Financial Data and Key Metrics Changes - The company generated net income of approximately $99 million for the second quarter of 2025, translating to $0.83 per share, while adjusted net income was around $92 million or $0.77 per share [4][7] - Total contracted revenues amount to $2.5 billion with a remaining time charter duration of about 3.2 years [5][8] - Liquidity is reported to be above $500 million [7] Business Line Data and Key Metrics Changes - The company completed the spin-off of Costa Maria Parques, which includes its dry bulk fleet and CPI operating platform, while retaining ownership of 68 container ships [4] - The company ordered four new container ships with a capacity of approximately 3,100 TEU, expected to be delivered in 2027, and will commence an eight-year time charter with a first-class liner company [4][5] - The fleet deployment rates are reported at 100% for 2025 and 75% for 2026 [5][8] Market Data and Key Metrics Changes - The idle fleet is reported to be at less than 1%, indicating a fully employed market [6][10] - Charter rates remain robust due to low availability of vessels and high demand, with current market conditions supporting firm charter rates [6][10] Company Strategy and Development Direction - The company maintains its focus on container shipping and does not plan to shift its strategy despite the spin-off of the dry bulk segment [15][16] - The company is patient regarding new transactions, only pursuing opportunities that justify entering into deals [17] - The company continues to invest in Neptune Maritime Leasing, with commitments exceeding $650 million for 47 shipping assets [6][9] Management's Comments on Operating Environment and Future Outlook - Management noted that the current market conditions are favorable, with charter rates supported by high demand and low fleet availability [10] - The company remains committed to its dividend policy, paying $0.15 per share per quarter, while also considering capital deployment for new business opportunities [25][26] Other Important Information - The company has no major debt maturities until 2027, indicating a stable financial position [8][9] - The company has a long track record of uninterrupted dividend payments [9] Q&A Session Summary Question: Regarding the spin-off and new container ship orders - Management clarified that the new orders do not indicate a shift in focus but are based on favorable pricing and market conditions [14][15] Question: Changes in strategy or approach post-spin-off - Management confirmed that the strategy remains unchanged, focusing on opportunities in the container sector while being patient during high asset price periods [16][17] Question: Development of Neptune Maritime Leasing and potential for increased investment - Management indicated that Neptune is progressing well, with nearly 90% of the initially committed capital employed, but no immediate plans for additional investment were disclosed [23][24] Question: Expectations on shareholder returns and dividend policy - Management reiterated that the dividend policy remains the same, with a healthy dividend payout, but future changes are subject to the Board's decision [25][26]

Second Quarter 2025 Financial Results Conference Call July 31, 2025 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 ope ...

[Financial Report Overview](index=1&type=section&id=Financial%20Report) [Results of Continuing Operations - Three-Month Period](index=1&type=section&id=Results%20of%20Continuing%20Operations%20-%20Three-Month%20Period) This section details the company's financial performance from continuing operations for the three months ended June 30, 2025, noting increased net income despite a slight decrease in voyage revenue, with dry bulk operations reported as discontinued - Dry bulk operations were divested on May 6, 2025, and are reported as discontinued operations[2](index=2&type=chunk) Key Financial Data from Continuing Operations (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :------------------- | :------------- | :------------- | :--- | :--------- | | Voyage Revenue | 211.8 | 210.9 | (0.9) | (0.4%) | | Income from investments in leaseback vessels | 6.2 | 7.0 | 0.8 | 12.9% | | Voyage Expenses | (6.6) | (13.9) | 7.3 | n.m. | | Vessels' Operating Expenses | (40.6) | (40.7) | 0.1 | 0.2% | | Interest and Finance Costs | (28.3) | (22.3) | (6.0) | (21.2%) | | Gain / (Loss) on Derivative Instruments, net | (0.8) | 8.4 | 9.2 | n.m. | | Net Income from Continuing operations | 98.5 | 106.1 | | |[5](index=5&type=chunk) [Overview of Financial Results and Operational Data](index=1&type=section&id=Overview%20of%20Financial%20Results%20and%20Operational%20Data%20-%20Three-Month%20Period) Key Operational Data from Continuing Operations (Three Months) | Metric | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :------------------- | :------------- | :------------- | :--- | :--------- | | Average Number of Vessels | 68.0 | 68.0 | - | n.m. | | Vessel Ownership Days | 6,188 | 6,188 | - | n.m. | | Number of Vessels in Dry-Dock and Special Survey | 4 | 3 | (1) | |[6](index=6&type=chunk) - As of June 30, 2025, the company has invested **$182.2 million** in Neptune Maritime Leasing Limited (NML)[4](index=4&type=chunk) [Voyage Revenue](index=2&type=section&id=Voyage%20Revenue%20-%20Three-Month%20Period) Voyage Revenue (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Voyage Revenue | 211.8 | 210.9 | (0.9) | (0.4%) | | Cash Basis Adjusted Voyage Revenue | 210.5 | 211.2 | 0.7 | 0.3% |[5](index=5&type=chunk)[9](index=9&type=chunk) - The decrease in voyage revenue is primarily due to reduced accounting revenue from two vessels classified as sales-type leases, partially offset by higher charter rates, contractual compensation for EU Emissions Allowances and Fuel EU Maritime penalties, and fewer off-hire and idle days[8](index=8&type=chunk) [Income from investments in leaseback vessels](index=2&type=section&id=Income%20from%20investments%20in%20leaseback%20vessels%20-%20Three-Month%20Period) Income from investments in leaseback vessels (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Income from investments in leaseback vessels | 6.2 | 7.0 | 0.8 | 12.9% |[5](index=5&type=chunk) - The increase in income from investments in leaseback vessels is attributable to increased business volume from NML (Neptune Maritime Leasing Limited)[10](index=10&type=chunk) [Voyage Expenses](index=2&type=section&id=Voyage%20Expenses%20-%20Three-Month%20Period) Voyage Expenses (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Voyage Expenses | (6.6) | (13.9) | 7.3 | n.m. |[5](index=5&type=chunk) - The increase in voyage expenses is mainly due to the recognition of liabilities for EU Emissions Allowances, Fuel EU Maritime penalties, and related fees, though most of these costs are contractually compensated by charterers[11](index=11&type=chunk) [Voyage Expenses – related parties](index=2&type=section&id=Voyage%20Expenses%20%E2%80%93%20related%20parties%20-%20Three-Month%20Period) Voyage Expenses – related parties (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Voyage Expenses – related parties | (3.0) | (2.9) | (0.1) | (3.3%) |[5](index=5&type=chunk) - Related party voyage expenses include a 1.25% fee on voyage revenue paid to affiliated managers and service providers, as well as chartering commissions paid to two affiliated chartering brokers[12](index=12&type=chunk) [Vessels' Operating Expenses](index=2&type=section&id=Vessels'%20Operating%20Expenses%20-%20Three-Month%20Period) Vessels' Operating Expenses (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Vessels' Operating Expenses | (40.6) | (40.7) | 0.1 | 0.2% | | Daily Average Vessels' Operating Expenses | 6,554 | 6,581 | | |[5](index=5&type=chunk)[13](index=13&type=chunk) [General and Administrative Expenses](index=3&type=section&id=General%20and%20Administrative%20Expenses%20-%20Three-Month%20Period) General and Administrative Expenses (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | General and Administrative Expenses | (4.1) | (3.0) | (1.1) | (26.8%) |[5](index=5&type=chunk) [Management Fees – related parties](index=3&type=section&id=Management%20Fees%20%E2%80%93%20related%20parties%20-%20Three-Month%20Period) Management Fees – related parties (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Management Fees – related parties | (7.1) | (7.1) | - | n.m. |[5](index=5&type=chunk) [General and Administrative Expenses - non-cash component](index=3&type=section&id=General%20and%20Administrative%20Expenses%20-%20non-cash%20component%20-%20Three-Month%20Period) General and Administrative Expenses - non-cash component (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Non-cash component | (2.5) | (1.4) | (1.1) | (44.0%) |[5](index=5&type=chunk) - The non-cash component represents the value of shares issued to affiliated service providers[16](index=16&type=chunk) [Amortization of Dry-Docking and Special Survey Costs](index=3&type=section&id=Amortization%20of%20Dry-Docking%20and%20Special%20Survey%20Costs%20-%20Three-Month%20Period) Amortization of Dry-Docking and Special Survey Costs (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Amortization Expense | (4.1) | (4.8) | 0.7 | 17.1% |[5](index=5&type=chunk) - Two vessels completed dry-docking and special surveys in the 2025 period, with one ongoing; three vessels completed and one ongoing in the 2024 period[17](index=17&type=chunk) [Depreciation](index=3&type=section&id=Depreciation%20-%20Three-Month%20Period) Depreciation Expense (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Depreciation Expense | (31.5) | (31.9) | 0.4 | 1.3% |[5](index=5&type=chunk) [Interest Income](index=3&type=section&id=Interest%20Income%20-%20Three-Month%20Period) Interest Income (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Interest Income | 8.7 | 5.5 | (3.2) | (36.8%) |[5](index=5&type=chunk) [Interest and Finance Costs](index=3&type=section&id=Interest%20and%20Finance%20Costs%20-%20Three-Month%20Period) Interest and Finance Costs (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Interest and Finance Costs | (28.3) | (22.3) | (6.0) | (21.2%) |[5](index=5&type=chunk) - The decrease in interest and finance costs is primarily due to lower average loan balances and a reduction in SOFR rates[20](index=20&type=chunk) [Gain / (Loss) on Derivative Instruments, net](index=3&type=section&id=Gain%20%2F%20(Loss)%20on%20Derivative%20Instruments%2C%20net%20-%20Three-Month%20Period) Gain / (Loss) on Derivative Instruments, net (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Gain / (Loss) on Derivative Instruments, net | (0.8) | 8.4 | 9.2 | n.m. |[5](index=5&type=chunk) - As of June 30, 2025, changes in the fair value of derivative instruments qualifying for hedge accounting resulted in a net loss of **$4.6 million** (recognized in OCI), while those not qualifying for hedge accounting resulted in a net gain of **$8.4 million**[22](index=22&type=chunk) [Net Income from Continuing operations](index=1&type=section&id=Net%20Income%20from%20Continuing%20operations%20-%20Three-Month%20Period) Net Income from Continuing operations (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Net Income from Continuing operations | 98.5 | 106.1 | | |[5](index=5&type=chunk) [Cash Flows from Continuing Operations - Three-Month Period](index=3&type=section&id=Cash%20Flows%20from%20Continuing%20Operations%20-%20Three-Month%20Period) This section analyzes the company's cash flows from continuing operations for the three months ended June 30, 2025, showing decreased operating cash flow and significantly increased cash outflows from investing and financing activities due to divestitures and debt payments - Following the dry bulk business divestiture, cash flow discussions focus solely on continuing operations[23](index=23&type=chunk) Cash Flows from Continuing Operations (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | | :---------------- | :------------- | :------------- | | Net Cash Provided by Operating Activities | 143.4 | 136.0 | | Net Cash Used in Investing Activities | (26.2) | (110.3) | | Net Cash Used in Financing Activities | (138.8) | (373.6) |[24](index=24&type=chunk) [Net Cash Provided by Operating Activities](index=5&type=section&id=Net%20Cash%20Provided%20by%20Operating%20Activities%20-%20Three-Month%20Period) Net Cash Provided by Operating Activities (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | | :---------------- | :------------- | :------------- | | Net Cash Provided by Operating Activities | 143.4 | 136.0 |[24](index=24&type=chunk) - Operating cash flow decreased by **$7.4 million**, primarily due to unfavorable changes in working capital and reduced operating cash, partially offset by lower interest payments and dry-docking costs[25](index=25&type=chunk) [Net Cash Used in Investing Activities](index=5&type=section&id=Net%20Cash%20Used%20in%20Investing%20Activities%20-%20Three-Month%20Period) Net Cash Used in Investing Activities (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | | :---------------- | :------------- | :------------- | | Net Cash Used in Investing Activities | (26.2) | (110.3) |[24](index=24&type=chunk) - Cash outflows from investing activities increased, primarily for containership upgrades and net investments in NML[26](index=26&type=chunk)[27](index=27&type=chunk) [Net Cash Used in Financing Activities](index=5&type=section&id=Net%20Cash%20Used%20in%20Financing%20Activities%20-%20Three-Month%20Period) Net Cash Used in Financing Activities (Three Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | | :---------------- | :------------- | :------------- | | Net Cash Used in Financing Activities | (138.8) | (373.6) |[24](index=24&type=chunk) - Financing cash outflows significantly increased in 2025, including **$260 million** in debt financing and lease liability payments, **$100 million** transferred to divested entities, and common and preferred stock dividend payments[28](index=28&type=chunk)[29](index=29&type=chunk) [Results of Continuing Operations - Six-Month Period](index=5&type=section&id=Results%20of%20Continuing%20Operations%20-%20Six-Month%20Period) This section outlines the company's financial performance from continuing operations for the six months ended June 30, 2025, showing increased net income despite a slight decrease in cash-basis voyage revenue and a significant increase in voyage expenses - Dry bulk operations were divested on May 6, 2025, and are reported as discontinued operations[30](index=30&type=chunk) Key Financial Data from Continuing Operations (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :------------------- | :------------- | :------------- | :--- | :--------- | | Voyage Revenue | 427.3 | 428.1 | 0.8 | 0.2% | | Income from investments in leaseback vessels | 11.4 | 12.7 | 1.3 | 11.4% | | Voyage Expenses | (12.2) | (23.4) | 11.2 | 91.8% | | Vessels' Operating Expenses | (78.9) | (79.2) | 0.3 | 0.4% | | Interest and Finance Costs | (55.1) | (45.2) | (9.9) | (18.0%) | | Gain / (Loss) on Derivative Instruments, net | (3.2) | 13.7 | 16.9 | n.m. | | Net Income from Continuing operations | 201.7 | 218.0 | | |[33](index=33&type=chunk) [Overview of Financial Results and Operational Data](index=5&type=section&id=Overview%20of%20Financial%20Results%20and%20Operational%20Data%20-%20Six-Month%20Period) Key Operational Data from Continuing Operations (Six Months) | Metric | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :------------------- | :------------- | :------------- | :--- | :--------- | | Average Number of Vessels | 68.0 | 68.0 | - | n.m. | | Vessel Ownership Days | 12,376 | 12,308 | (68) | (0.5%) | | Number of Vessels in Dry-Dock and Special Survey | 4 | 5 | 1 | |[33](index=33&type=chunk) - As of June 30, 2025, the company has invested **$182.2 million** in NML[32](index=32&type=chunk) [Voyage Revenue](index=6&type=section&id=Voyage%20Revenue%20-%20Six-Month%20Period) Voyage Revenue (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Voyage Revenue | 427.3 | 428.1 | 0.8 | 0.2% | | Cash Basis Adjusted Voyage Revenue | 427.5 | 426.3 | (1.2) | (0.3%) |[33](index=33&type=chunk)[36](index=36&type=chunk) - The increase in voyage revenue is primarily due to higher charter rates for some vessels, contractual compensation for EU Emissions Allowances and Fuel EU Maritime penalties, and fewer off-hire days, partially offset by reduced accounting revenue from sales-type lease vessels and the absence of a leap year day[35](index=35&type=chunk) [Income from investments in leaseback vessels](index=6&type=section&id=Income%20from%20investments%20in%20leaseback%20vessels%20-%20Six-Month%20Period) Income from investments in leaseback vessels (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Income from investments in leaseback vessels | 11.4 | 12.7 | 1.3 | 11.4% |[33](index=33&type=chunk) - The increase in income from investments in leaseback vessels is attributable to increased business volume from NML[37](index=37&type=chunk) [Voyage Expenses](index=8&type=section&id=Voyage%20Expenses%20-%20Six-Month%20Period) Voyage Expenses (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Voyage Expenses | (12.2) | (23.4) | 11.2 | 91.8% |[33](index=33&type=chunk) - The increase in voyage expenses is mainly due to the recognition of liabilities for EU Emissions Allowances, Fuel EU Maritime penalties, and related fees, though most of these costs are contractually compensated by charterers[38](index=38&type=chunk) [Voyage Expenses – related parties](index=8&type=section&id=Voyage%20Expenses%20%E2%80%93%20related%20parties%20-%20Six-Month%20Period) Voyage Expenses – related parties (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Voyage Expenses – related parties | (6.1) | (5.8) | (0.3) | (4.9%) |[33](index=33&type=chunk) [Vessels' Operating Expenses](index=8&type=section&id=Vessels'%20Operating%20Expenses%20-%20Six-Month%20Period) Vessels' Operating Expenses (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Vessels' Operating Expenses | (78.9) | (79.2) | 0.3 | 0.4% | | Daily Average Vessels' Operating Expenses | 6,375 | 6,432 | | |[33](index=33&type=chunk)[40](index=40&type=chunk) [General and Administrative Expenses](index=8&type=section&id=General%20and%20Administrative%20Expenses%20-%20Six-Month%20Period) General and Administrative Expenses (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | General and Administrative Expenses | (7.0) | (7.2) | 0.2 | 2.9% |[33](index=33&type=chunk) [Management Fees – related parties](index=8&type=section&id=Management%20Fees%20%E2%80%93%20related%20parties%20-%20Six-Month%20Period) Management Fees – related parties (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Management Fees – related parties | (14.2) | (14.2) | - | n.m. |[33](index=33&type=chunk) [General and Administrative Expenses - non-cash component](index=8&type=section&id=General%20and%20Administrative%20Expenses%20-%20non-cash%20component%20-%20Six-Month%20Period) General and Administrative Expenses - non-cash component (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Non-cash component | (4.2) | (2.8) | (1.4) | (33.3%) |[33](index=33&type=chunk) - The non-cash component represents the value of shares issued to affiliated service providers[43](index=43&type=chunk) [Amortization of Dry-Docking and Special Survey Costs](index=8&type=section&id=Amortization%20of%20Dry-Docking%20and%20Special%20Survey%20Costs%20-%20Six-Month%20Period) Amortization of Dry-Docking and Special Survey Costs (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Amortization Expense | (8.3) | (9.5) | 1.2 | 14.5% |[33](index=33&type=chunk) - Four vessels completed dry-docking and special surveys in the 2025 period, with one ongoing; three vessels completed and one ongoing in the 2024 period[44](index=44&type=chunk) [Depreciation](index=8&type=section&id=Depreciation%20-%20Six-Month%20Period) Depreciation Expense (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Depreciation Expense | (63.0) | (63.5) | 0.5 | 0.8% |[33](index=33&type=chunk) [Interest Income](index=8&type=section&id=Interest%20Income%20-%20Six-Month%20Period) Interest Income (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Interest Income | 16.6 | 11.8 | (4.8) | (28.9%) |[33](index=33&type=chunk) [Interest and Finance Costs](index=8&type=section&id=Interest%20and%20Finance%20Costs%20-%20Six-Month%20Period) Interest and Finance Costs (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Interest and Finance Costs | (55.1) | (45.2) | (9.9) | (18.0%) |[33](index=33&type=chunk) - The decrease in interest and finance costs is primarily due to lower average loan balances and a reduction in SOFR rates[47](index=47&type=chunk) [Gain / (Loss) on Derivative Instruments, net](index=9&type=section&id=Gain%20%2F%20(Loss)%20on%20Derivative%20Instruments%2C%20net%20-%20Six-Month%20Period) Gain / (Loss) on Derivative Instruments, net (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Gain / (Loss) on Derivative Instruments, net | (3.2) | 13.7 | 16.9 | n.m. |[33](index=33&type=chunk) - As of June 30, 2025, changes in the fair value of derivative instruments qualifying for hedge accounting resulted in a net loss of **$12.1 million** (recognized in OCI), while those not qualifying for hedge accounting resulted in a net gain of **$13.7 million**[49](index=49&type=chunk) [Net Income from Continuing operations](index=6&type=section&id=Net%20Income%20from%20Continuing%20operations%20-%20Six-Month%20Period) Net Income from Continuing operations (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | Change | Percentage Change | | :---------------- | :------------- | :------------- | :--- | :--------- | | Net Income from Continuing operations | 201.7 | 218.0 | | |[33](index=33&type=chunk) [Cash Flows from Continuing Operations - Six-Month Period](index=9&type=section&id=Cash%20Flows%20from%20Continuing%20Operations%20-%20Six-Month%20Period) This section analyzes the company's cash flows from continuing operations for the six months ended June 30, 2025, showing a slight decrease in operating cash flow and significantly increased cash outflows from investing and financing activities due to divestitures and debt payments - Following the dry bulk business divestiture, cash flow discussions focus solely on continuing operations[50](index=50&type=chunk) Cash Flows from Continuing Operations (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | | :---------------- | :------------- | :------------- | | Net Cash Provided by Operating Activities | 289.3 | 283.2 | | Net Cash Used in Investing Activities | (39.9) | (107.8) | | Net Cash Used in Financing Activities | (106.8) | (389.8) |[51](index=51&type=chunk) [Net Cash Provided by Operating Activities](index=9&type=section&id=Net%20Cash%20Provided%20by%20Operating%20Activities%20-%20Six-Month%20Period) Net Cash Provided by Operating Activities (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | | :---------------- | :------------- | :------------- | | Net Cash Provided by Operating Activities | 289.3 | 283.2 |[51](index=51&type=chunk) - Operating cash flow decreased by **$6.1 million**, primarily due to unfavorable changes in working capital and reduced operating cash, partially offset by lower interest payments and dry-docking costs[52](index=52&type=chunk) [Net Cash Used in Investing Activities](index=9&type=section&id=Net%20Cash%20Used%20in%20Investing%20Activities%20-%20Six-Month%20Period) Net Cash Used in Investing Activities (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | | :---------------- | :------------- | :------------- | | Net Cash Used in Investing Activities | (39.9) | (107.8) |[51](index=51&type=chunk) - Cash outflows from investing activities increased, primarily for containership upgrades and net investments in NML[53](index=53&type=chunk)[54](index=54&type=chunk) [Net Cash Used in Financing Activities](index=10&type=section&id=Net%20Cash%20Used%20in%20Financing%20Activities%20-%20Six-Month%20Period) Net Cash Used in Financing Activities (Six Months) | Metric (million USD) | June 30, 2024 | June 30, 2025 | | :---------------- | :------------- | :------------- | | Net Cash Used in Financing Activities | (106.8) | (389.8) |[51](index=51&type=chunk) - Financing cash outflows significantly increased in 2025, primarily including **$255.7 million** in debt financing and lease liability payments, **$100 million** transferred to divested entities, and common and preferred stock dividend payments[55](index=55&type=chunk)[56](index=56&type=chunk) [Liquidity and Unencumbered Vessels](index=10&type=section&id=Liquidity%20and%20Unencumbered%20Vessels) This section outlines the company's liquidity position as of June 30, 2025, including cash and cash equivalents, and lists unencumbered vessels as of July 30, 2025 Liquidity Position (as of June 30, 2025) | Metric (million USD) | Amount | | :---------------- | :--- | | Cash and Cash Equivalents | 505.6 | | Short-term U.S. Treasury Bills | 18.9 |[57](index=57&type=chunk) - As of July 30, 2025, the company owns five debt-free vessels: KURE, MAERSK KOWLOON, ETOILE, MICHIGAN, and ARKADIA[58](index=58&type=chunk)[60](index=60&type=chunk) [Company Information](index=10&type=section&id=Company%20Information) This section provides company background, including its long history in international shipping, fleet size, business scope, investor communication channels, and forward-looking statements - Costamare Inc. is a leading owner and provider of containerships, with 51 years of history in international shipping, operating a fleet of 68 containerships with a total capacity of approximately **513,000 TEU**, and four newbuild containerships under construction[63](index=63&type=chunk) - The company's common and preferred shares are traded on the New York Stock Exchange under the symbols "CMRE", "CMRE PR B", "CMRE PR C", and "CMRE PR D"[63](index=63&type=chunk) - The company will host a conference call on July 31, 2025, to discuss financial results, with a webcast available[61](index=61&type=chunk)[62](index=62&type=chunk) [Containership Fleet List](index=11&type=section&id=Containership%20Fleet%20List) This section provides detailed information on the containership fleet as of July 30, 2025, including existing vessels, charter contract details, and newbuilds with estimated delivery and employment status - The fleet list provides containership information as of July 30, 2025, including vessel name, charterer, year built, capacity, current daily charter rate, and charter expiration date[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) Newbuild Containerships | Vessel Name | Capacity (TEU) | Estimated Delivery | Employment Status | | :---------- | :--------- | :------- | :----------------------------- | | Newbuilding 1 | 3,100 | Q2 2027 | Long-term charter upon delivery | | Newbuilding 2 | 3,100 | Q3 2027 | Long-term charter upon delivery | | Newbuilding 3 | 3,100 | Q4 2027 | Long-term charter upon delivery | | Newbuilding 4 | 3,100 | Q4 2027 | Long-term charter upon delivery |[68](index=68&type=chunk) - Several vessels will commence new long-term charters upon the expiration of their current charters, with some charter rates and terms remaining confidential[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) [Consolidated Financial Statements](index=15&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated statements of income and consolidated balance sheets as of June 30, 2025, and December 31, 2024, reflecting the financial position of both continuing and discontinued operations Consolidated Statements of Income (as of June 30, 2025) | Metric (thousand USD) | Six Months (2024) | Six Months (2025) | Three Months (2024) | Three Months (2025) | | :-------------- | :------------ | :------------ | :------------ | :------------ | | Total Revenue | 438,742 | 440,760 | 217,928 | 217,895 | | Operating Income from Continuing Operations | 242,143 | 237,683 | 118,037 | 114,607 | | Net Income from Continuing Operations | 201,671 | 218,046 | 98,491 | 106,122 | | Net Income from Discontinued Operations | 3,876 | (27,547) | 4,384 | (16,466) | | Net Income | 205,547 | 190,499 | 102,875 | 89,656 | | Earnings Per Common Share (Continuing Operations) | 1.53 | 1.71 | 0.73 | 0.83 |[73](index=73&type=chunk) Consolidated Balance Sheets (as of June 30, 2025) | Metric (thousand USD) | December 31, 2024 | June 30, 2025 | | :-------------- | :------------- | :------------- | | Total Current Assets | 1,040,216 | 618,925 | | Vessels, Net | 2,715,168 | 2,696,520 | | Total Assets | 5,148,687 | 3,739,101 | | Total Current Liabilities | 745,560 | 369,179 | | Long-term Debt, Net | 1,410,480 | 1,306,520 | | Total Stockholders' Equity | 2,571,059 | 2,019,120 |[75](index=75&type=chunk)[76](index=76&type=chunk) [Financial Summary and Non-GAAP Measures](index=18&type=section&id=Financial%20Summary%20and%20Non-GAAP%20Measures) This section provides a financial summary of continuing operations and explains non-GAAP financial measures, such as cash basis adjusted voyage revenue, adjusted net income from continuing operations, and adjusted earnings per share from continuing operations, along with their reconciliation to GAAP metrics Financial Summary of Continuing Operations (as of June 30, 2025) | Metric (thousand USD) | Six Months (2024) | Six Months (2025) | Three Months (2024) | Three Months (2025) | | :-------------- | :------------ | :------------ | :------------ | :------------ | | Cash Basis Adjusted Voyage Revenue | 427,509 | 426,348 | 210,459 | 211,286 | | Adjusted Net Income from Continuing Operations (available to common stockholders) | 191,683 | 192,814 | 90,064 | 92,510 | | Adjusted Earnings Per Share from Continuing Operations | 1.61 | 1.61 | 0.76 | 0.77 |[78](index=78&type=chunk) - The company uses non-GAAP financial measures, such as cash basis adjusted voyage revenue, adjusted net income from continuing operations, and adjusted earnings per share from continuing operations, to provide additional meaningful comparisons of underlying business trends and for financial, operational, and planning decisions[82](index=82&type=chunk)[83](index=83&type=chunk)

Core Viewpoint - Costamare Inc. reported its financial results for Q2 2025, highlighting the impact of the spin-off of its dry bulk business and demonstrating strong profitability and liquidity in its continuing operations [1][2][3]. Profitability and Liquidity - Q2 2025 net income from continuing operations available to common stockholders was $99.6 million, or $0.83 per share, while adjusted net income was $92.5 million, or $0.77 per share [7]. - The company reported liquidity of $524.5 million as of June 30, 2025 [7]. - Contracted revenues for the containership fleet amounted to approximately $2.5 billion, with a TEU-weighted duration of 3.2 years [7][15]. Spin-Off and Discontinued Operations - The financial results reflect the spin-off of Costamare's dry bulk business into a standalone public company, completed on May 6, 2025, with results from this segment reported as discontinued operations [2][3][13]. Fleet and Chartering Updates - Costamare's containership fleet is fully employed for 2025, with 100% and 75% of the fleet fixed for 2025 and 2026, respectively [7][15]. - The company concluded four newbuilding contracts for containerships with a Chinese shipyard, expected to be delivered between Q2 2027 and Q4 2027, commencing an 8-year charter upon delivery [7][14]. Financial Performance - Voyage revenue for Q2 2025 was $210.9 million, a slight decrease of 0.4% compared to Q2 2024 [33]. - Income from investments in leaseback vessels increased to $7.0 million in Q2 2025 from $6.2 million in Q2 2024, attributed to increased operations of Neptune Maritime Leasing [35]. - Voyage expenses rose significantly to $13.9 million in Q2 2025, primarily due to liabilities for EU Emissions Allowances and related expenses [36]. Cash Flow Analysis - Net cash provided by operating activities decreased to $136.0 million in Q2 2025 from $143.4 million in Q2 2024, mainly due to unfavorable changes in working capital [51]. - Net cash used in investing activities increased to $110.3 million in Q2 2025, reflecting payments for vessel upgrades and investments [52]. - Net cash used in financing activities was $373.6 million in Q2 2025, primarily for debt payments and dividends [54].

Core Viewpoint - Costamare Inc. is set to release its second quarter financial results for the period ending June 30, 2025, before the market opens on July 31, 2025 [1] Group 1: Earnings Release Information - The earnings release will occur on July 31, 2025, before market opens in New York [1] - A conference call to discuss the financial results will be held on the same day at 8:30 a.m. ET [2] - A replay of the conference call will be available until August 7, 2025 [3] Group 2: Live Webcast Details - A live webcast will be available on the Costamare Inc. website, and participants should register approximately 10 minutes prior to the start [4] Group 3: Company Overview - Costamare Inc. is a leading owner and provider of containerships for charter, with 51 years of history in the international shipping industry [5] - The company operates a fleet of 68 containerships, with a total capacity of approximately 513,000 TEU [5] - Costamare's common stock and preferred stocks trade on the New York Stock Exchange under various symbols [5]

Company Overview - Costamare's stock closed at $9.14, reflecting a decline of 4.79% from the previous day's closing price, underperforming the S&P 500's gain of 0.14% [1] - Over the past month, Costamare's stock has increased by 4.46%, which is higher than the Transportation sector's gain of 3.95% but lower than the S&P 500's gain of 5.35% [1] Earnings Expectations - Analysts anticipate Costamare will report earnings of $0.67 per share, representing a year-over-year decline of 12.99% [2] - For the entire year, the Zacks Consensus Estimates project earnings of $2.82 per share and revenue of $0 million, indicating changes of +2.17% and 0%, respectively, compared to the previous year [2] Analyst Forecast Revisions - Recent revisions to analyst forecasts for Costamare are important as they reflect short-term business trends, with upward revisions indicating positive sentiment towards the company's operations and profit generation capabilities [3] Valuation Metrics - Costamare is currently trading at a Forward P/E ratio of 3.4, significantly lower than the industry average Forward P/E of 9.34, indicating a discount relative to its peers [6] - The Transportation - Shipping industry, to which Costamare belongs, has a Zacks Industry Rank of 44, placing it in the top 18% of over 250 industries [6] Zacks Rank System - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has a strong historical performance, with stocks rated 1 achieving an average annual return of +25% since 1988 [5] - Currently, Costamare holds a Zacks Rank of 3 (Hold), with the consensus EPS estimate remaining unchanged over the past month [5]

Group 1 - Costamare Inc. has announced an annual meeting of stockholders to be held virtually on October 2, 2025 [1] - Stockholders of record as of August 7, 2025, will be entitled to vote at the annual meeting [2] - Costamare Inc. is a leading owner and provider of containerships with a fleet of 68 containerships and a total capacity of approximately 513,000 TEU [3]

Core Viewpoint - Costamare's stock performance has shown mixed results recently, with a notable decline on the latest trading day while still outperforming the Transportation sector and S&P 500 over the past month [1][2]. Financial Performance - The upcoming earnings report for Costamare is projected to show an EPS of $0.67, reflecting a 12.99% decrease compared to the same quarter last year [2]. - For the full year, Zacks Consensus Estimates forecast earnings of $2.82 per share and revenue of $0 million, indicating changes of +2.17% and 0% respectively from the previous year [2]. Analyst Estimates - Recent changes to analyst estimates for Costamare are crucial for investors, as positive revisions indicate optimism regarding the company's business and profitability [3]. - The Zacks Rank system, which incorporates these estimate changes, currently assigns Costamare a rank of 3 (Hold), with no changes in the EPS estimate over the last 30 days [5]. Valuation Metrics - Costamare's Forward P/E ratio stands at 3.33, which is significantly lower than the industry average Forward P/E of 8.99, suggesting a valuation discount [6]. - The Transportation - Shipping industry, to which Costamare belongs, holds a Zacks Industry Rank of 24, placing it in the top 10% of over 250 industries [6][7].

Group 1 - The article discusses the positive impact of Red Sea disruptions on Costamare's stock performance, which rallied following the initial analysis [1] - The author, Nikolaos Sismanis, has a background in Banking and Finance and over five years of experience as an equities analyst, focusing on growth and income stocks [1] - The investment service mentioned aims to provide a comprehensive platform for investment ideas, including macro portfolios for different types of investors and educational content [1]

Company Performance - Costamare's stock closed at $9.19, reflecting a -3.97% change from the previous day's closing price, underperforming the S&P 500's daily loss of 0.22% [1] - Prior to the recent trading session, Costamare's shares had increased by 15.02%, outperforming the Transportation sector's loss of 2.83% and the S&P 500's gain of 0.45% [1] Earnings Expectations - The upcoming earnings report for Costamare is anticipated to show an EPS of $0.67, which is a decrease of 12.99% compared to the same quarter last year [2] - For the entire year, Zacks Consensus Estimates project earnings of $2.82 per share and revenue of $0 million, indicating a change of +2.17% for earnings and no change for revenue compared to the previous year [2] Analyst Forecasts - Investors should monitor any recent revisions to analyst forecasts for Costamare, as these changes often indicate shifts in near-term business trends [3] - Positive estimate revisions typically reflect analyst optimism regarding the company's business and profitability [3] Valuation Metrics - Costamare has a Forward P/E ratio of 3.39, which is significantly lower than the industry average Forward P/E of 9.62, indicating a valuation discount [6] - The Transportation - Shipping industry, to which Costamare belongs, currently holds a Zacks Industry Rank of 192, placing it in the bottom 22% of over 250 industries [6] Zacks Rank System - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has shown a strong track record, with 1 ranked stocks yielding an average annual return of +25% since 1988 [5] - Costamare currently holds a Zacks Rank of 3 (Hold), with the Zacks Consensus EPS estimate remaining unchanged over the last 30 days [5]