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FINANCIAL RESULTS Q3 2025 November 2025 Forward-Looking Statements This presentation contains certain forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include statements concerning the Company's plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, identified by words such a ...

Core Insights - Star Bulk Carriers reported quarterly earnings of $0.28 per share, matching the Zacks Consensus Estimate, but down from $0.71 per share a year ago [1] - The company posted revenues of $263.86 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 1.09% and down from $344.28 million year-over-year [2] - Star Bulk Carriers shares have increased by approximately 28.1% since the beginning of the year, outperforming the S&P 500's gain of 13.4% [3] Earnings Performance - The company has surpassed consensus EPS estimates two times over the last four quarters [1] - Star Bulk Carriers has topped consensus revenue estimates three times over the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is $0.63, with expected revenues of $292.99 million, and for the current fiscal year, the estimate is $0.96 on revenues of $1.04 billion [7] Market Outlook - The stock's immediate price movement will depend on management's commentary during the earnings call [3] - The estimate revisions trend for Star Bulk Carriers was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - The Transportation - Shipping industry is currently in the top 24% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Market Performance - The U.S. stock market faced a challenging session on November 18, 2025, with all three major indexes closing lower for the second consecutive day. The Dow Jones Industrial Average fell 1.1% to close at 46,590.24 points, while the S&P 500 slid 0.8% to 6,672.41 points. The Nasdaq Composite dropped 1.2%, closing at 22,708.08 points [1][2][3] Sector Performance - The broader market sentiment remained negative, with decliners outnumbering advancers on both the NYSE and Nasdaq. The CBOE Volatility Index (VIX) surged 12.86% to 22.38, indicating heightened investor anxiety. The technology, materials, financials, and energy sectors were notable underperformers, with ten of the eleven S&P 500 sectors ending in negative territory [3] Major Stock Movements - Nvidia (NVDA) continued its downward trend, with shares declining 3.2% today, bringing its monthly loss to nearly 11%. Analysts expect strong fiscal Q3 earnings driven by robust AI demand, with Stifel raising its price target to $250 and BofA Securities increasing its EPS estimates to a $275 price target [4] - Home Depot (HD) shares slid nearly 4% after reporting weaker-than-expected quarterly earnings and trimming its full-year profit outlook, with Q3 comparable sales rising only 0.2% against a consensus estimate of 1.36% [5] - Amazon.com (AMZN) and Microsoft (MSFT) both experienced downgrades, falling more than 1% after revised ratings from Rothschild & Co Redburn. Cloudflare (NET) dropped over 3% due to global network issues impacting services like ChatGPT [6] Upcoming Market Events - Nvidia's fiscal Q3 2026 earnings report is highly anticipated, scheduled for release after market close on November 19, which is expected to provide insights into AI infrastructure demand [7] - Major retail earnings reports from Walmart Inc. (WMT), Target Corporation (TGT), and others are set for November 19, which will offer critical insights into consumer spending patterns ahead of the holiday shopping season [8] - A series of delayed economic reports, including the September jobs report and FOMC minutes, are expected this week, which could influence investor sentiment and Federal Reserve policy [9]

Core Viewpoint - Star Bulk Carriers Corp. reported a significant decline in financial performance for the third quarter of 2025 compared to the same period in 2024, with lower revenues, net income, and earnings per share, while continuing to focus on fleet modernization and shareholder returns through dividends and share repurchases [1][7][10]. Financial Performance - Voyage revenues decreased to $263.9 million in Q3 2025 from $344.3 million in Q3 2024 [23]. - Net income for Q3 2025 was $18.5 million, down from $81.3 million in Q3 2024, resulting in earnings per share of $0.16 compared to $0.70 [21][22]. - Adjusted net income was $32.4 million for Q3 2025, down from $82.7 million in Q3 2024 [21]. - EBITDA for Q3 2025 was $73.6 million, a decrease from $143.4 million in Q3 2024 [22][48]. Operational Metrics - The average number of vessels in the fleet decreased to 141.4 in Q3 2025 from 155.3 in Q3 2024 [41]. - Daily Time Charter Equivalent (TCE) rate fell to $16,634 in Q3 2025 from $18,843 in Q3 2024, reflecting weaker market conditions [23][41]. - Daily operating expenses per vessel were $5,209 in Q3 2025, slightly down from $5,287 in Q3 2024 [26][41]. Shareholder Returns - The company declared a quarterly cash dividend of $0.11 per share, marking the 19th consecutive dividend payment, with cumulative dividends since 2021 totaling $13.12 per share [9][11]. - Approximately $82.1 million has been deployed for share repurchases year-to-date, with $91.4 million remaining under the current share repurchase program [9][12]. Fleet and Acquisition Strategy - The company agreed to acquire three Kamsarmax newbuilding vessels under construction, scheduled for delivery in Q3 2026, as part of its strategy to modernize the fleet [8][15]. - The average age of the operational fleet increased to 12.5 years as of Q3 2025, compared to 11.9 years in Q3 2024 [41]. Market Conditions - The dry bulk market is facing challenges due to geopolitical tensions and regulatory uncertainties, but the company believes medium-term fundamentals remain strong due to an aging fleet and restricted fleet growth [10].

Core Viewpoint - Star Bulk Carriers Corp. (NASDAQ:SBLK) is a significant entity in the global shipping industry, focusing on dry bulk cargo transportation and competing with major shipping companies to maintain its market position through efficient operations and strategic growth [1] Financial Performance and Projections - SBLK is scheduled to release its quarterly earnings on November 18, 2025, with Wall Street estimating an earnings per share (EPS) of $0.28 and projected revenue of approximately $215.6 million [2][6] - Analysts anticipate a decline in earnings for the quarter ending September 2025, with lower revenues compared to the previous year, indicating a cautious market outlook [2] Market Impact and Earnings Call - The upcoming earnings release could significantly influence SBLK's stock price, with potential upward movement if earnings exceed expectations, or a decline if they fall short [3] - The management's discussion during the earnings call on November 19, 2025, will be critical for evaluating the sustainability of immediate price changes and future earnings projections [3][6] Financial Metrics - SBLK's financial metrics include a price-to-earnings (P/E) ratio of approximately 17.73, indicating investor expectations for future earnings growth [4] - The company has a price-to-sales ratio of about 1.91 and an enterprise value to sales ratio of around 2.76, reflecting the market's valuation of its revenue [4] - The enterprise value to operating cash flow ratio is approximately 9.85, providing further insight into the company's financial health [4] Investment Returns and Debt Levels - The earnings yield for SBLK is about 5.64%, offering a return on investment relative to its stock price [5] - The company maintains a debt-to-equity ratio of roughly 0.56, suggesting a moderate level of debt relative to its equity [5] - A current ratio of approximately 1.61 indicates SBLK's ability to cover short-term liabilities with its short-term assets, reflecting a solid financial position [5]

Core Insights - Value Investor's Edge (VIE) is a deep value research community focused on maritime shipping, led by J Mintzmyer, with a growing team of ten analysts and experts [2] - The team has achieved consistent outperformance since its launch in 2015, with a final shipping model average return of +54.4% in 2023, closely matching the +54.9% return in 2022, and an 8-year internal rate of return (IRR) of 43.4% [2] Membership Benefits - Membership includes exclusive research from various analysts, regularly updated portfolio models, and a first look at new investment ideas [1] - Members receive in-depth research reports, quarterly reviews of alternative income opportunities, and weekly updates on value opportunities and market analytics [1] - Full coverage of earnings seasons for focus coverage firms is provided, along with exclusive market analytics for the shipping sectors and income opportunities [1]

Core Viewpoint - Star Bulk Carriers Corp. will release its third quarter financial results for the period ending September 30, 2025, on November 18, 2025, after market close, followed by a conference call on November 19, 2025, at 11:00 a.m. ET [1] Company Overview - Star Bulk is a global shipping company specializing in seaborne transportation solutions within the dry bulk sector, transporting major bulks like iron ore, minerals, and grain, as well as minor bulks such as bauxite, fertilizers, and steel products [5] - The company was incorporated in the Marshall Islands on December 13, 2006, and has executive offices in Athens, New York, Stamford, and Singapore [5] - Star Bulk's common stock trades on the Nasdaq Global Select Market under the symbol "SBLK" [5] - As of the release date, the company owns a fleet of 142 vessels with a total capacity of 14.2 million deadweight tons (dwt), including various types of vessels such as Newcastlemax, Capesize, Kamsarmax, and Ultramax [5] Conference Call Details - Participants are encouraged to join the conference call 10 minutes early using specific dial-in numbers, including a US toll-free number and international options [2] - A "call me" option is available for participants to receive a call for faster connection [3] - The conference call will be accompanied by a live and archived webcast, with slides available on the company's website [4]

Core Insights - Star Bulk Carriers (SBLK) stock closed at $17.98, reflecting a -1.53% change from the previous day, underperforming compared to the S&P 500's loss of 1.17% [1] - The upcoming earnings release is anticipated, with projected EPS at $0.28, indicating a significant 60.56% decline year-over-year, and revenue expected at $266.75 million, down 22.52% from the same quarter last year [2] - For the full year, earnings are estimated at $0.96 per share and revenue at $1.04 billion, representing declines of -63.5% and -17.99% respectively compared to the previous year [3] Analyst Estimates and Rankings - Recent analyst estimate revisions indicate a changing business outlook, with positive revisions suggesting optimism [3] - The Zacks Rank system, which assesses estimate changes, currently ranks Star Bulk Carriers at 4 (Sell), with the consensus EPS estimate decreasing by 8.79% in the past month [5] - The Zacks Rank has a proven track record, with 1 rated stocks averaging a +25% annual return since 1988 [5] Valuation Metrics - Star Bulk Carriers has a Forward P/E ratio of 19.02, which is a premium compared to the industry average Forward P/E of 12.35 [6] - The Transportation - Shipping industry holds a Zacks Industry Rank of 46, placing it in the top 19% of over 250 industries [6][7]

Core Viewpoint - Star Bulk Carriers Corp. has published its 2024 Environmental, Social and Governance (ESG) Report, marking its seventh annual publication, which outlines the company's sustainability strategy, performance, and future goals [2][3]. Company Overview - Star Bulk is a global leader in dry bulk shipping, providing seaborne transportation solutions for major and minor bulk commodities, including iron ore, minerals, grain, bauxite, fertilizers, and steel products [4]. - The company was incorporated in the Marshall Islands in 2006 and is headquartered in Athens, Greece. Its common stock trades on the Nasdaq Global Select Market under the symbol "SBLK" [4]. - As of the release date, Star Bulk owns a fleet of 142 vessels with a total capacity of 14.2 million deadweight tons (dwt), including various types of vessels such as Newcastlemax, Capesize, Kamsarmax, and Ultramax [4]. ESG Report Highlights - The 2024 ESG Report emphasizes measurable progress towards long-term ESG objectives, supported by detailed action plans and sustainability-focused Key Performance Indicators (KPIs) [2]. - The report is developed in accordance with Global Reporting Initiative (GRI 2021) standards and Sustainability Accounting Standards Board (SASB) for Marine Transportation (2023), aligning with the United Nations' Sustainable Development Goals (SDGs) [3]. - Specific GRI disclosures and SASB indicators have received limited assurance from EY in Greece, reinforcing the company's commitment to transparency and accountability in its ESG practices [3]. Leadership Statement - CEO Petros Pappas stated the company's mission is to be a reliable partner in global trade while leading the transition towards a more sustainable maritime future [3].