Key Takeaways EDRY sees EPS estimates jump over 100% and revenue forecasts rise sharply year over year. EuroDry's shares surge 60% in a year, outperforming the shipping industry's 44.6% gain. EDRY maintains strong liquidity and steady buybacks, signaling a balanced capital strategy.EuroDry Ltd. (EDRY) is bolstered by its proactive shareholder-friendly initiatives, boosting the company’s prospects. Robust liquidity bodes well for the company. With these tailwinds, EDRY’s shares have performed impressively on ...

Core Viewpoint - EuroDry (EDRY) has shown a significant price increase of 56.8% over the past four weeks, with a mean price target of $29.33 indicating a potential upside of 45.2% from the current trading price of $20.2 [1] Price Targets and Estimates - The mean estimate consists of three short-term price targets with a standard deviation of $4.51, where the lowest estimate of $25.00 suggests a 23.8% increase, and the highest estimate of $34.00 indicates a potential surge of 68.3% [2] - A low standard deviation among price targets suggests a high degree of agreement among analysts regarding the stock's price movement, which can serve as a starting point for further research [9] Analyst Sentiment and Earnings Estimates - Analysts are optimistic about EDRY's earnings prospects, as indicated by a strong consensus in revising EPS estimates higher, which has shown a correlation with near-term stock price movements [11] - The Zacks Consensus Estimate for the current year has increased by 104.1% over the past month, with no negative revisions, indicating positive sentiment among analysts [12] - EDRY holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates, further supporting the stock's potential upside [13] Caution on Price Targets - While consensus price targets are often sought after, they may not reliably indicate actual stock price movements, and investors should approach them with skepticism [3][10]

Core Insights - EuroDry Ltd. (NASDAQ:EDRY) is recognized as a promising micro-cap stock, reporting a profitable Q4 2025 with net revenues of $17.4 million, a nearly 20% increase from Q4 2024 [1] - The company experienced a decline in total net revenues for the full year 2025, down 14.4% to $52.3 million, but achieved a 33% increase in annual Adjusted EBITDA to $12.55 million [2] - EuroDry maintains a strong liquidity position with $31.8 million in cash and assets against $103.7 million in outstanding debt, while also focusing on shareholder value through share repurchases [3] Financial Performance - Q4 2025 net income attributable to controlling shareholders was $3.2 million, equating to $1.14 per diluted share, with Adjusted EBITDA rising to $7.5 million from $1.85 million year-over-year [1] - Despite the revenue drop for the full year, the loss per share was narrowed from $4.62 in 2024 to $1.55 in 2025 [2] Company Overview - EuroDry Ltd. provides ocean-going transportation services globally, operating drybulk carriers that transport major and minor bulk commodities [4]

Core Viewpoint - EuroDry (EDRY) shares have increased by 27.6% over the past four weeks, closing at $16.9, with a mean price target of $22.83 indicating a potential upside of 35.1% [1] Price Targets and Analyst Estimates - The mean estimate consists of three short-term price targets with a standard deviation of $2.57, where the lowest estimate of $20.00 suggests an 18.3% increase, and the highest estimate of $25.00 indicates a 47.9% surge [2] - Analysts' price targets can often mislead investors, as empirical research shows that they rarely indicate the actual price direction of a stock [7] - A low standard deviation among price targets suggests a high degree of agreement among analysts regarding the stock's price movement, which can serve as a starting point for further research [9] Earnings Estimates and Analyst Sentiment - Analysts have shown increasing optimism about EDRY's earnings prospects, with a strong consensus in revising EPS estimates higher, which correlates with potential stock price increases [11] - Over the past 30 days, one estimate has increased, leading to a Zacks Consensus Estimate rise of 93.2% [12] - EDRY holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside [13]

Financial Data and Key Metrics Changes - For Q4 2025, total net revenues were $17.4 million, a 19.9% increase from $14.5 million in Q4 2024 [25] - Net income attributable to controlling shareholders was $3.2 million, with earnings per diluted share of $1.14 [3] - Adjusted EBITDA for Q4 2025 was $7.5 million, compared to $1.85 million in Q4 2024, marking an increase of over 300% [27] - For the full year 2025, total net revenues were $52.3 million, a 14.4% decrease from $61.1 million in 2024 [29] - Adjusted EBITDA for the full year 2025 was $12.55 million, a 33% increase from $9.4 million in 2024 [30] Business Line Data and Key Metrics Changes - The company sold the M/V Eirini P. for $8.5 million, resulting in a gain of nearly $1 million, as part of a fleet renewal strategy [5] - The average time charter equivalent rate for Q4 2025 was $16,260 per day, significantly higher than $12,201 per day in Q4 2024 [33] - The commercial utilization rate for Q4 2025 was 100%, consistent with the previous year [32] Market Data and Key Metrics Changes - Panamax spot rates declined from approximately $14,600 per day in Q4 2025 to about $9,650 per day by late December, before recovering to roughly $13,500 per day [10] - The Baltic Dry Index and the Baltic Panamax Index recorded year-over-year increases of approximately 47% and 52% respectively [11] - The global economy is projected to grow by 3.3% in 2026, with trade growth in the dry bulk sector expected at 1.9% in 2026 [12][14] Company Strategy and Development Direction - The company is focused on disciplined capital allocation, operational efficiency, and delivering profits for shareholders [24] - There is an ongoing strategy to increase longer-term charters if market rates continue to rise [6] - The company plans to modernize its fleet, potentially selling older vessels and acquiring more modern ones [59] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the strengthening market but acknowledged uncertainties related to geopolitical developments and trade dynamics [57] - The company expects the average rate for 2026 to potentially be similar to 2025, with hopes for higher rates [57] - Management highlighted the importance of monitoring supply and demand dynamics in the dry bulk sector [20] Other Important Information - The company has repurchased 334,000 shares for a total of $5.3 million as part of its share repurchase plan [4] - The current fleet consists of 11 vessels with an average age of approximately 14 years, and two Ultramax vessels are under construction [9] Q&A Session Summary Question: Satisfaction with the joint venture with NRP Partners - Management expressed satisfaction with the joint venture and indicated potential for more deals in the future [45] Question: Cargo breakdown for the fleet - Management offered to provide detailed cargo data for the fleet offline [48] Question: Coal demand compared to other commodities - Management noted that coal consumption has stabilized but is expected to decrease as a percentage of energy mix [50] Question: Fixed rate coverage for 2026 - Management indicated that expanding coverage depends on market evolution and expressed willingness to fix more long-term charters [54] Question: Fleet renewal strategy - Management has not made fixed decisions on selling older vessels but is continuously discussing modernization [59] Question: Changes to reported numbers for Q4 2024 - Management clarified that a claim was recognized in Q4 numbers, which was included in the audited results [64]

Financial Data and Key Metrics Changes - For Q4 2025, total net revenues were $17.4 million, a 19.9% increase from $14.5 million in Q4 2024 [26] - Net income attributable to controlling shareholders was $3.2 million, with earnings per diluted share of $1.14 [3] - Adjusted EBITDA for Q4 2025 was $7.5 million, compared to $1.85 million in Q4 2024, marking an increase of over 300% [28] - For the full year 2025, total net revenues were $52.3 million, a 14.4% decrease from $61.1 million in 2024 [30] - Adjusted EBITDA for the full year 2025 was $12.55 million, a 33% increase from $9.4 million in 2024 [31] Business Line Data and Key Metrics Changes - The company sold the M/V Eirini P. for $8.5 million, resulting in a gain of nearly $1 million, as part of its fleet renewal strategy [5] - The average time charter equivalent rate for Q4 2025 was $16,260 per day, significantly higher than $12,201 per day in Q4 2024 [34] - The fleet currently consists of 11 vessels with an average age of approximately 14 years, and two Ultramax vessels under construction [9] Market Data and Key Metrics Changes - Panamax spot rates declined from approximately $14,600 per day in Q4 2025 to about $9,650 per day by late December, before recovering to roughly $13,500 per day [10] - The Baltic Dry Index and the Baltic Panamax Index recorded year-over-year increases of approximately 47% and 52% respectively [11] - The global economy is projected to grow by 3.3% in 2026, with trade growth in the dry bulk sector expected at 1.9% in 2026 [12][14] Company Strategy and Development Direction - The company is focused on disciplined capital allocation, operational efficiency, and delivering profits for shareholders [24] - There is an ongoing strategy to increase longer-term charters if market rates continue to rise [6] - The company is considering selling older vessels and potentially acquiring more modern ships as part of its fleet renewal strategy [60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strengthening market but acknowledged uncertainties related to geopolitical developments and trade dynamics [56] - The company expects the average rate for 2026 to potentially be similar to 2025, with hopes for higher rates [57] - There are concerns about the impact of ongoing geopolitical tensions and trade frictions on the global economy [12] Other Important Information - The company has repurchased 334,000 shares for a total of $5.3 million as part of its share repurchase plan [4] - The cash flow breakeven rate for Q4 2025 was $13,231, compared to $11,259 for Q4 2024 [35] - The estimated net asset value per share exceeds $48, indicating significant potential upside for shareholders [42] Q&A Session Summary Question: Satisfaction with the joint venture with NRP Partners - Management expressed satisfaction with the joint venture and indicated a willingness to pursue more such deals in the future [46] Question: Cargo breakdown for the fleet - Management offered to provide data on the cargo breakdown for the fleet offline [48] Question: Coal demand compared to other commodities - Management noted that coal consumption has stabilized but is expected to decrease as a percentage of energy mix in the future [50] Question: Fixed rate coverage for 2026 - Management indicated that expanding coverage depends on market evolution and expressed willingness to fix more long-term charters [54] Question: Fleet renewal and modernization strategy - Management has not made fixed decisions regarding the sale of older vessels but is continuously discussing the strategy [60] Question: Changes to reported numbers for Q4 2024 - Management clarified that a claim was recognized in Q4 2025, which was included in the audited results [65]

Earnings Presentation Quarter Ended December 31, 2025 1 February 20, 2026 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such jurisdiction. 2 38 – 138 – 222 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Forward/Looking Statement ...

Core Viewpoint - EuroDry (EDRY) reported quarterly earnings of $0.87 per share, exceeding the Zacks Consensus Estimate of $0.78 per share, and showing a significant improvement from a loss of $0.25 per share a year ago [1] Financial Performance - The company achieved revenues of $17.39 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 5.29% and increasing from $14.51 million in the same quarter last year [2] - EuroDry has surpassed consensus EPS estimates two times over the last four quarters [2] Stock Performance - EuroDry shares have increased approximately 26.7% since the beginning of the year, significantly outperforming the S&P 500's gain of 0.5% [3] Future Outlook - The company's earnings outlook will be crucial for future stock performance, with current consensus EPS estimates at $0.22 on $13.78 million in revenues for the coming quarter and $2.82 on $60.76 million in revenues for the current fiscal year [7] - The estimate revisions trend for EuroDry was favorable ahead of the earnings release, resulting in a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Transportation - Shipping industry, to which EuroDry belongs, is currently in the top 25% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8]

Core Insights - EuroDry Ltd. reported a profitable fourth quarter of 2025, with net income attributable to controlling shareholders of $3.2 million, contrasting with a net loss of $6.2 million in the same period of 2024 [6][21][24] - The company experienced a 19.9% increase in total net revenues for Q4 2025, reaching $17.4 million, driven by higher time charter rates despite a decrease in the average number of vessels operated [10][24] - For the full year 2025, total net revenues decreased by 14.4% to $52.3 million, attributed to a lower number of vessels operated and reduced time charter equivalent rates [24][36] Fourth Quarter 2025 Highlights - Average time charter equivalent rate for Q4 2025 was $16,262 per day, a 33.3% increase compared to Q4 2024 [10][22] - Adjusted EBITDA for Q4 2025 was $7.5 million, significantly up from $1.8 million in Q4 2024 [9][22] - The company operated an average of 11.2 vessels in Q4 2025, down from 13.0 vessels in Q4 2024 [8][10] Full Year 2025 Highlights - Average time charter equivalent rate for the full year 2025 was $11,642 per day, down from $13,039 per day in 2024 [24] - Adjusted EBITDA for the full year 2025 was $12.5 million, compared to $9.4 million in 2024 [37] - The company reported a net loss attributable to controlling shareholders of $4.3 million for the full year 2025, an improvement from a net loss of $12.6 million in 2024 [36][38] Operational Insights - Total vessel operating expenses for Q4 2025 were $6.2 million, a decrease from $6.6 million in Q4 2024, primarily due to a lower number of vessels operated [12][26] - The company has initiated a strategy shift to secure longer-term charters as market rates strengthen, with a recent one-year time charter for an Ultramax vessel at $15,500 per day [7][8] - As of December 31, 2025, the company had outstanding debt of $103.7 million and cash reserves of $25.7 million [9][65] Fleet Profile - EuroDry's fleet consists of 11 dry bulk vessels with a total deadweight tonnage of 766,420 [40] - The company has two Ultramax vessels under construction, expected to be delivered in 2027 [42][43] - The average daily results indicate a fleet utilization rate of 99.6% for Q4 2025, reflecting efficient deployment of vessels [44][49]

Core Viewpoint - EuroDry Ltd. is set to release its financial results for the fourth quarter ended December 31, 2025, on February 19, 2026, after market closes in New York [1] Group 1: Financial Results Announcement - The financial results will be discussed in a conference call and webcast on February 20, 2026, at 8:00 a.m. Eastern Time [2] - Participants can join the call by dialing in 10 minutes before the scheduled time using specific numbers provided [3] - An audio webcast of the conference call will be available live and archived on the company's website [5] Group 2: Company Overview - EuroDry Ltd. was formed on January 8, 2018, to consolidate the drybulk fleet of Euroseas Ltd. into a separate public company and trades on NASDAQ under the ticker EDRY [7] - The company operates in the dry cargo, drybulk shipping market, managed by Eurobulk Ltd., which handles day-to-day operations [8] - EuroDry has a fleet of 11 vessels with a total cargo capacity of 766,420 dwt, and plans to expand to 13 vessels with a capacity of 893,420 dwt after the delivery of two Ultramax vessels in 2027 [9]