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 ...

Financial Performance - EuroDry reported net revenues of $1128 million for Q2 2025, a decrease of 353% compared to $1744 million in Q2 2024[10, 42] - The company experienced a net loss attributable to controlling shareholders of $307 million, or ($112) per share, in Q2 2025[10, 42] - Adjusted EBITDA for Q2 2025 was $187 million, a decrease of 628% from $502 million in Q2 2024[10, 42] - For the first half of 2025, net revenues were $2049 million, a decrease of 357% compared to $3186 million in the first half of 2024[42] - The adjusted net loss for the first half of 2025 was $868 million, compared to a loss of $367 million in the first half of 2024[42] Fleet and Operations - EuroDry's current fleet consists of 12 vessels with a total carrying capacity of 843k DWT and an average age of approximately 136 years[15] - The company has two Ultramax vessels under construction, scheduled for delivery in the second and third quarters of 2027, which will increase the total carrying capacity to 970k DWT[15] - Fixed rate coverage for the remaining of 2025 is about 255% through charters, excluding ships on index charters[17] - The company repurchased 334,674 shares of its common stock for $53 million since the initiation of the repurchase plan in August 2022[10] Market Outlook - The orderbook is at approximately 1094% of the fleet, which is low by historical standards[29, 34] - Dry bulk trade is projected to grow by 02% in 2025 and 06% in 2026[25]

Financial Performance - EuroDry's net revenues for Q1 2025 were $9.2 million, a decrease of 36.2% compared to $14.42 million in Q1 2024[9, 39] - The company reported a net loss attributable to controlling shareholders of $3.7 million, or ($1.35)/share in Q1 2025[9] - Adjusted net loss was ($5.7 million), or ($2.07)/share in Q1 2025[9, 39] - Adjusted EBITDA was ($1.0 million) in Q1 2025, a decrease of 148.9% compared to $2.07 million in Q1 2024[9, 39] Fleet and Operations - EuroDry's current fleet consists of 12 vessels with a total carrying capacity of 843k DWT and an average age of approximately 13.6 years[13] - The company has repurchased 334,674 shares of its common stock for $5.3 million under a repurchase plan of up to $10 million[10] - Fixed rate coverage for the remainder of 2025 is about 21.9% through charters[14] - Time Charter Equivalent (TCE) rate decreased to $7,167/day/vessel in Q1 2025 from $12,455/day/vessel in Q1 2024[41] Market Overview and Outlook - The orderbook is at approximately 10.51% of the fleet, remaining among the lowest levels in history[24, 26] - The company estimates that new supply of ships will be limited to about 1.8% in 2026, while demand growth is estimated at about 0.6%[33]