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• GLOBAL SHIP LEASE 2nd Quarter Results 2026 Presentation
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| 2Q 2026 Results | 2Q 2026 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. The “contracted revenue” presented herein is based on firm commitments, represented by signed contracts. However, the actual amount of revenues earned and the actual periods during which revenues are earned may differ significantly from the information presented herein. 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 in Iran, 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 uncertainty surrounding the imposition and legality of 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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| 2Q 2026 Results | 2Q 2026 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; • geopolitical events such as the war in Iran and disruption to the Strait of Hormuz, 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 U.S. and China; • the disruption of shipping routes, including due to the closure of the strait of Hormuz, 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 uncertainty surrounding the imposition and legality of 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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| 2Q 2026 Results | 2Q 2026 Results 4 2Q & 1H2026 Results, and Selected Highlights Maximizing optionality to manage risks & opportunities Revenue EBITDA Net Income Net Income EPS EPS Adjusted Normalized Normalized (4) Overall quarterly dividend increased to $0.625 per common share ($2.50 annualized), commencing with 3Q25 dividend paid in Dec ember 2025 (5) Adjusted EBITDA, Normalized Net Income, and Normalized EPS are Non -GAAP financial measures. See Appendix for reconciliation with US GAAP $198.7 million $396.8 million $131.4 million $264.6 million $89.3 million $180.7 million $89.3 million $181.4 million $2.48 $5.02 $2.48 $5.04 2Q 2026 1H 2026Geopolitical conflict, changing trade patterns, uncertainty 15 newbuilds contracted, with lucrative charters ex-yard¹ Contract cover: $3.2 billion, 3.3 years (TEU-weighted average)² Added $1.45 billion contracted revenues in 1H26² Credit ratings: Ba2, BB+, BB+; BBB for USPP Notes³ Annualized dividend of $2.50 per common share (1) Initial charters ex-yard, with TEU-weighted average duration of 7.1 years for firm periods, expected to generate approx. $1.0+ b illion Adjusted EBITDA (2) As of June 30, 2026; Contracted revenues include firm charters for 15 x newbuilds, which are scheduled to commence upon deliv ery in 4Q28 – 1Q30 (3) Corporate credit ratings affirmed at Ba2 (Moody’s) upgraded to positive outlook/ BB+ (S&P) / BB+ (KBRA); $350 million USP P Notes maturing 2027 rated BBB (investment grade) by KBRA 5 5 5 4
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| 2Q 2026 Results 5 Strategic Fleet Renewal Investment in New “Cash Cows”; Opportunistic Monetization of Older Assets (1) MOAs concluded for forward sales of Manet & Kumasi (expected to deliver to buyers 4Q26/1Q27), Julie (3Q27), and Ian H (4Q27) Opportunistic Monetization of Older Ships at Cyclically Attractive Prices, while Retaining Contracted Cash Flows¹ Forward sales of four ships in 1H26 for aggregate sale price of $65.5 million, and anticipated aggregate gain on sale of arou nd $33.0 million 3 x 2,200 TEU plus 1 x 5,900 TEU, built 2000 – 2002, to be delivered to buyers 4Q26 – 4Q27 upon expiry of their existing charters Newbuilds: future-proofed, flexible, best-in-class 15 x mid-size, ultra-high reefer, wide-beam, latest-generation containerships Aggregate contract price: $1.33 billion Delivery schedule: 4Q28 – 1Q30 Capitalizing on structural opportunity in aging fleet segments with supportive supply-side fundamentals Renewing GSL “cash cows” as they begin to age out De-risked, with compelling option value & upside earnings potential 75+% of contract price covered by charters ex-yard, expected to generate approx. $1.0+ billion Adjusted EBITDA Average TEU-weighted firm charter term of 7.1 years, implying 20+ years for onward earnings upside Charter extension options for 5 x Newbuilds at 25% rate premium to initial charters, underlining commercial value & onward earnings potential Top tier charterers Newbuild funding considerations & return enhancements Strong balance sheet enabled fast & decisive action on attractive opportunities in highly competitive market Funding expected to be a combination of cash from the balance sheet and debt Forward visibility on contracted revenues expected to support attractive financing alternatives, enhancing returns on equity Contract payments are back-loaded, with 50+% not payable until delivery
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| 2Q 2026 Results 6Structural Opportunity for Newbuilds Mid-Size Ships are Aging Out, Supportive Supply-Side Fundamentals 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Sub-2,000 2,000-2,999 3,000-3,999 4,000-5,099 5,100-7,499 7,500-9,999 10,000+ 16.3 14.8 13.3 17.7 16.2 14.2 7.6 28.0 25.0 23.0 23.0 25.0 21.0 14.0 Average Age 25+ Yrs 20-24 Yrs 15-19 Yrs 10-14 Yrs 5-9 Yrs 0-4 Yrs Median Age of Oldest Quartile Age Profile of Existing Global Containership Fleet (Years) by Size Segment (TEU)¹ Fleet Segment Composition by Age Category (1) Maritime Strategies International Ltd (MSI) data as at June 30, 2026 Mid-size & smaller segments of global containership fleet have been under-invested for years; these segments are aging Median age of oldest 25% (by TEU capacity) of each sub-10,000 TEU fleet segment ranges from 21 – 28 years Likelihood of long-term forward clarity on decarbonization regulations and economics increasingly questionable, reducing option value of wait-and-see approach Demand growing for operationally flexible, mid-size & smaller ships as trade patterns shift Growing market focus, and action, on renewal and expansion of these fleet segments Opportunity for GSL to phase in best-in-class newbuilds, as existing cash cows begin to age-out, to further strengthen market position and forward generation of value for shareholders
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| 2Q 2026 Results 7We Capitalize on Market Fundamentals & Cyclicality to Create Significant Long-Term Value: Good Entry Point for Newbuilds 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 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 2025 December 2025 3 x 8,600 TEU ships (“3 for price of 1”)¹ Chart data: Maritime Strategies International Ltd (MSI) – index data through June 30, 2026. (1) GSL press release of December 1, 2025 (2) GSL press releases of June 4 & 24, 2026 June 2026 15 x Newbuilds² Best-in-Class Newbuild Prices less exposed to cyclicality & volatility, but subject to inflation
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| 2Q 2026 Results 8 We Continue to Build Contract Cover with Top Tier, Diversified Charterer Base $3.2 billion Contracted revenues @ June 30, 2026¹ ² 3.3 TEU-weighted cover @ June 30, 2026¹ ² Revenue days covered¹ ² Revenue days covered¹ ² years average remaining contract cover 100% for 2026¹ ² CMA CGM 20% (France) Hapag-Lloyd 19% (Germany) Maersk 30% (Denmark) ZIM 7% (Israel) MSC 14% (Switzerland) COSCO / OOCL 7% (China & Hong Kong) ONE 2% (Singapore) RCL 1% (Thailand) Share of 1H26 Actual Revenues, by Charterer (1) Contracted revenues and TEU-weighted average contract cover as at June 30, 2026. See GSL Earnings Release of August 5, 2026 for outline terms and minimum / maximum redelivery windows of the charter portfolio for our operating, on-the-water fleet. 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 charters and extensions agreed (including firm charters for newbuilds where relevant) up to June 30, 2026, based on the median periods of the respective charters 90% for 2027¹ ²
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| 2Q 2026 Results 9 We Allocate Capital Dynamically 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: $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) Annualized dividend of $2.50 per common share, comprising $1.50 base dividend + $1.00 supplemental dividend; quarterly dividend of $0.625 per common share paid in March 2026 and June 2026 (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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| 2Q 2026 Results 10 1H 2026 Financials & Recent Developments (1) Adjusted EBITDA and Normalized Net Income are Non-GAAP financial measures; see Appendix for reconciliation with US GAAP (2) Senior secured loan facility agreed with Bank of America in June 2026 (3) 0.64% SOFR interest rate caps cover ~38% of floating rate debt as at June 30, 2026; caps are amortizing and mature in 2026 (4) Credit ratings updated YTD2026, with Moody’s outlook improved from Stable to Positive - as per GSL press release of June 14, 2026, and S&P Global rating publication of July 7, 2026 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 paid in December 2025 $33.0 million remaining under opportunistic share buy-back authorization Ongoing de-levering continues to build equity value Balance Sheet Gross debt: $676.4 million, down from $694.7 million at December 31, 2025 Cash: $649.0 million. $150.0 million is restricted, of which $131.4 million is advanced receipt of charter hire. Remaining $499.0 million covers minimum liquidity, financial covenants, working capital, and dry powder for fleet renewal Deposits advanced on newbuilds: $124.3 million (to June 30, 2026) New debt facility: $55.5 million, five year term, priced at SOFR + 1.40%² 0.64% SOFR interest rate caps³ P&L Revenue: $396.8 million Net Income: $180.7 million Adjusted EBITDA¹: $264.6 million Normalized Net Income¹: $181.4 million Credit Ratings Corporate: Moody’s Ba2 / Positive; S&P BB+ / Stable; KBRA BB+ / Stable $350 million 5.69% Senior Secured Notes due July 15, 2027: KBRA BBB / Stable (investment grade) 4
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| 2Q 2026 Results 11 (1) Gross debt outstanding at each period-end; 2022, 2023, 2024, 2025 actual & 2026 illustrative based on the debt and scheduled amortization detailed on slide 30 (2) Adjusted EBITDA and Adjusted Net Debt (adjusted for Working Capital) are non-US GAAP measures; please see Appendix for details and reconciliation 950 823 691 695 599 0 100 200 300 400 500 600 700 800 900 1000 Debt Outstanding ($ mm)¹ Adj. Net Debt / Adj. EBITDA (x)2 De-Risking of Balance Sheet Continues¹ Reduced Financial Leverage² Increases Resilience & Flexibility We De-lever 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 0.4 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 31-Dec-25 30-Jun-26
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| 2Q 2026 Results 12 (1) Cost of debt includes a Base Rate of US$-SOFR (floating rate average period) and, where relevant, 3.2 year ICUR (fixed at 2.84%) and a Margin reflecting the blended cost of the debt detailed on slide 30. As at June 30, 2026, SOFR is capped at 0.64% for ~38% of floating rate debt; SOFR caps are amortizing, and mature in 2026 (2) Daily interest expense paid (net of paid interest rate caps income) data are disclosed in 2Q2026 Statement of Cash Flows (3) Daily Voyage Expenses (excl. brokerage commissions) data are disclosed on EBITDA Calculator slide of Investor Presentations (4) Daily Vessel Operating Expenses data are disclosed on press releases and 2025 20-F Low cost of proforma debt: 4.43%, blended; average margin of 2.26%; 0.64% SOFR interest rate caps on ~38% of floating rate debt² Reducing interest expense has off-set impact of inflation on vessel operating expenses, maximizing resilience & competitiveness Our Low Cost of Debt & Low Break-Even Rates: Strong Platform to Manage Cycle & Build Value Minimizing Vessels’ Average Daily Break-Even Rates Key Developments Strong Credit Profile has Reduced Borrowing Costs1 Daily interest expense paid (net of paid interest rate caps income) Daily Voyage Expenses (excl. brokerage commissions) Daily Vessel Operating Expenses 4 3 2 Average Daily Break-Even Rate (US$) 1.28% 1.30% 0.85% 0.20% 1.49% 1.40% 1.38% 2.15% 2.17% 6.28% 6.29% 5.68% 4.62% 3.04% 3.15% 2.47% 2.34% 2.26% 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 31-Dec-25 30-Jun-26 Margin/Coupon Base Rate 10Y UST Yield 7.56% 7.59% 6.53% 4.53% 4.82% 3.85% 4.55% 4.49% 4.43% $12,076 $11,457 $10,569 $9,592 $9,268 $9,285 $9,210 $9,832 $10,121 $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 31-Dec-25 30-Jun-26 Cost of Debt1
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| 2Q 2026 Results 13 (1) Clarksons (Sea Net) – 30-day sailing period in 2023, before Red Sea & Persian Gulf disruption (2) Maritime Strategies International Ltd (MSI) - Mainlanes (Transpacific, Asia-Europe, Transatlantic) represented 25.5% of global containerized trade volumes in 2025; Non- Mainlanes accounted for 74.5% Deployment of sub-10,000 TEU ships: everywhere¹ Deployment of 10,000+ TEU ships: arterial trades¹ GSL focus High-reefer, mid-size & smaller containerships ~75% 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 We Provide Mid-Size & Smaller Containerships: Flexible Assets, Offering Valuable Optionality in Unpredictable Environment
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| 2Q 2026 Results | 2Q 2026 Results 14Key Middle East Chokepoints Effectively Closed¹ Situation is highly dynamic; longer term implications are unclear Fuel is responsibility & cost of charterers Priority is seafarer safety (1) As at August 4, 2026 (2) Maritime Strategies International (MSI) Ltd Geopolitical tensions, trade disruptions, tariffs Normally, ~20% of containerized trade volumes move through Red Sea & Suez² Security status has sharply deteriorated, after period of cautious optimism Recent limited return of container traffic to Red Sea & Suez has been rolled back Industry continues to re-route around Africa, absorbing ~10% of effective supply² Normally, ~3-4% of containerized trade volumes move through Strait of Hormuz² Multiple major regional ports & hubs have seen their operations seriously impacted Shipping into and out of the Persian Gulf is currently severely constrained Industry is exploring alternative freight routes & transport combinations Map Collection of the Middle East - GIS Geography Red Sea & Suez Strait of Hormuz & Persian Gulf
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| 2Q 2026 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 2025 1H26 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 Negligible in 2025 & YTD 2026¹ Capacity Scrapped (TEU kk) Scrapping to Fleet Ratio (Green Line) Minimal slack in system, due to disruption in Middle East 0.1% Scrapping in wait-and-see mode 10.6 kk TEU scrapped in 1H 2026¹ 0.7% Idle capacity¹ (1) Maritime Strategies International Ltd (MSI) – data through June 30, 2026 20212009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2022 2023 2024 2025
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| 2Q 2026 Results 16 Overall orderbook, all containerships 24.7% Sub-10,000 TEU 39.1% Orderbook to fleet ratio¹ (1) Maritime Strategies International Ltd (MSI), as at June 30, 2026 (2) See Appendix for further details Orderbook to fleet ratio¹ 0.7% Implied net growth of sub-10,000 TEU fleet through 2030 If all 25+ year old ships were scrapped Overall Orderbook is Growing, 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 10.0 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 26.0% 24.7% 55.2% 39.1% Global Capacity on Order (TEU mm) 2026 2027 2028 2029 2030 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 Orderbook & Fleet Ratios, by Size Segment¹ Sub-10,000 TEU Deliveries v. Age Profile¹ ² * 2.5 3.0 3.5 4.0 4.5 3.0 3.5 4.0 4.5
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| 2Q 2026 Results 17 Charter Market Rates Firm for Now, but Forward Visibility Limited & Sentiment Cautious Short Term (6 – 12 Months) Charter Market Index, 2021 – 1H26¹ Charter Rate Index Market Rates (Indicative) Ship Size (TEU) $ / Day 2,200 – 2,999 26,000 3,500 32,000 4,000 – 5,470 37,000 5,500 – 6,100 42,000 6,500 – 7,000 44,000 7,000 ECO 48,000 7,500 – 8,700 48,000 9,100 ECO 53,000 11,000 53,000 Rates reflect aggregated broker guidance for market rates prevailing in July 2026, 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 June 30, 2026, based on a basket of ship sizes in the liquid charter market (2) See slide 12 for further details (3) As at June 30, 2026; average remaining contract cover (years) is TEU-weighted & includes charters for newbuilds; see slide 8 for further details Average break-even rates $10,121 per vessel per day in 1H26², well below market rates $3.2 billion / 3.3 years forward contract cover³ provides insulation * ? 2021 2022 2023 2024 2025 1H26
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| 2Q 2026 Results | 2Q 2026 Results 18 Summary: Relentless Focus on Shareholder Value (1) As at June 30, 2026; see slide 8 for further details (2) See slide 12 for further details (3) Annualized dividend of $2.50 per class A common share: see slide 10 for track record of up-sizing dividend Changing trade patterns and fragmenting global supply chains require and reward flexible tonnage Maximizing optionality and resilience amid macro, geopolitical, and regulatory uncertainty 1 3 2 Disciplined fleet renewal: monetization of existing ships, selective contracting of newbuilds, opportunistic acquisition of secondhand ships 5 4 Fortress balance sheet and highly competitive breakeven rates² Strong forward visibility, with 3.3 years / $3.2 billion contracted charter cover¹ 6 Returning capital to shareholders via robust & attractive dividend³
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| 2Q 2026 Results | 2Q 2026 Results 19 ▪ Financial Statements ▪ EBITDA Calculator & CAPEX Guidance ▪ Reconciliation of Non-GAAP Financial Measures ▪ Debt Structure ▪ Decarbonization & Associated Regulations ▪ Regulatory Uncertainty Driven by Geopolitical Tensions ▪ Unpredictable Impact of US Tariff Volatility Appendix
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| 2Q 2026 Results | 2Q 2026 Results 20Financial Statements: Balance Sheet at June 30, 2026 (Unaudited) (Expressed in thousands of U.S. dollars, except share data) June 30, 2026 December 31, 2025 ASSETS CURRENT ASSETS Cash and cash equivalents $ 388,599 $ 273,876 Time deposits 110,450 199,100 Restricted cash 51,326 50,520 Accounts receivable, net 50,500 49,887 Inventories 22,357 14,600 Prepaid expenses and other current assets 20,483 33,623 Derivative assets and other financial instruments 22,954 5,234 Due from related parties 1,309 148 Total current assets $ 667,978 $ 626,988 NON - CURRENT ASSETS Vessels in operation $ 1,966,440 $ 1,962,888 Advances for vessels' acquisitions/vessels under construction and other additions 129,383 35,961 Deferred dry dock and special survey costs, net 111,766 110,936 Other non - current assets 8,565 10,830 Restricted cash and other instruments, net of current portion 98,664 113,600 Total non - current assets 2,314,818 2,234,215 TOTAL ASSETS $ 2,982,796 $ 2,861,203 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 71,639 $ 61,912 Accrued liabilities 41,637 47,727 Current portion of long-term debt 154,504 147,567 Current portion of deferred revenue 45,482 48,885 Due to related parties 740 692 Total current liabilities $ 314,002 $ 306,783 LONG-TERM LIABILITIES Long - term debt, net of current portion and deferred financing costs $ 517,260 $ 541,575 Intangible liabilities-charter agreements 96,443 90,054 Deferred revenue, net of current portion 108,383 121,707 Total non - current liabilities 722,086 753,336 Total liabilities $ 1,036,088 $ 1,060,119 Commitments and Contingencies SHAREHOLDERS' EQUITY Class A common shares - authorized 214,000,000 shares with a $0.01 par value 36,035,434 shares issued and outstanding (2025 – 35,913,628 shares) $ 360 $ 359 Series B Preferred Shares - authorized 104,000 shares with a $0.01 par value 43,592 shares issued and outstanding (2025– 43,592 shares) - - Additional paid in capital 705,328 694,331 Retained earnings 1,240,348 1,104,617 Accumulated other comprehensive income 672 1,777 Total shareholders' equity 1,946,708 1,801,084 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,982,796 $ 2,861,203
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| 2Q 2026 Results | 2Q 2026 Results 21Financial Statements: P&L for 2Q26 & 1H 2026 (Unaudited) (Expressed in thousands of U.S. dollars) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 OPERATING REVENUES Time charter revenues $ 192,264 $ 188,540 $ 384,096 $ 376,301 Amortization of intangible liabilities-charter agreements 6,425 3,319 12,672 6,533 Total Operating Revenues 198,689 191,859 396,768 382,834 OPERATING EXPENSES: Vessel operating expenses (including $6,457 and $5,858 for each of the three month periods ended June 30, 2026 and 2025, respectively, and $12,989 and $11,466 for each of the six month periods ended June 30, 2026 and 2025, respectively, to related party) 56,994 50,511 109,712 100,519 Time charter and voyage expenses (including $2,269 and $1,787 for each of the three month periods ended June 30, 2026 and 2025, respectively, and $4,477 and $3,719 for each of the six month periods ended June 30, 2026 and 2025, respectively, to related party) 6,464 5,074 12,088 11,603 Depreciation and amortization 34,189 30,328 67,661 60,121 General and administrative expenses 7,175 4,069 16,022 8,674 Loss/(gain) on sale of vessels - 115 - (28,343) Operating Income 93,867 101,762 191,285 230,260 NON-OPERATING INCOME/(EXPENSES) Interest income 5,606 4,676 11,272 7,871 Interest and other finance expenses (9,440) (10,596) (18,779) (20,463) Other income, net 1,870 803 2,854 3,994 Fair value adjustment on derivative asset and other financial instruments (227) (1,208) (1,127) (2,831) Total non-operating expenses (2,191) (6,325) (5,780) (11,429) Income before income taxes 91,676 95,437 185,505 218,831 Income taxes - - - - Net Income 91,676 95,437 185,505 218,831 Earnings allocated to Series B Preferred Shares (2,384) (2,384) (4,768) (4,768) Net Income available to Common Shareholders $ 89,292 $ 93,053 $ 180,737 $ 214,063
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| 2Q 2026 Results | 2Q 2026 Results 22Financial Statements: Cash Flow for 2Q26 & 1H26 (Unaudited) (Expressed in thousands of U.S. dollars) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $ 91,676 $ 95,437 $ 185,505 $ 218,831 ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: Depreciation and amortization $ 34,189 $ 30,328 $ 67,661 $ 60,121 Loss/(gain) form sale of vessels - 115 - (28,343) Amortization of derivative assets’ premium 443 857 1,048 1,949 Amortization of deferred financing costs 607 1,342 1,239 2,257 Amortization of original issue discount on instruments (258) (3,319) (513) - Amortization of intangible liabilities-charter agreements (6,425) 1,208 (12,672) (6,533) Fair value adjustment on derivative asset/financial instruments 227 175 1,127 2,831 Prepayment fees on debt repayment - - - 175 Stock-based compensation expense 5,079 2,122 10,998 4,244 CHANGES IN OPERATING ASSETS AND LIABILITIES: Decrease/(increase) in accounts receivable and other assets $ 10,919 $ (3,227) $ 14,793 $ (10,242) (Increase)/decrease in inventories (7,516) (1,742) (7,757) 825 Decrease/(increase) in derivative asset/financial instruments 12,000 - (21,000) (194) Increase in accounts payable and other liabilities 8,785 7,815 2,796 13,740 Decrease in related parties' balances, net (491) 274 (1,112) (504) Decrease in deferred revenue (8,808) (1,346) (16,725) (10,006) Payments for drydocking and special survey costs (14,085) (10,804) (18,766) (27,104) Unrealized foreign exchange loss/(gain) 1 (2) (3) - NET CASH PROVIDED BY OPERATING ACTIVITIES $ 126,343 $ 119,233 $ 206,619 $ 222,047 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of vessels - - - (61,541) Cash paid for vessel expenditures (812) (2,537) (1,574) (9,799) Advances for vessel acquisitions/vessels under construction and other additions (125,171) (1,941) (125,225) (2,348) Net (expenses)/proceeds from sale of vessel - (743) - 53,483 Time deposits and other instruments (acquired)/withdrawn (16,780) (4,550) 88,650 11,150 NET CASH USED IN INVESTING ACTIVITIES $ (142,763) $ (9,771) $ (38,149) $ (9,055) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from drawdown of credit facilities/sale and leaseback 55,500 85,000 55,500 218,500 Repayment of credit facilities/sale and leaseback (36,891) (29,892) (73,783) (70,889) Prepayment of debt including prepayment fees - (64,493) - (70,393) Deferred financing costs paid (333) (850) (333) (2,185) Net proceeds from offering of Class A common shares, net of offering costs 40 - - - Class A common shares-dividend paid (22,522) (18,763) (45,006) (34,806) Series B preferred shares-dividend paid (2,384) (2,384) (4,768) (4,768) NET CASH (USED IN)/(PROVIDED BY) FINANCING ACTIVITIES $ (6,590) $ (31,382) $ (68,390) $ 35,459 Net (decrease)/increase in cash and cash equivalents and restricted cash (23,010) 78,080 100,080 248,451 Cash and cash equivalents and restricted cash at beginning of the period 462,430 417,995 339,340 247,624 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD $ 439,420 $ 496,075 $ 439,420 $ 496,075 SUPPLEMENTARY CASH FLOW INFORMATION: Cash paid for interest $ 9,564 $ 11,846 $ 20,035 $ 23,061 Cash received from interest rate caps 1,703 4,641 4,067 9,133 NON-CASH INVESTING ACTIVITIES: Acquisition of vessels and intangibles - - 19,061 15,987 NON-CASH FINANCING ACTIVITIES: Unrealized loss on derivative assets/FX option (947) (2,459) (2,153) (5,960)
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| 2Q 2026 Results | 2Q 2026 Results 23Adjusted EBITDA and Operating Cash Flow Calculator (Illustrative) The table below presents our illustrative calculator for our fleet for 2026 and 2027, based on historical performance, contracted revenue, and assumed expenses, Capitalized and Drydocking Expenses, Finance Expense (interest, other), and Debt Amortization 1. Agreed vessels to be sold Manet, Kumasi, Julie and Ian H are scheduled to be delivered to buyers upon expiry of their respective charters. TEU Category 2026 2027 Spot Revenue days2 Spot Net Rate Revenue ($m) Spot Revenue days2 Spot Net Rate Revenue ($m) 2,200-2,999 - 1,723 3,500 - - 4,000-5,470 - 249 5,500-6,100 - - 6,500-7,000 - - 7,000 eco - - 7,500-8,700 - 329 9,000 ECO - 249 11,000 - - Spot Revenues, Net 2,3 Fixed Revenues, Net 4 $769 $711 Total Revenues Ownership Days Expense/Day ($) Ownership Days Expense/Day ($) OPEX & Mgt Fees 5 25,794 $8,151 ($210) 25,021 $8,265 ($207) Voyage Expenses 6 25,794 $415 ($11) 25,021 $421 ($11) G&A Expenses 7 ($9) ($9) Adjusted EBITDA8 Capex(DD)9 ($45) ($32) Capex(BWTS, other)10 ($2) ($2) Finance Expense (interest, other)11 ($32) ($25) Debt Amortization11 ($151) ($138) Balloon Installments11 - ($116) Operating Cash Flow excluding dividends TEU Category 10Y Historical Average 15Y Historical Average Prevailing Market12 2,200-2,299 24,056 18,719 26,000 3,500 30,277 22,974 32,000 4,000-5,470 34,339 26,443 37,000 5,500-6,100 37,411 30,048 42,000 6,500-7,000 43,033 34,996 44,000 7,000 eco 51,465 43,233 48,000 7,500-8,700 50,633 43,316 48,000 9,100 eco 61,627 53,946 53,000 11,000 61,766 55,076 53,000 (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 June 30, 2026, 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 June 30, 2026, 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 $12.7 million amortization of the intangible liabilities-charter agreements from below market charters and $4.4 million negative effect of the straight line from the time charter modifications for the six-month period ended June 30, 2026, as presented in 2Q 2026 press release. Thereafter no effect is included for 2026 and 2027 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 2024 and 2025, adjusted by 2.5% inflation for year 2026 (sourced by IMF) and 1.4% (sourced by MSI) every year from 2027 onwards. (6) Voyage Expenses are based on average per vessel per day for 2024 and 2025, excluding brokerage commission which is deducted from Revenues, adjusted by 2.5% inflation for year 2026 and 1.4% every year from 2027 onwards. (7) G&A Expenses excluding stock awards are based on 2024 and 2025, adjusted by 2.5% inflation for year 2026 and 1.4% every year from 2027 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 2024 and 2025, adjusted by 2.5% inflation for year 2026 and 1.4% every year from 2027 onwards. (10) Capex (BWTS, other) is estimated based on average costs in 2024 and 2025, adjusted by 2.5% inflation for year 2026 and 1.4% every year from 2027 onwards. Other includes 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 ~38% of the outstanding floating debt at June 30, 2026), and (ii) any finance fees that has been publicly disclosed (capitalized or expensed). (12) Approximate / indicative rates perceived to be prevailing in the market in July 2026 for charters of more than one year, based on data sourced from various brokers and analysts.
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| 2Q 2026 Results | 2Q 2026 Results 24CAPEX Guidance Decarbonization ▪ CAPEX related to energy-saving & emissions-reducing retrofits (“ESDs”) will be subject to commercial agreement with charterers on 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 FY2024 – FY2025 and adjusted for annualized inflation modelled at 2.5% and 1.40% for 2026 and 2027, respectively ▪ Average special survey & dry-docking for 2026 and 2027: ~$3.48 million (13 vessels) and ~$3.53 million (nine vessels) per ship, respectively. Total average off-hire days for 2026 and 2027 are 50 days and 52 days, respectively. Two vessels’ drydockings are estimated to take place end of December 2026, and therefore for EBITDA Calculator purpose are assumed that they will take place in 2027. ▪ Total Other Capex for 2026 and 2027: ~$2.2 million and ~$2.2 million, respectively. Total Other Capex include also capitalized capex that have been publicly disclosed, if any.
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| 2Q 2026 Results | 2Q 2026 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, gains or losses on the sale of vessels, amortization of intangible liabilities, charges for stock based compensation, fair value adjustment on derivative assets and other financial instruments, income tax, and the effect from straight-lining time charter modifications. 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 Six months ended Six months ended June 30, June 30, June 30, June 30, 2026 2025 2026 2025 Net income available to Common Shareholders 89,292 93,053 180,737 214,063 Adjust: Depreciation and amortization 34,189 30,328 67,661 60,121 Amortization of intangible liabilities (6,425) (3,319) (12,672) (6,533) Fair value adjustments on derivative assets and other financial instruments 227 1,208 1,127 2,831 Interest income (5,606) (4,676) (11,272) (7,871) Interest expense 9,440 10,596 18,779 20,463 Stock-based compensation expense 5,079 2,122 10,998 4,244 Earnings allocated to preferred shares 2,384 2,384 4,768 4,768 Effect from straight lining time charter modifications 2,786 2,372 4,425 2,738 Loss/(gain) on sale of vessels - 115 - (28,343) Adjusted EBITDA 131,366 134,183 264,551 266,481
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| 2Q 2026 Results | 2Q 2026 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 Six months ended Six months ended June 30, June 30, June 30, June 30, 2026 2025 2026 2025 Net income available to Common Shareholders 89,292 93,053 180,737 214,063 Fair value adjustment on derivative asset and other financial instruments 227 1,208 1,127 2,831 Loss/(gain) on sale of vessels - 115 - (28,343) Prepayment fee on full repayment of Macquarie Credit Facility - 175 - 175 Accelerated write off of deferred financing charges related to full repayment of Macquarie Credit Facility - 216 - 216 Accelerated write off of deferred financing charges related to full repayment of HCOB-CACIB Credit Facility - 382 - 382 Amortization of original issue discount (258) - (513) - Accelerated write off of deferred financing charges related to full repayment of ESUN Credit Facility - - - 102 Normalized net income 89,261 95,149 181,351 189,426
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| 2Q 2026 Results | 2Q 2026 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 31-Dec-2025 30-Jun-2026 Adjusted EBITDA (TTM) 97,241 156,956 163,186 236,333 398,350 462,058 494,732 521,360 519,461 Gross Debt (889,177) (912,850) (781,939) (1,085,576) (949,525) (823,177) (691,099) (694,708) (676,425) Less: Cash and cash equivalents and time deposits 90,072 147,637 92,262 203,542 278,480 294,713 273,774 637,096 649,039 Net Debt (799,105) (765,213) (689,677) (882,034) (671,045) (528,464) (417,325) (57,612) (27,386) plus Accounts receivable, net 1,927 2,350 2,532 3,220 3,684 4,741 12,501 49,887 50,500 Inventories 5,769 5,595 6,316 11,410 12,237 15,764 18,905 14,600 22,357 Prepaid expenses and other current assets 6,214 8,132 6,711 25,224 33,765 40,464 31,949 33,623 20,483 Due from related parties 817 3,860 1,472 2,897 673 626 342 148 1,309 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) (61,912) (71,639) Accrued liabilities (15,407) (22,916) (19,127) (32,249) (36,038) (28,538) (46,926) (47,727) (41,637) Current portion of deferred revenue (3,118) (9,987) (5,623) (8,496) (12,569) (40,331) (44,742) (48,885) (45,482) Due to related parties (3,317) (109) (225) (543) (572) (717) (723) (692) (740) Deferred revenue, net of current portion - - - (101,288) (119,183) (82,115) (57,551) (121,707) (108,383) Total Working capital (16,701) (22,127) (18,501) (112,984) (131,365) (99,396) (112,579) (182,665) (173,232) Net Debt adjusted by working capital (815,806) (787,340) (708,178) (995,018) (802,410) (627,860) (529,904) (240,277) (200,618) Adjusted Net Debt/Adjusted EBITDA 8.4 5.0 4.3 4.2 2.0 1.4 1.1 0.5 0.4 (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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| 2Q 2026 Results | 2Q 2026 Results 28EPS & Normalized EPS – Reconciliation (1/2) (Expressed in thousands of U.S dollars, except share data) EPS – Basic & Fully Diluted 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. Three months ended June 30, 2026 Three months ended June 30, 2025 Six months ended June 30, 2026 Six months ended June 30, 2025 Numerator: Net income available to common shareholders basic and diluted: 89,292 93,053 180,737 214,063 Denominator: Class A Common shares Common share and common share equivalents, basic 36,035,434 35,612,413 36,005,151 35,598,601 plus weighted average number of RSUs with service conditions 736,141 87,133 647,268 87,133 Common share and common share equivalents, dilutive 36,771,575 35,699,546 35,652,419 35,685,734 Basic earnings per share: Class A 2.48 2.61 5.02 6.01 Diluted earnings per share: Class A 2.43 2.61 4.93 6.00 Three months ended June 30, 2026 Three months ended June 30, 2025 Six months ended June 30, 2026 Six months ended June 30, 2025 Net income available to common shareholders 89,292 93,053 180,737 214,063 Fair value adjustment on derivative asset and other financial instrument 227 1,208 1,127 2,831 Loss/(gain) on sale of vessels - 115 - (28,343) Prepayment fee on full repayment of Macquarie Credit Facility - 175 - 175 Accelerated write off of deferred financing charges related to full repayment of Macquarie Credit Facility - 216 - 216 Accelerated write off of deferred financing charges related to full repayment of HCOB-CACIB Credit Facility - 382 - 382 Amortization of original issue discount (258) - (513) - Accelerated write off of deferred financing charges related to full repayment of ESUN Credit Facility - - - 102 Normalized net income 89,261 95,149 181,351 189,426 Numerator: Normalized net income available to common shareholders basic and diluted: 89,261 95,149 181,351 189,426 Denominator: Class A Common sharess Common shares and common shares equivalents, basic 36,035,434 35,612,413 36,005,151 35,598,601 plus weighted average number of RSUs with service conditions 736,141 87,133 647,268 87,133 Common share and common share equivalents, dilutive 36,771,575 35,699,546 35,652,419 35,685,734 Normalized earnings per share: Class A 2.48 2.67 5.04 5.32 Normalized Diluted earnings per share: Class A 2.43 2.67 4.95 5.31
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| 2Q 2026 Results | 2Q 2026 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 June 30, 2026 Three months ended June 30, 2025 Six months ended June 30, 2026 Six months ended June 30, 2025 Basic earnings per share: Class A 2.48 2.61 5.02 6.01 Numerator: Normalized net income adjustments-Class A Common shares (31) 2,096 614 (24,637) Denominator: Common share and common share equivalents, basic 36,035,434 35,612,413 36,005,151 35,598,601 Adjustment on basic EPS 0.00 0.06 0.02 (0.69) Normalized Basic EPS 2.48 2.67 5.04 5.32 Three months ended June 30, 2026 Three months ended June 30, 2025 Six months ended June 30, 2026 Six months ended June 30, 2025 Basic earnings per share: Class A 2.43 2.61 4.93 6.00 Numerator: Normalized net income adjustments-Class A Common shares (31) 2,096 614 (24,637) Denominator: Common share and common share equivalents, basic 36,771,575 35,699,546 36,652,419 35,685,734 Adjustment on basic EPS 0.00 0.06 0.02 (0.69) Normalized Basic EPS 2.43 2.67 4.95 5.31
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| 2Q 2026 Results | 2Q 2026 Results 30Debt Structure as at June 30, 2026 Collateralized Ships Outstanding Balance as at June 30, 2026 Interest Repayment Balloon Installment Maturity 2027 USPP Notes MSC Tianjin, GSL Ningbo, GSL Nicoletta, GSL Christen, GSL Chateau d’if, CMA CGM Thalassa, CMA CGM Sambhar, CMA CGM Jamaica, Ateti, CMA CGM America, CMA CGM Alcazar $153.13 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 I, 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 $57.00 2.15%+SOFR 8 quarterly installments of $7.0 million $1.00 2-4-28 CMBFL Finance Lease GSL Tripoli, GSL Tinos, GSL Syros $25.94 2.75% + SOFR 5 quarterly installments of $0.99 million $21.00 13-09-27 GSL Kithira $8.97 2.75% + SOFR 6 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 $216.0 1.85%+SOFR 5 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 $39.33 2.50% + SOFR 34 quarterly installments of $0.86 million $10.00 27-12-34 Sydney Express Istanbul Express Czech $120.55 2.50% + SOFR 35 quarterly installments of $2.59 million $30.00 09-01-35 New BOFA Loan Cypress, Koi, Lotus A $55.50 1.40% + SOFR 20 quarterly installments of $1.73 million $20.81 18-06-31 Total $676.42 $237.31 (Expressed in millions of U.S dollars)
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| 2Q 2026 Results | 2Q 2026 Results 31 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 ETS – Emissions Trading System(s). 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. UK ETS implemented from July 1, 2026 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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| 2Q 2026 Results | 2Q 2026 Results 32 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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| 2Q 2026 Results | 2Q 2026 Results 33 (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 Disciplined renewal of fleet, with focus on ECO-containerships Maximizing optionality, to stay nimble and to manage evolving regulatory risks & challenges
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| 2Q 2026 Results | 2Q 2026 Results 34 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 Regulatory Uncertainty Driven by Geopolitical Tensions
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| 2Q 2026 Results 35 Ongoing Impact of US Tariff Volatility 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