deposits 90,072 147,637 92,262 203,542 278,480 294,713 273,774 562,186 Net Debt (799,105) (765,213) (689,677) (882,034) (671,045) (528,464) (417,325) (169,414) plus Accounts receivable, net 1,927 2,350 2,532 3,220 3,684 4,741 12,501 32,921 Inventories 5,769 5,595 6,316 11,410 12,237 15,764 18,905 13,387 Prepaid expenses and other current assets 6,214 8,132 6,711 25,224 33,765 40,464 31,949 33,842 Due from related parties 817 3,860 1,472 2,897 673 626 342 173 Other non-current assets (claimable amounts) - - - - 9,393 8,311 - - Accounts payable (9,586) (9,052) (10,557) (13,159) (22,755) (17,601) (26,334) (42,608) Accrued liabilities (15,407) (22,916) (19,127) (32,249) (36,038) (28,538) (46,926) (43,223) Current portion of deferred revenue (3,118) (9,987) (5,623) (8,496) (12,569) (40,331) (44,742) (51,119) Due to related parties (3,317) (109) (225) (543) (572) (717) (723) (716) Deferred revenue, net of current portion - - - (101,288) (119,183) (82,115) (57,551) (32,337) Total Working capital (16,701) (22,127) (18,501) (112,984) (131,365) (99,396) (112,579) (91,671) Net Debt adjusted by working capital (815,806) (787,340) (708,178) (995,018) (802,410) (627,860) (529,904) (261,085) Adjusted Net Debt/Adjusted EBITDA 8.4 5.0 4.3 4.2 2.0 1.4 1.1 0.5 (Expressed in thousands of U.S dollars) Adjusted Net Debt represents net debt after adjusting for working capital, and adjusted net debt/adjusted EBITDA is the ratio of adjusted net debt to adjusted EBITDA, each being a non-U.S. GAAP quantitative measure, which we believe will assist investors and analysists to assess our leverage. Adjusted net debt is not defined in U.S. GAAP and should not be considered to be an alternate to net debt or any other financial metric required by such accounting principles. Our use of adjusted net debt may vary from the use of similarly titled measures by others in our industry.
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| 3Q 2025 Results | 3Q 2025 Results 28EPS & Normalized EPS – Reconciliation (1/2) (Expressed in thousands of U.S dollars, except share data) EPS – Basic & Fully Diluted Three months ended September 30, 2025 Three months ended September 30, 2024 Nine months ended September 30, 2025 Nine months ended September 30, 2024 Numerator: Net income available to common shareholders basic and diluted: 92,635 78,763 306,698 253,912 Denominator: Class A Common shares Common share and common share equivalents, basic 35,757,185 35,411,553 35,651,708 35,272,574 plus weighted average number of RSUs with service conditions - 348,625 - 348,625 Common share and common share equivalents, dilutive 35,757,185 35,760,178 35,651,708 35,621,199 Basic earnings per share: Class A 2.59 2.22 8.60 7.20 Diluted earnings per share: Class A 2.59 2.20 8.60 7.13 Three months ended September 30, 2025 Three months ended September 30, 2024 Nine months ended September 30, 2025 Nine months ended September 30, 2024 Net income available to common shareholders 92,635 78,763 306,698 253,912 Fair value adjustment on derivative assets 1,106 4,193 3,937 4,957 Loss/(gain) on sale of vessels 14 - (28,329) - Acceleration of deferred financing costs on full repayment of Credit Facilities/Sale and Leaseback agreements - 2,757 - 2,757 Prepayment fee on full repayment of Sale and Leaseback Agreement- CMBFL- $54,000 - 685 - 685 Accelerated write off of deferred financing charges related to full repayment of ESUN Credit Facility - - 102 - Accelerated write off of deferred financing charges related to full repayment of Macquarie Credit Facility - - 216 - Accelerated write off of deferred financing charges related to full repayment of HCOB-CACIB Credit Facility - - 382 - Prepayment fee on partial/full repayment of Macquarie Credit Facility - 185 175 185 Effect from new share-based compensation awards plus acceleration and forfeit of certain share-based compensation awards - - - (201) Normalized net income 93,755 86,583 283,181 262,295 Numerator: Normalized net income available to common shareholders basic and diluted: 93,755 86,583 283,181 262,295 Denominator: Class A Common shares Common shares and common shares equivalents, basic 35,757,185 35,411,553 35,651,708 35,272,574 plus weighted average number of RSUs with service conditions - 348,625 - 348,625 Common share and common share equivalents, dilutive 35,757,185 35,760,178 35,651,708 35,621,199 Normalized earnings per share: Class A 2.62 2.45 7.94 7.44 Normalized Diluted earnings per share: Class A 2.62 2.42 7.94 7.36 Normalized EPS – Basic & Fully Diluted Normalized Earnings per Share (Normalized EPS) represents Earnings per Share (EPS) after adjusting for certain non-recurring items. Normalized Earnings per Share is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported Earnings per Share for items that do not affect operating performance or operating cash generated. Normalized Earnings per Share is not defined in U.S. GAAP and should not be considered to be an alternate to Earnings per Share as reported or any other financial metric required by such accounting principles. Our use of Normalized Earnings per Share may vary from the use of similarly titled measures by others in our industry.
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| 3Q 2025 Results | 3Q 2025 Results 29EPS & Normalized EPS – Reconciliation (2/2) (Expressed in thousands of U.S dollars, except share data) Reconciliations of Diluted, and Normalized Diluted EPSReconciliations of Basic and Normalized Basic EPS Three months ended September 30, 2025 Three months ended September 30, 2024 Nine months ended September 30, 2025 Nine months ended September 30, 2024 Basic earnings per share: Class A 2.59 2.22 8.60 7.20 Numerator: Normalized net income adjustments-Class A Common shares 1,120 7,820 (23,517) 8,383 Denominator: Common share and common share equivalents, basic 35,757,185 35,411,553 35,651,708 35,272,574 Adjustment on basic EPS 0.03 0.23 (0.66) 0.24 Normalized Basic EPS 2.62 2.45 7.94 7.44 Three months ended September 30, 2025 Three months ended September 30, 2024 Nine months ended September 30, 2025 Nine months ended September 30, 2024 Diluted earnings per share: Class A 2.59 2.20 8.60 7.13 Numerator: Normalized net income adjustments-Class A Common shares 1,120 7,820 (23,517) 8,383 Denominator: Common share and common share equivalents, dilutive 35,757,185 35,760,178 35,651,708 35,621,199 Adjustment on diluted EPS 0.03 0.22 (0.66) 0.23 Normalized Diluted EPS 2.62 2.42 7.94 7.36
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| 3Q 2025 Results | 3Q 2025 Results 30Debt Structure as at September 30, 2025 Collateralized Ships Outstanding Balance as at September 30, 2025 Interest Repayment Balloon Installment Maturity 2027 USPP Notes MSC Tianjin, MSC Qingdao, Kumasi, Ian H, GSL Ningbo, GSL Nicoletta,, Manet, Julie, GSL Christen, GSL Chateau d’if, CMA CGM Thalassa, CMA CGM Sambhar, CMA CGM Jamaica, CMA CGM Berlioz, CMA CGM America, CMA CGM Alcazar $192.50 Interpolated interest rate 2.84% plus margin 2.85% 15% p.a ($13.1 million quarterly installments) $87.50 15-07-27 UBS Facility Dolphin II, Athena, Orca I, GSL Mamitsa, GSL Elizabeth, GSL Lalo, GSL Susan, GSL Rossi, GSL Alice, GSL Melina, GSL Eleftheria, GSL Mercer, GSL Chloe, GSL Maren, GSL Sofia, GSL Effie, GSL Alexandra, GSL Lydia $78.00 2.15%+SOFR 11 quarterly installments of $7.0 million $1.00 2-4-28 CMBFL Finance Lease GSL Tripoli, GSL Tinos, GSL Syros $28.90 2.75% + SOFR 8 quarterly installments of $0.99 million $21.00 13-09-27 GSL Kithira $9.96 2.75% + SOFR 9 quarterly installments of $0.33 million $7.00 12-10-27 New Senior Secured Term Loan Facility (CACIB-BOFA-ABN- FIRST CITIZENS) Panama Express, Costa Rica Express, Agios Dimitrios, Nicaragua Express, Jamaica Express, Mexico Express, Colombia Express, ZIM Xiamen, ZIM Norfolk, Anthea Y $252.0 1.85%+SOFR 8 quarterly installments of $12.0 million plus 4 quarterly installments of $10.0 million plus 4 quarterly installments of $8.0 million plus 4 quarterly installments of $6.0 million $60.00 15-08-30 Minsheng Finance Lease Bremerhaven Express $41.91 2.50% + SOFR 37 quarterly installments of $0.86 million $10.00 27-12-34 Sydney Express Istanbul Express Czech $128.33 2.50% + SOFR 38 quarterly installments of $2.59 million $40.00 09-01-35 Total $731.60 $216.50 (Expressed in millions of U.S dollars)
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| 3Q 2025 Results | 3Q 2025 Results 31 Revenue origin by country as at September 30, 2025 (unaudited) (Expressed in millions of U.S dollars) Unaudited revenue origin by country 1 Nine months ended September 30, 2025 Nine months ended September 30, 2024 Revenue (USD million) Percentage of revenue Revenue (USD million) Percentage of revenue Denmark (Maersk) 185.49 32.23% 176.93 33.47% Germany (Hapag-Lloyd) 110.64 19.23% 31.39 5.94% France (CMA CGM) 104.96 18.24% 123.39 23.46% Switzerland (MSC) 63.37 11.01% 46.32 8.76% Israel (ZIM) 51.45 8.94% 65.26 12.35% China, including Hong Kong (COSCO & OOCL) 32.48 5.64% 39.18 7.41% Singapore (ONE, Swire Shipping, RCL Feeder) 19.03 3.31% 22.84 4.32% USA (Matson) 5.80 1.00% 9.62 1.82% Taiwan (Wan Hai) 2.28 0.40% 10.40 1.97% Denmark / Dubai (Unifeeder) 2 - - 2.68 0.50% Total 575.50 100% 528,61 100% 1. Based on jurisdiction of head office of each charterer 2. Unifeeder is headquartered in Denmark, but owned by DP World (Dubai)
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| 3Q 2025 Results | 3Q 2025 Results 32 Evolving Regulatory Environment (Highlights) EEXI – (IMO) Energy Efficiency Existing Ship Index. Determined by ship’s technical characteristics. Pass or fail. Compliance required by ship’s first annual IAPP survey after January 1, 2023 CII – (IMO) Carbon Intensity Indicator. Determined by ship’s operating performance. Rated A - E. Assessed annually, on backward-looking basis: first ratings determined in 2024, based on 2023 data. Parameters to tighten over time EU ETS – European Union Emissions Trading System. Shipping included within EU ETS, with phase- in from January 1, 2024. Cap and trade model. Emissions Allowances (EUAs) must be acquired and surrendered for CO2 emitted in EU jurisdiction FEUM – FuelEU Maritime. Part of European Union “Fit for 55” decarbonization program. Costs & penalties determined by the GHG (Greenhouse Gas)-intensity of fuel burned. Introduced from January 1, 2025. Parameters to tighten over time Net Zero Framework – (IMO) Global Fuel Standard. Economic measures to be determined by greenhouse gas fuel intensity (GFI) and energy use, on a well-to-wake basis. Draft regulations reviewed & put to vote in October 2025. Vote failed & implementation deferred by one year Decarbonization Update 1/3
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| 3Q 2025 Results | 3Q 2025 Results 33 Decarbonization Update 2/3 Expected Implications for Global Containership Fleet Reduced operating speeds to disproportionately reduce fuel consumption and emissions. Decrease in average operating speed of global fleet by one knot would reduce effective supply by ~6% [Red Sea disruption has distorted this trend, with operating speeds increased to offset longer trade distances] Vessel operations optimized for CII algorithm and ratings Investment in Energy Saving Technologies (ESTs), clean(er) fuels and propulsion technologies, heightened emphasis on real-time data capture, and carbon mitigation technologies Increasing challenges & costs implicit in managing growing regulatory complexity
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| 3Q 2025 Results | 3Q 2025 Results 34 (1) For further details, please refer to the Climate Strategy section of our latest ESG report, available on our website (www.globalshiplease.com) which is not, and shall not be deemed to be, part of this presentation Decarbonization Update 3/3 GSL Actions to Maintain Commercial Positioning of Fleet¹ Engine Power Limiters (EPLs) installed, where appropriate, to facilitate compliance with EEXI Retro-fitting Energy Saving Technologies (ESTs) to ships, for regulatory compliance / commercial value-add / subject to commercial agreement with charterers; exploring & participating in selected carbon capture & mitigation technologies Fleet upgraded to ensure technical and operational compatibility with bio-fuel blends Applying technologies and protocols - including high frequency data capture and live performance management - to enhance cooperation between owners (GSL) and operators (charterers) for energy-optimized vessel operations, and to facilitate emissions reporting Maximizing optionality, to stay nimble and to manage evolving regulatory risks & challenges