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].

Performance was driven by a strategy of securing long-term cash flows from high-quality counterparties, resulting in $370 million net income for the full year. The company forward chartered 12 vessels (4,000 to 14,000 TEUs) to commence over the next three years, adding approximately $940 million in incremental contracted revenues. Fleet deployment is highly insulated from near-term volatility, with 96% of 2026 and 92% of 2027 revenue days already fixed. The containership market remains robust due to ...

Costamare logo Key Points Financials: Q4 net income was about $73 million and full-year net income about $370 million (adjusted FY net income ~$376M, or $3.12/share), with year-end liquidity of roughly $590 million. Contracting and fleet deployment: The company forward-chartered 12 vessels (4k–14k TEU), adding about $940 million of incremental contracted revenue and bringing total contracted revenues to ~$3.4 billion, with a TEU-weighted remaining duration of 4.5 years and fixed revenue days of ~96% for ...

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 ...

Core Viewpoint - Costamare Inc. reported its financial results for the fourth quarter and the year ended December 31, 2025, highlighting the impact of the spin-off of its dry bulk business and the performance of its continuing operations. Financial Performance - For FY 2025, Adjusted Net Income from Continuing operations available to common stockholders was $375.6 million, or $3.12 per share, while Net Income was $371.0 million, or $3.09 per share [9] - Q4 2025 Adjusted Net Income from Continuing operations was $71.8 million, or $0.60 per share, with Net Income at $72.6 million, also $0.60 per share [9] - Liquidity as of Q4 2025 stood at $589.6 million [9] Revenue and Operations - Voyage revenue for FY 2025 decreased by 2.1%, or $17.8 million, to $846.7 million compared to FY 2024 [60] - For Q4 2025, voyage revenue decreased by 6.9%, or $15.0 million, to $202.7 million compared to Q4 2024 [31] - The company entered into 12 new fixtures on a forward basis, generating incremental contracted revenues of approximately $940 million [7][15] Fleet and Employment - As of 2026, 96% of the containership fleet is fixed, with a TEU-weighted duration of approximately 4.5 years and total contracted revenues reaching approximately $3.4 billion [10][16] - The average number of vessels in the owned fleet increased from 68.0 in 2024 to 68.3 in 2025 [56] Expenses and Costs - Voyage expenses for Q4 2025 increased to $14.2 million from $6.1 million in Q4 2024, primarily due to costs associated with EU Emissions Allowances and increased idle days [34] - Vessels' operating expenses for Q4 2025 were $42.4 million, up from $39.2 million in Q4 2024 [37] Cash Flow - Net cash provided by operating activities for Q4 2025 decreased to $118.1 million from $145.4 million in Q4 2024 [50] - Net cash used in investing activities was $26.7 million in Q4 2025, primarily for newbuild container vessels and upgrades [51] Dividend Announcements - On January 2, 2026, the company declared a dividend of $0.115 per share on common stock, paid on February 5, 2026 [17]

Core Viewpoint - Costamare Inc. is set to release its fourth quarter financial results for the year ended December 31, 2025, on February 18, 2026, before the market opens in New York [1] Earnings Release Details - The earnings release will occur on February 18, 2026, before market opening [1] - A conference call to discuss the financial results will be held on the same day at 8:30 a.m. ET [2] - Participants are advised to join the call 10 minutes early using specific dial-in numbers [2] Conference Call and Webcast - A replay of the conference call will be available until February 25, 2026, with designated numbers for the US and international participants [3] - A live webcast will also be available on the Costamare Inc. website, with registration recommended 10 minutes prior to the start [4] Company Overview - Costamare Inc. is a leading owner and provider of containerships for charter, with a history of 52 years in the international shipping industry [5] - 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 capacity of 18,600 TEU [5] - Costamare's common stock and preferred stocks are traded on the New York Stock Exchange under various symbols [5]

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Core Insights - Costamare Inc (CMRE) has one of the oldest fleets in the shipping industry and is currently in the process of renewing it [1] - Despite experiencing its most profitable years, shareholder dividends have been frozen for the last few years [1] Company Overview - Costamare Inc operates in the shipping industry with a focus on container vessels [1] - The company is taking steps to modernize its fleet, which may enhance operational efficiency and competitiveness [1] Financial Performance - The company has seen significant profitability in recent years, yet this has not translated into dividend payouts for shareholders [1]