Q3 & 9M 2025 Financial & Operating Results November 18, 2025 C3is Inc. 1 This presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as "may," "will," "should," "estimates," "intends," and similar expressions are intended t ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2024 was $69.9 million, down from $124.4 million in Q3 2024 [4] - Net income for Q4 2024 was $39 million, compared to $56.3 million in Q3 2024, with earnings per share decreasing from $0.28 to $0.20 [4] - Full-year 2024 net profit increased to $223.2 million from $112.3 million in 2023 [5] - Total fleet-wide TCE rate decreased to $20,800 in Q4 from $23,700 in Q3 [8] Business Line Data and Key Metrics Changes - Drydocking costs in Q4 were $34.3 million for thirteen vessels, significantly higher than $9.7 million for five vessels in Q3 [6] - Net revenues fell to $174.9 million in Q4 from $206.6 million in Q3 [10] - Operating expenses (OPEX) increased to $95.6 million from $69.4 million in Q3, primarily due to drydocking and ballast water treatment system upgrades [11] Market Data and Key Metrics Changes - Brazilian iron ore volumes decreased by 13% quarter on quarter, while annual export volumes increased by 3% [19] - Guinea bauxite volumes grew by 14% year on year, averaging over 13.5 million tons per month in Q4, up from 10.5 million tons in Q3 [21] - China accounted for 74% of iron ore volumes and 85% of bauxite volumes in 2024, indicating strong demand from the region [22] Company Strategy and Development Direction - The company is focusing on an intensive drydocking period for its Capesize fleet, with nearly half of the fleet undergoing special surveys over nine months [17] - The company maintains its position as the largest listed owner in the Capesize and Newcastle Max segment, which represents over 80% of its deadweight tonnage [18] - A strategy to reward shareholders through dividends and share buybacks continues, with a declared dividend of $0.15 per share for Q4 2024 [7][44] Management's Comments on Operating Environment and Future Outlook - Management noted a rebound in sentiment due to improved weather conditions in Australia and a boost in Panamax rates, which have positively impacted Capesize rates [48][50] - The company remains fundamentally positive on the market outlook despite near-term volatility and geopolitical uncertainties [45] - Analysts expect that new high-grade iron ore deposits will replace lower-quality Chinese domestic production, positively impacting demand for Capesize vessels [34] Other Important Information - The company has secured a net TCE of about $15,100 per day for 77% of Capesize days in Q1 2025 [7] - Cash flow from operations decreased to $71.7 million in Q4 from $100.8 million in Q3 [14] - The company has $150 million of undrawn available credit facilities at the end of Q4 [16] Q&A Session Summary Question: What is the outlook for the Cape market? - Management indicated a rebound in sentiment driven by improved weather conditions in Australia and a boost in Panamax rates, although volumes from Brazil remain muted [48][50] Question: What are the budget expectations for dry docks in the first half of 2025? - Management stated that costs for drydocking have increased due to regulatory requirements and the need for high-performing vessels, with the average costs in Q4 being higher than usual [52][53] Question: What opportunities are there for sales and purchases of vessels? - Management expressed a preference for being sellers rather than buyers at the moment, focusing on maintaining capacity in the Cape and Newcastle Max segments [58][59] Question: What impact could potential port fees on Chinese-built vessels have? - Management noted that the proposed policies are still in the early stages and that the US is not a major player in dry bulk, suggesting that any increased costs could be passed on to consumers [70][72]