Revenue Performance - Voyage revenue decreased by 6.9%, or $15.0 million, to $202.7 million for the three-month period ended December 31, 2025, compared to $217.7 million for the same period in 2024[8] - Voyage revenue decreased by 2.1%, or $17.8 million, to $846.7 million during the year ended December 31, 2025, from $864.5 million in 2024[34][36] - Voyage revenue for 2024 is expected to be $864.5 million, while for 2025 it is projected at $846.7 million[75] Investment Income - Income from investments in leaseback vessels increased by 47.6%, from $6.3 million in Q4 2024 to $9.3 million in Q4 2025[10] - Income from investments in leaseback vessels increased by 30.5%, from $23.9 million in 2024 to $31.2 million in 2025, due to increased operational volume[38] Expense Analysis - Voyage expenses increased by 132.8%, from $6.1 million in Q4 2024 to $14.2 million in Q4 2025, primarily due to costs associated with EU Emissions Allowances and increased idle days[11] - Voyage expenses increased significantly by 101.6%, from $25.8 million in 2024 to $52.0 million in 2025, primarily due to costs associated with EUAs and Fuel EU Maritime penalties[39] - Daily vessels' operating expenses increased from $6,263 in Q4 2024 to $6,676 in Q4 2025[13] - Vessels' operating expenses rose to $162.5 million in 2025 from $157.9 million in 2024, with daily operating expenses increasing from $6,345 to $6,516[41] - General and administrative expenses decreased from $4.2 million in Q4 2024 to $3.6 million in Q4 2025[14] - General and administrative expenses decreased from $16.3 million in 2024 to $13.0 million in 2025, reflecting a reduction of 20.2%[42] - Depreciation expense increased from $31.9 million in Q4 2024 to $33.4 million in Q4 2025[18] Cash Flow - Net cash provided by operating activities decreased by $27.3 million to $118.1 million for the three-month period ended December 31, 2025, from $145.4 million in Q4 2024[25] - Net cash provided by operating activities was $536.9 million in 2025, down from $586.9 million in 2024, indicating a decline of 8.5%[52] - Net cash used in investing activities was $26.7 million in Q4 2025, mainly for advance payments for the construction of two newbuild container vessels and upgrades for existing vessels[26] - Net cash used in investing activities increased significantly to $179.0 million in 2025 from $32.8 million in 2024, primarily due to advance payments for newbuild container vessels and acquisitions[54][55] - Net cash used in financing activities was $90.7 million for the three-month period ended December 31, 2025, compared to $269.5 million for the same period in 2024, reflecting a decrease of 66.4%[28][29] - Net cash used in financing activities was $507.6 million in 2025, a decrease from $613.9 million in 2024, mainly due to reduced debt financing payments and dividend distributions[56][57] Financial Position - As of December 31, 2025, the company had cash and cash equivalents of $570.3 million, along with $19.3 million invested in short-dated U.S. Treasury Bills[58] - Total current assets decreased from $1,040,216 in 2024 to $690,668 in 2025, a decline of approximately 33.5%[77] - Total assets decreased from $5,148,687 in 2024 to $3,862,662 in 2025, a reduction of approximately 25%[78] - Current portion of long-term debt increased from $287,360 in 2024 to $268,131 in 2025, a rise of about 7.2%[78] - Total stockholders' equity increased from $2,571,059 in 2024 to $2,158,956 in 2025, reflecting a decrease of approximately 16%[78] - Total non-current liabilities increased from $1,834,521 in 2024 to $1,305,138 in 2025, a decrease of about 29%[78] Earnings Performance - Net income available to common stockholders is anticipated to be $290.7 million in 2024, decreasing to $343.7 million in 2025[75] - The company reported a net income from continuing operations of $407.3 million for 2024, compared to $396.5 million in 2025[75] - Adjusted Net Income available to common stockholders from continuing operations was $386,274 in 2024, down to $375,616 in 2025, a decrease of approximately 2.3%[80] - Earnings per common share for 2024 is projected at $2.44, compared to $2.86 in 2025[75] - Earnings per share from continuing operations decreased from $3.15 in 2024 to $3.09 in 2025, a decline of about 1.9%[80] - Adjusted Earnings per Share from Continuing Operations increased to $3.24 in 2024 from $3.12 in 2025, representing a rise of approximately 3.8%[85] Fleet and Operations - The company operates a fleet of 69 containerships with a total capacity of approximately 520,000 TEU and has six newbuild containerships under construction with a total capacity of 18,600 TEU[64] - The average number of vessels in the owned fleet increased slightly from 68.0 in 2024 to 68.3 in 2025, representing a growth of 0.4%[35] - The company has a diverse charter fleet, with vessels under long-term contracts, ensuring stable revenue streams[68] - The company plans to continue expanding its fleet and investing in new technologies to enhance operational efficiency and market competitiveness[65] - The company has several newbuildings under construction, each with a capacity of 3,100 TEU, expected to be delivered between Q2 2027 and Q1 2028[70] - The expiration of charters for several vessels extends into 2029 and 2030, indicating long-term commitments[70] Management and Future Outlook - The management team will hold a conference call on February 18, 2026, to discuss financial results and future strategies[62] - The company emphasizes its commitment to maintaining liquidity and managing debt effectively to support growth initiatives[65] - Forward-looking statements indicate potential uncertainties in achieving future results, highlighting the importance of risk management[65] - Total revenues for 2024 are projected to be $888.5 million, compared to $877.9 million in 2025, indicating a slight increase[75]

Core Viewpoint - Costamare Inc. has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2025, with the U.S. Securities and Exchange Commission, which is accessible on the Company's website [1] Company Overview - Costamare Inc. is a leading owner and provider of containerships for charter, with 52 years of history in the international shipping industry [3] - The Company operates a fleet of 79 containerships, including 10 vessels under construction, with a total capacity of approximately 551,000 TEU [3] - Costamare Inc. also participates in a lease financing business [3] - The Company's common stock and preferred stocks trade on the New York Stock Exchange under the symbols "CMRE", "CMRE PR B", "CMRE PR C", and "CMRE PR D" respectively [3]

Revenue and Income - Voyage revenue decreased by 2.1%, or $17.8 million, to $846.7 million for the year ended December 31, 2025, compared to $864.5 million in 2024[432] - Income from investments in leaseback vessels increased by 30.5%, from $23.9 million in 2024 to $31.2 million in 2025[434] - Voyage revenue for the Container vessels segment decreased by 2.1%, or $17.8 million, to $846.7 million for the year ended December 31, 2025, compared to $864.5 million for 2024[454] - Segment profit for the Container vessels segment was $391.8 million in 2025, down from $425.0 million in 2024, reflecting a decrease of 7.8%[454] - Income from investments in leaseback vessels for the NML segment increased to $31.2 million in 2025 from $23.9 million in 2024, representing a year-over-year increase of 30.4%[461] Expenses - Voyage expenses increased by 101.6%, from $25.8 million in 2024 to $52.0 million in 2025, primarily due to costs associated with EUAs and Fuel EU Maritime penalties[435] - Vessels' operating expenses rose to $162.5 million in 2025 from $157.9 million in 2024, with daily operating expenses increasing from $6,345 to $6,516[438] - General and administrative expenses decreased by 20.2%, from $16.3 million in 2024 to $13.0 million in 2025[439] - Daily operating expenses for the Container vessels segment increased to $6,516 in 2025 from $6,345 in 2024, reflecting a rise of 2.7%[457] - Depreciation expense for the Container vessels segment was $129.5 million in 2025, up from $126.8 million in 2024, indicating a slight increase of 2.1%[459] - Amortization of dry-docking and special survey costs for the Container vessels segment rose to $19.8 million in 2025 from $17.3 million in 2024, an increase of 14.5%[460] Financial Performance - Interest income decreased by 39.1%, from $31.7 million in 2024 to $19.3 million in 2025[444] - Interest and finance costs decreased by 16.6%, from $109.6 million in 2024 to $91.4 million in 2025, attributed to a lower average loan balance and reduced SOFR rates[445] - Interest and finance costs for the Container vessels segment decreased to $79.8 million in 2025 from $99.5 million in 2024, a reduction of 19.8% attributed to lower average loan balances and reduced SOFR rates[458] - Net cash provided by operating activities decreased by $50.0 million to $536.9 million for the year ended December 31, 2025, compared to $586.9 million for the year ended December 31, 2024[523] - Net cash used in investing activities was $179.0 million for the year ended December 31, 2025, primarily for advance payments for the construction of six newbuild container vessels and the acquisition of a secondhand container vessel[524] Debt and Liquidity - As of December 31, 2025, the company had total cash liquidity of $570.3 million, consisting of cash, cash equivalents, and restricted cash[512] - The company had an aggregate of $1.5 billion of indebtedness outstanding under various credit agreements and other financing arrangements as of December 31, 2025[514] - Working capital of continuing operations was positive $292.1 million at December 31, 2025, compared to positive $391.7 million at December 31, 2024[518] - The company completed the full redemption of all 4,574,100 outstanding shares of Series E Preferred Stock on July 15, 2024[510] - The company anticipates that internally generated cash flow will be sufficient to fund the operations of its fleet, including working capital requirements[520] Market Conditions - Total seaborne container trade demand increased by 4.5% in 2025, with TEU-mile demand rising by approximately 4.7%[558] - Total containership supply grew by around 6.7% in 2025, while demolition activity remained low[559] - The company anticipates that if containership demand does not improve, there may be negative pressure on charter rates across the industry[560] Asset Valuation - The carrying value of the Triton vessel as of December 31, 2025, is $92.5 million, down from $96.6 million in 2024, reflecting a decrease of approximately 4.3%[575] - The company believes that as of December 31, 2025, all container vessels had fair values exceeding their carrying values[576] - The total carrying value of vessels as of December 31, 2024, is $2,825.2 million, which is projected to decrease to $2,754.7 million by December 31, 2025[577] - The company uses third-party valuations to estimate market values, which are highly volatile and may not reflect current or future selling prices[574] Impairment and Depreciation - The company’s assessment concluded that no impairment loss should be recorded for its vessels as of December 31, 2023, and 2024[568] - The company is subject to potential higher depreciation charges or impairment losses due to unforeseen events affecting vessel economic lives[579] - Vessels are depreciated on a straight-line basis over an estimated economic life of 30 years, with depreciation based on the cost less an estimated residual value of $300 per lightweight ton[579]

Core Viewpoint - Renault Group has signed a binding equity acquisition agreement with Volvo Group and CMA CGM, aiming to acquire 45% of Flexis SAS from Volvo and 10% from CMA CGM, achieving full ownership of the company, with the agreement expected to take effect in the first half of 2026 [1] Group 1: Acquisition Details - The acquisition will allow Renault to gain full control of Flexis SAS, which was established in March 2024, initially with Renault and Volvo each holding 50% [1] - The partnership aimed to develop electric urban logistics vans, with three electric truck models launched in early 2025 [1] Group 2: Market Impact - Volvo and CMA CGM decided to exit the equity partnership due to the slower-than-expected growth in the electric commercial vehicle market [1] - Renault will continue to advance the project, with the first model, the Renault Trafic Van E-Tech electric version, expected to begin production by the end of 2026 [1] Group 3: Future Collaboration - A flexible cooperation plan has been established, where Volvo will distribute related models through Renault Trucks starting in 2027, while CMA CGM will return to its role as a core customer and scenario partner [1] - This acquisition is a key strategic move for Renault's electrification of light commercial vehicles, allowing Volvo to further focus on its core business in heavy commercial vehicles [1]

Core Viewpoint - Costamare Bulkers Holdings Limited reported its financial results for Q4 2025, showing an adjusted net loss of $1.7 million and total voyage revenue of $218.5 million, reflecting its performance as an independent publicly traded company after its spin-off from Costamare Inc. [2][7][15] Financial Highlights and Operational Updates - The company had a total debt of $155.6 million and cash of $226.3 million, resulting in a negative net debt position of $70.7 million as of the end of Q4 2025 [4][16]. - Total liquidity as of December 31, 2025, was approximately $311.0 million, including cash and undrawn funds [5][54]. - The average number of vessels in the owned fleet during Q4 2025 was 31.1, with ownership days totaling 2,859 [32][33]. Profitability and Revenue - Total voyage revenue for the year ended December 31, 2025, was $597.2 million, with voyage revenue for Q4 2025 at $218.5 million [21][37]. - The company reported voyage expenses of $45.2 million and charter-in hire expenses of $133.4 million for Q4 2025 [39][40]. - The adjusted net loss for the year was $12.2 million, with an adjusted loss per share of $0.74 [21][27]. Fleet and Operations - Costamare Bulkers currently owns a fleet of 31 dry bulk vessels with a total capacity of approximately 2.8 million DWT [59]. - The company has agreed to acquire a 2018-built dry bulk vessel, Koushun, expected to conclude within Q1 - Q2 2026 [10][20]. - The fleet includes various types of vessels, with the majority on period charters, and the average age of the fleet is approximately 13 years [16][19]. Strategic Developments - The company concluded a Strategic Cooperation Agreement with Cargill, transferring a significant portion of its trading portfolio, which included chartered-in vessels and cargo transportation commitments [8][15]. - The operating platform is now focused on Kamsarmax-type vessels, with plans for future acquisitions and fleet renewal [8][20]. Cash Flow and Financial Position - Net cash provided by operating activities for Q4 2025 was $26.4 million, while net cash provided by investing activities was $8.6 million [49][50]. - The company used $3.9 million in financing activities, primarily for debt payments [52]. Market Conditions - The Capesize index has increased due to favorable supply and demand fundamentals, while the Panamax index has benefited from easing US-China tensions [20]. - The Supramax index remains healthy, supported by strong demand for coal and minor bulks [21].

Core Insights - The company achieved a net income of $370 million for the full year, driven by a strategy focused on securing long-term cash flows from high-quality counterparties [1] - The company has forward chartered 12 vessels (ranging from 4,000 to 14,000 TEUs) to commence operations over the next three years, which is expected to generate approximately $940 million in incremental contracted revenues [1] - Fleet deployment is well-protected from near-term volatility, with 96% of revenue days for 2026 and 92% for 2027 already fixed [1] - The containership market remains strong due to a structural shortage of ships, indicated by an idle fleet of less than 1% and sustained high demand for tonnage [1] - Strategic expansion into the leasing sector through Neptune Maritime Leasing has resulted in over $665 million in total investments and commitments across 54 shipping assets [1] - The company maintains a healthy liquidity position of $590 million and has a total contracted revenue backlog of $3.4 billion with a weighted duration of 4.5 years [1]

Core Insights - Costamare reported a strong financial performance for Q4 2025 and the full year, with net income of approximately $73 million for Q4 and about $370 million for the full year, alongside adjusted net income of around $376 million or $3.12 per share [2][3][6] - The company ended the year with liquidity of $590 million and characterized the charter market as robust due to high demand and limited vessel availability [2][6] Full-year and Quarterly Results - Adjusted net income for 2025 was approximately $376 million, translating to $3.12 per share, while Q4 adjusted net income was about $72 million or $0.60 per share [3][6] - Year-end liquidity was reported at roughly $590 million [3][6] Chartering Activity and Contracted Revenues - Costamare executed a strategy focused on securing long-term cash flows, forward-chartering 12 vessels with a TEU capacity ranging from 4,000 to 14,000, with an average charter duration of six years [4][6] - Incremental contracted revenues from these new charters total approximately $940 million, bringing total contracted revenues to about $3.4 billion, with a TEU-weighted remaining duration of 4.5 years [5][6] Fleet Deployment and Market Position - Fleet deployment and fixed revenue days are at high levels, with 96% deployment for 2026 and 92% for 2027, and the idle fleet is less than 1% [5][6] - Management noted that charter rates remain strong amid constrained supply, with no significant debt maturities until 2027 and successful refinancing of two ships at lower costs [6]

Financial Data and Key Metrics Changes - The company generated a net income of approximately $73 million for the fourth quarter and about $370 million for the entire year, with liquidity standing at $590 million [3][4] - Adjusted net income for 2025 was around $376 million or $3.12 per share, while adjusted net income for the quarter was about $72 million or $0.60 per share [4][5] Business Line Data and Key Metrics Changes - The company has forward-chartered 12 vessels with a TEU weighted average duration of six years, resulting in incremental contracted revenues of approximately $940 million [3][5] - Fleet deployment is currently at 96% for 2026 and 92% for 2027, with total contracted revenues reaching $3.4 billion and a remaining time charter duration of 4.5 years [3][5] Market Data and Key Metrics Changes - The charter market remains strong with an idle fleet of less than 1%, indicating high demand for tonnage and limited supply of vessels available for charter [4][6] - Charter rates in the container market are at robust levels, with the added fleet remaining at very low levels of 0.5% [6] Company Strategy and Development Direction - The company is focused on securing long-term cash flows from high-quality counterparties in a healthy market environment [3] - Investments in Neptune Maritime Leasing have exceeded $665 million, with 54 shipping assets funded or in commitment status [4][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's low leverage and prudent debt repayment strategy, indicating no immediate need for early debt prepayment [11] - The management emphasized that deferred revenues are primarily an accounting treatment and should not be a concern, focusing instead on cash revenue [12][16] Other Important Information - The company has agreed to pre- and post-delivery financing for six newbuild vessels and has refinanced two container ships at a lower funding cost [5][6] - The company maintains a long, uninterrupted dividend track record [6] Q&A Session Summary Question: Regarding debt repayment and investment expectations - Management indicated that the company has low leverage and does not foresee the need to prepay debt earlier than the original maturity, although some refinancing may occur [11] Question: Amortization of deferred revenues - Management clarified that the increase in deferred revenues is mainly an accounting treatment related to charter hire fluctuations and should not be a concern, as cash revenue is the focus [12][16]

Financial Data and Key Metrics Changes - The company generated a net income of approximately $73 million for the fourth quarter and about $370 million for the entire year, with liquidity standing at $590 million [3][4] - Adjusted net income for 2025 was around $376 million or $3.12 per share, while adjusted net income for the quarter was about $72 million or $0.60 per share [4] Business Line Data and Key Metrics Changes - The company has forward-chartered 12 vessels with a TEU weighted average duration of 6 years, resulting in incremental contracted revenues of approximately $940 million [3][5] - Fleet deployment is currently at 96% for 2026 and 92% for 2027, with total contracted revenues reaching $3.4 billion and a remaining time charter duration of 4.5 years [3][5] Market Data and Key Metrics Changes - The charter market remains strong with high demand for tonnage and limited supply of vessels available for charter, as the added fleet is less than 1% [4][6] - Charter rates in the container market are at robust levels, indicating a fully employed market [6] Company Strategy and Development Direction - The company is focused on securing long-term cash flows from high-quality counterparties in a healthy market environment [3] - Investments in Neptune Maritime Leasing have exceeded $665 million, with 54 shipping assets funded or in commitment status [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's low leverage and prudent debt repayment strategy, indicating no immediate need for early debt prepayment [11] - The increase in deferred revenues is primarily an accounting treatment, and management emphasized focusing on cash revenue [12][16] Other Important Information - The company has agreed to pre- and post-delivery financing for all 6 newbuild vessels and has refinanced 2 container ships at a lower funding cost [5] Q&A Session Summary Question: Regarding debt repayment and investment expectations - Management indicated that the company has low leverage and does not see a need to prepay debt earlier than the original maturity, although refinancing may occur [11] Question: Amortization of deferred revenues - Management clarified that the increase in deferred revenues is mainly an accounting treatment related to charter hire fluctuations and should not be a concern, as cash revenue is the focus [12][16]

Fourth Quarter 2025 Financial Results Conference Call February 18, 2026 Forward-Looking Statements This presentation contains certain "forward-looking statements" (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). All statements, other than statements of historical facts, that address activities, events or developments that Costamare Inc. (the "Company") expects, projects, believes or anticipates will or may occur in the future, including, without limitation, future ...