Investor Presentation February 2026 Disclaimer This presentation contains certain statements that may be deemed to be "forward-looking statements" within the meaning of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, the outlook for fleet utilization and shipping rates, general industry cond ...

Financial Performance - The company reported a net profit of $1.1 million and an EBITDA of $20.9 million for Q2 2025[9] - Time charter equivalent (TCE) earnings were approximately $28,400 per day, gross, for Q2 2025 and $32,700 per day, gross, for July 2025[9] - Operating revenues decreased by $1.3 million compared to Q2 2024, from $31.2 million to $29.9 million, due to reduced average TCE, offset by more operational days[12, 14] - Vessel operating expenses increased by $1.5 million compared to Q2 2024, primarily due to more operational days[14] - Interest expense increased by $1.8 million due to draw downs on sale leaseback financing[14] Balance Sheet and Cash Flow - Cash and cash equivalents totaled $24.7 million as of June 30, 2025, including a minimum cash balance of $12.3 million[17] - Total debt was $714.0 million, or $701.3 million net of deferred loan costs, as of June 30, 2025[17] - Cash flow from operations was $8.3 million in Q2 2025[17] - Total cash distributions of $0.105 per share were declared for April, May, and June 2025[17] Market Dynamics - Year-on-year Capesize tonne-mile development decreased by 1.2% in Q2 2025, but increased by 3.2% compared to the 3-year average[35] - China's iron ore imports remain solid, and inventories are set for a seasonal rebound[45] - The orderbook represents 8.9% of the existing Capesize fleet, indicating a historically low orderbook[55]

Profitability and Liquidity - Costamare reported a Q1 2025 net income available to common stockholders of $95.0 million, equivalent to $0.79 per share, and an adjusted net income of $73.3 million, or $0.61 per share [8][14] - The company's liquidity stood at approximately $1,022.6 million as of March 31, 2025, which includes cash, cash equivalents, short-term investments, and margin deposits [58] Completion of Spin-Off - The spin-off of Costamare's dry bulk business into a standalone public company, Costamare Bulkers Holdings Limited (CMDB), was completed on May 6, 2025, with shareholders receiving one share of CMDB for every five shares of Costamare held [2][14] Owned Fleet Charter Update - Costamare's containership fleet is fully employed, with 100% and 73% of the fleet fixed for 2025 and 2026, respectively, and contracted revenues amounting to approximately $2.3 billion with a TEU-weighted duration of 3.3 years [9][15][17] Sale and Purchase Activity - The company completed the sale of the dry bulk vessel Rose in April 2025, generating net sale proceeds of $4.1 million after debt prepayment, and has an agreement for the sale of another vessel, Resource, expected to conclude in Q2 2025 [10][11] Financial Performance Comparison - Total voyage revenue decreased by 6.3%, or $29.6 million, to $440.6 million in Q1 2025 compared to Q1 2024, primarily due to decreased revenue from Costamare Bulkers and lower charter rates [32][33] - Voyage expenses decreased to $88.3 million in Q1 2025 from $95.4 million in Q1 2024, while charter-in hire expenses also decreased to $111.5 million from $144.3 million [35][36] Cash Flows - Net cash provided by operating activities increased to $143.1 million in Q1 2025 from $138.0 million in Q1 2024, attributed to favorable changes in working capital and decreased interest payments [52] - Net cash provided by investing activities was $1.5 million in Q1 2025, a decrease from $34.6 million in Q1 2024, which was primarily due to proceeds from vessel sales in the prior year [53][54] Debt and Financing - Costamare has no significant debt maturities until 2027, and it prepaid $150.2 million of its dry bulk vessels bank debt in April 2025 [11][16] - The company refinanced existing indebtedness of Polar Brasil through a $23.5 million loan facility agreement with a European financial institution, maintaining leverage levels [7] Dividend Announcements - The company declared a dividend of $0.115 per share on common stock, paid on May 6, 2025, along with dividends on its preferred stock series [14][16]