Costamare Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2025

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]