Highlights (1/4) Third Quarter 2025 Financial Results Conference Call November 4, 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 lim ...

Revenue and Income - Voyage revenue decreased by 1.6%, or $3.6 million, to $215.9 million for the three-month period ended September 30, 2025, compared to $219.5 million for the same period in 2024[8] - Income from investments in leaseback vessels increased by 50.0%, from $6.2 million in 2024 to $9.3 million in 2025, due to increased operational volume[10] - Net income from continuing operations was $99.4 million for the three-month period ended September 30, 2025, down from $111.1 million in 2024[5] - Voyage revenue decreased by 0.4%, or $2.8 million, to $644.0 million for the nine-month period ended September 30, 2025, compared to $646.8 million for the same period in 2024[38] - Income from investments in leaseback vessels increased to $22.0 million for the nine-month period ended September 30, 2025, up from $17.7 million in 2024, due to increased operational volume[40] - Net Income from Continuing Operations for the nine-month period ended September 30, 2024, was $312,788,000, compared to $317,397,000 for the same period in 2025, reflecting a decrease of approximately 1.9%[92] Expenses - Voyage expenses rose significantly by 94.6%, from $7.4 million in 2024 to $14.4 million in 2025, primarily due to liabilities for EU Emissions Allowances and increased relevant expenses[11] - Voyage expenses increased to $37.8 million for the nine-month period ended September 30, 2025, from $19.6 million in 2024, primarily due to liabilities for EUAs and Fuel EU Maritime penalties[41] - Daily vessels' operating expenses increased from $6,369 in 2024 to $6,520 in 2025, reflecting higher operational costs[14] - General and administrative expenses decreased by 56.0%, from $5.0 million in 2024 to $2.2 million in 2025[15] - General and administrative expenses decreased to $9.4 million for the nine-month period ended September 30, 2025, from $12.0 million in 2024[45] Cash Flow - Net cash provided by operating activities decreased by $16.6 million to $135.6 million in the three-month period ended September 30, 2025, from $152.2 million in 2024[26] - Net cash provided by operating activities decreased by $22.7 million to $418.8 million for the nine-month period ended September 30, 2025, compared to $441.5 million for the same period in 2024[56] - Net cash used in investing activities was $44.5 million in the three-month period ended September 30, 2025, mainly for advance payments for newbuild container vessels and the acquisition of a secondhand vessel[27] - Net cash used in investing activities increased significantly to $152.3 million in the nine-month period ended September 30, 2025, from $25.8 million in the same period of 2024[57][58] - Net cash used in financing activities was $237.6 million for the three-month period ended September 30, 2024, including $104.4 million for debt financing and $116.0 million for the full redemption of Series E Preferred Stock[30] - Net cash used in financing activities was $416.9 million for the nine-month period ended September 30, 2025, compared to $344.5 million for the same period in 2024[59][60] Assets and Liabilities - As of September 30, 2025, the company had cash and cash equivalents of $569.6 million[62] - Total current assets increased to $1,040,216, up from $663,827, representing a growth of 56.7%[84] - Total assets rose to $5,148,687, up from $3,860,967, indicating an increase of 33.3%[85] - Total current liabilities rose to $745,560, up from $394,565, representing an increase of 88.9%[84] - Current portion of long-term debt increased to $287,360 from $272,074, an increase of 5.3%[84] Fleet and Operations - Average number of vessels in the fleet slightly increased from 68.0 in 2024 to 68.2 in 2025, indicating a stable fleet size[6] - The company has a fleet of 69 containerships with a total capacity of approximately 520,000 TEU and six newbuild containerships under construction with a total capacity of 18,600 TEU[68] - The company made advance payments for the construction of four newbuild container vessels as part of its investing activities[57] - The average remaining duration of charters for the fleet is weighted on a TEU basis, reflecting the company's strategic planning for fleet management[76] Financial Metrics - Interest income decreased by 55.4%, from $8.3 million in 2024 to $3.7 million in 2025, reflecting lower interest rates and reduced cash balances[20] - Interest income decreased to $15.5 million for the nine-month period ended September 30, 2025, down from $24.8 million in 2024[50] - Interest and finance costs decreased to $66.8 million for the nine-month period ended September 30, 2025, from $82.1 million in 2024, due to lower average loan balances and reduced SOFR rates[51] - The company reported a decrease in interest payments during the nine-month period ended September 30, 2025, compared to the same period in 2024[56] - The company believes that Adjusted Net Income and Adjusted Earnings per Share are useful metrics for evaluating operating performance and liquidity compared to other companies in the industry[92] Shareholder Information - Net income available to common stockholders for the nine months ended September 30, 2024, was $260,935,000, compared to $271,041,000 in 2025, showing a decrease of 3.93%[81] - Earnings per common share for the nine months ended September 30, 2024, was $2.19, compared to $2.26 in 2025, reflecting a decline of 3.09%[81] - Adjusted Earnings per share from continuing operations was $2.47 for the nine-month period ended September 30, 2024, compared to $2.42 for 2025, representing a decrease of approximately 2.0%[92] - The weighted average number of shares for the nine-month period ended September 30, 2024, was 119,129,429, while for 2025 it increased to 120,119,317, showing a growth of about 0.8%[92]

Core Viewpoint - Costamare Inc. reported its financial results for Q3 2025, highlighting a strong performance in continuing operations following the spin-off of its dry bulk business, with significant liquidity and contracted revenues. Group I: Profitability and Financial Performance - Adjusted Net Income from Continuing operations for Q3 2025 was $98.0 million, or $0.81 per share, while Net Income from Continuing operations was $92.6 million, or $0.77 per share [7] - For the nine-month period ended September 30, 2025, the company reported a slight decrease in voyage revenue of 0.4%, totaling $644.0 million compared to $646.8 million in the same period of 2024 [60][62] - The company maintained a liquidity position of $569.6 million as of Q3 2025 [7] Group II: Fleet and Operations - Costamare's fleet was fully employed for 2025, with 100% of the containership fleet fixed for 2025 and 80% for 2026, resulting in contracted revenues of approximately $2.6 billion with a TEU-weighted duration of 3.2 years [8][15] - The company concluded two newbuilding contracts for 3,100 TEU containerships, bringing the total to six, with deliveries expected in Q1 2028 [7][14] Group III: Debt and Financing - Costamare successfully refinanced four of its 14,424 TEU vessels and two of its 12,690 TEU vessels, with total drawn amounts of $361.6 million and a repayment tenor of five years [8] - The company has no significant debt maturities until 2027, indicating a stable financial outlook [8] Group IV: Investment and Dividends - The company declared a dividend of $0.115 per share on common stock, payable on November 6, 2025, and also declared dividends on its preferred stock series [17] - Costamare's investment in Neptune Maritime Leasing Limited amounted to $182.2 million, representing 91.1% of its total committed investment [17]

Core Viewpoint - Costamare Inc. is set to release its third-quarter financial results on November 4, 2025, before the market opens in New York [1] Conference Call Details - A conference call will be held on November 4, 2025, at 8:30 a.m. ET to discuss the financial results, with participants advised to dial in 10 minutes early [2] - The replay of the conference call will be available until November 11, 2025, with specific numbers provided for both US and international participants [3] Live Webcast - A live webcast of the conference call will 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 51 years in the international shipping industry and a fleet of 68 containerships totaling approximately 513,000 TEU capacity [5] - The company has four newbuild containerships under construction with a total capacity of 12,400 TEU and also participates in a leasing business [5] - The company's common stock and preferred stocks trade on the New York Stock Exchange under various symbols [5]

Company Overview - Costamare Inc. is a leading international owner and provider of containerships for charter with 51 years of history in the shipping industry [3] - The company operates a fleet of 68 containerships with a total capacity of approximately 513,000 TEU and has four newbuild containerships under construction with a total capacity of 12,400 TEU [3] - Costamare Inc.'s common stock and preferred stocks trade on the New York Stock Exchange under various symbols [3] Recent Developments - At the virtual annual meeting of stockholders, two Class III directors, Konstantinos Konstantakopoulos and Charlotte Stratos, were elected for a term ending in 2028 [2] - Stockholders ratified the appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A. as the independent auditors for the fiscal year ending December 31, 2025 [2]

Core Thesis - The bullish thesis for Costamare Inc. (NYSE: CMRE) is based on five key ideas: charter renewals in the coming years, delivery of newbuilds, quarterly earnings movements, maintenance of dividends, and a focus on building a resilient, income-generating portfolio with long-term growth in mind [1]. Group 1: Charter Renewals and Newbuilds - Charter renewals are expected to occur over the next few years, which may provide stable revenue streams for the company [1]. - The delivery of newbuilds is anticipated to take place over the next couple of years, potentially enhancing operational capacity and revenue generation [1]. Group 2: Earnings and Dividends - Quarterly earnings movements are a critical factor in assessing the company's financial health and investment potential [1]. - The ability to maintain dividends is emphasized, indicating a focus on returning value to shareholders while ensuring financial stability [1]. Group 3: Investment Strategy - The investment approach is primarily long-only, blending dividend-paying equities, REITs, and other income strategies with selective growth opportunities [1]. - There is a strong emphasis on disciplined, fundamentals-driven investing, prioritizing capital preservation while compounding returns over time [1].

Core Thesis - The bullish thesis for Costamare Inc. (NYSE: CMRE) is based on five key ideas: charter renewals in the coming years, delivery of newbuilds, quarterly earnings movements, maintenance of dividends, and a focus on building a resilient, income-generating portfolio with long-term growth in mind [1] Group 1: Charter Renewals and Newbuilds - Charter renewals are expected to occur over the next few years, which will provide stability and revenue for the company [1] - The delivery of newbuilds is anticipated to take place over the next couple of years, contributing to growth and operational capacity [1] Group 2: Earnings and Dividends - Quarterly earnings movements are a critical factor in assessing the company's performance and potential for growth [1] - The maintenance of dividends is essential for attracting income-focused investors and ensuring shareholder satisfaction [1] Group 3: Investment Strategy - The investment approach is primarily long-only, blending dividend-paying equities, REITs, and other income strategies with selective growth opportunities [1] - There is a strong emphasis on disciplined, fundamentals-driven investing, prioritizing capital preservation while compounding returns over time [1]

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]

Financial Performance - Q2 2025 Net Income from Continuing operations available to common stockholders was $99.6 million ($0.83 per share)[7] - Q2 2025 Adjusted Net Income from Continuing operations available to common stockholders was $92.5 million ($0.77 per share)[7] - The company's liquidity stands at $524.5 million, including short term investments in U S Treasury Bills amounting to $18.9 million[7, 6] Chartering and Revenue - Contracted revenues from new chartering agreements increased by over $310 million[11] - Total contracted revenues for the containership fleet are approximately $2.5 billion, with a TEU-weighted duration of 3.2 years[11] - 100% of the company's containership fleet is fixed for 2025, and 75% is fixed for 2026, calculated on a TEU basis[11] Fleet Expansion and Financing - The company has shipbuilding contracts for four 3,100 TEU containerships, with deliveries expected between Q2 2027 and Q4 2027[8, 11] - New bilateral loan facilities of approximately $365 million from two European financial institutions will refinance existing indebtedness[14] - Corporate Leverage on a Market Values basis remains below 30%[14] Neptune Maritime Leasing (NML) - The company has invested $182.2 million in NML to date[18] - NML has financed 47 shipping assets through sale and lease-back transactions, representing total investments and commitments of more than $650 million[18] Dividends - A regular Q2 2025 dividend of $0.115 per share will be paid on August 6, 2025[18]

[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)