Euroholdings Ltd.

Thank you for standing by, ladies and gentlemen, and welcome to the Euro Holdings Conference Call on the Third Quarter 2025 Financial Results. We have with us Mr. Aristides Piras, Chairman and Chief Executive Officer, Ms. Athena Atalioti, Chief Financial Officer, and Mr. Tazos Aslitis, Chief Strategy Officer. At this time, all participants are in listen-only mode. There will be a presentation followed by a question and answer session, at which time, if you wish to ask a question, please press star 1 on your telephone keypad and wait for a message that your line is open. I must advise you that this conference is being recorded today. Please be reminded that the company announced their results with a press release that has been publicly distributed. Before passing the floor over to Mr. Pitas, I would like to remind everyone that in today's presentation, your holdings will be making forward-looking statements. These statements are within the meaning of the federal securities laws. Matters discussed may be forward-looking statements which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to slide number two of the webcast presentation, which has the full forward-looking statement, and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it. And now I would like to pass the floor over to Mr. Pitas. Please go ahead.

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Stasos Aslidis, our Chief Strategy Officer, and Athena Atalioti, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the three and nine month period ended September 30th, 2025. Please go to slide three. I remind you that on March 17th, Euroholdings was spun off Eurocease and has since operated as an independent company. As part of the transaction, Eurosys contributed three subsidiaries to Euroholdings, which own the now debt-free vessels Aegean Express and Joanna, along with 14 million in cash generated from the sale of the motor vessel Yamadis. On June 23, Marla Investments, a company affiliated with the Lattis family, acquired 51% of the company from the Pitas family. Following the transaction, members of the PITAS family retained approximately 8% ownership in the company. The change in our shareholding structure has provided Evo Holdings with a solid and sustainable foundation thanks to the gravitas and expertise of the Lachs family. Our first and major transformation was to gradually shift the company from container ships into tankers. Our first step is an investment in a modern medium-range product tanker, funded entirely with our own resources and bank debt, reflecting both our confidence in the sector's fundamentals and our prudent approach to capital management. At the same time, we continue to operate our two feeder container ships, which remain under profitable circumstances. These vessels will remain in service until the expiration of the current employment or their next special survey should their charters be renewed. This balanced approach provides operational continuity while positioning Euroholdings to capitalize on new opportunities in the tanker market. Please turn to slide 4 of the presentation. Our financial highlights are shown here. Third quarter of 2025, we reported total net revenues of $2.96 million and net income of $1.5 million, or $0.55 earnings per basic and diuted share. Adjusted EBITDA for the quarter was $1.44 million. Please refer to the press release for a reconciliation of adjusted EBITDA. We declared another quarterly dividend of 14 cents per share for the third quarter of 2025 in line with previous distributions as part of the company's common stock dividend plan. The dividend will be payable on or about December 16th to shareholders of record as of December 9th, 2025. This marks our third consecutive 14 cents quarterly dividend representing an annualized yield of approximately 8%. Please turn to slide 5. As already mentioned, on November 5, 2025, we announced the signing of a memorandum of agreement to acquire our first medium-range product tanker from Latsko, an affiliated party, for $31.83 million. Motor Vessel Elas Avatar, as the vessel is named, was built in 2015 in South Korea, has a carrying capacity of 50,000 deadweight, and is expected to be delivered by the end of this week. The acquisition is financed through a combination of debt and equity. The company has signed a terms sheet with Pairius Bank, SA, for $20 million to partly finance the acquisitions. An independent committee of disinterested directors was formed to evaluate and approve the transaction, ensuring full transparency and alignment with shareholder interests. Looking ahead, we plan to pursue further fleet expansion, supported by cash flow generated from our existing assets, and, where appropriate, additional capital raised in the financial market. Let's now turn to slide 6 to review our current fleet composition, which consists of two feeder containers with a combined carrying capacity of 3,170 TEU and an average age of just below 27 years. After the delivery of the Elas Avatar, which has a carrying capacity of about 50,000 deadweight, the fleet will have a grand total carrying capacity of about 91,000 deadweight, and an average age of 17.6 years. Turning to slide 7, we outline our current deployment profile of our fleet. Our two feeder container ships, MV Aegean Express and MV Joanna, remain fully utilized on the profitable time starters, delivering consistent cash flow and operational reliability. that directly support our growth initiatives and provide a solid platform as we expand into new markets. The container ship market continues to perform well, particularly in the feeder segment, supported by steady demand and limited supply growth. These conditions position our vessels to sustain compelling earnings performance even beyond their current contracts, despite their rates. The Aegean Express is employed on a short-term time charter at a daily rate of $16,700 a day, which runs through mid-December 2025. Motor vessel Joanna is fixed on a medium-term charter at $19,000 per day through March 2026, followed by $9,500 per day until September 2026. with an optional two-month extension at $16,500 per day through November 2026. Despite the rates, both vessels continue to perform efficiently and may be rechartered beyond their current contracts. In fact, we are currently negotiating to potentially recharter the Aegean Express at the end of its current charter. The customers generated from the container ship charters continue to support our growth initiatives, ensuring a steady foundation as we expand into the tanker market. Please turn on to slide eight, which provides an overview of the feeder container ship segment in which we operate. This slide highlights the dynamics of the smaller container ship market where both our vessels are positioned. As shown by data from Claxon's research, the global order book heavily concentrated in larger container ships operating on the main trade lanes. In contrast, the feeder segment, which includes ships in the 1,000 to 2,000 TEU range, remains significantly undersupplied. Only around 10% of the current feeder fleet is on order, while roughly 20% of existing vessels are already over the 20 years. This creates an imbalance between limited new building activity on one side and an aging fleet on the other. Many of these older vessels are likely to head toward retirement or scrapping, especially as environmental regulations continue to tighten. At the same time, mainline capacity is growing. The more cargo moves through these major routes, the more feeder ships are needed to distribute it regionally. Whilst rising fast, The order book for feeder and intermediate-sized vessels remains relatively small. Please turn to slide 9, where we can see the 12-month time-charter rate for feeder containers with a capacity of 1,700 TEU over the past 10 years. As of November 14, the time-charter rate for such vessels stands at $28,700 per day, well above the 10-year average of $16,800 per day and the median of $10,100 per day. Let me pass now the floor over to our Chief Strategy Officer, Tasos Asflidis, to provide us some highlights of the product tanker market.

Thank you very much, Aritidis. Good morning from me as well, ladies and gentlemen. Over the next few slides, I will provide you with some highlights, as Aristides mentioned, for the product tanker market. Please turn to slide 11 to review the development of one- and three-year charter rates for medium-range product tankers over the past decade. As shown here, as of November 14, 2025, the one-year medium-range MR time charter rates stood at approximately $23,750 per day, broadly in line with the five-year average of $23,870 and the median of $23,500 per day for this size class. Rates, as you can see, have been largely stable during 2025 before rebounding in the recent weeks. Similarly, the three-year MR charter rate is currently at around $21,000 per day, slightly below the five-year average, but just around the five-year average of $20,910 per vessel per day, and a median of $20,750. Although these rates are a bit lower than the rates observed during the period of 2022 to 2024, they still remain healthy by historical standards, and highlight the fundamentally strong and well-supported MR tanker market. Please turn to slide 12 to review the medium-range tanker new building and second-hand prices over the past 5 and 10 years. As shown here, the medium-range tanker values, both new building and second-hand, remain above their 5 and 10-year medians and averages, Even after, in 2025, vessel prices have corrected by about 10% compared to their 2024 decade-long peaks, with second-hand prices registering small increases over the recent weeks. Currently, values are about 17% to 24% below those peak levels for 5- or 10-year second-hand vessels, respectively, reflecting potentially a healthy entry point in the sector as compared to asset values observed over the last three years. As of the end of last week, new building prices were valued at around 48.5 million, five-year-old vessel prices at around 43 million, and 10-year-old units were priced at around 33 million, according to Claxon's research, all reflecting the continued market confidence in the medium range product tanker sector and providing a supportive pricing backdrop for us as we evaluate acquisition opportunities. Please turn to slide 13, which highlights the medium range tanker fleet age profile and order book. As shown on the top left of the slide, the global medium range tanker fleet profile is roughly uniformly spread over the vessel ages with nearly half, 46% of fall vessels now over 15 years of age and only about 13% under five years of age. This age profile supports at least a normal scrapping rate and consequently provides supply support as older vessels reach their next special surveys and thus become less competitive under the new environmental rules and regulatory environment. On the top right, we can see that the medium-range product anchor market deliveries have remained relatively moderate over the past several years as a result of the limited ordering as shown on the chart in the bottom of the slide, averaging about 3 million deadweight annually, while scrapping has also been limited, especially during 2022 to 2024 period, when market rates were very strong. Combined, these two developments, they reflect the fleet that is growing only modestly in net capacity, even during record rate level years. With rates in 2025, being lower as compared to the rates during the three-year period before that, 22 to 24, scrapping is starting to pick up, while deliveries are expected to reflect the relatively modest order book levels. In fact, the sector was under-ordered for quite some time, as shown again in the chart at the bottom of this page. In summary, the average order book coupled with the aging fleet underpin a constructive medium-term supply outlook. To complete the top-level overview of the product tanker sector, we need also to review demand for such vessels. For that, let's turn to slide 14, where we go over the trade demand outlook for tankers. As shown on the top part of the slide, global oil products trade was quite strong during the period 2022 to 2024, while experiencing a decline so far this year in 2025, according to Clarkson's, a development fully consistent with the rate picture we reviewed earlier, where rates were very strong during 2022 to 2024, and corrected in the first nine months of this year. Current forecasts by leading market analysts point to an increase in trade, in 2026, and thus demand for ships. And while the global oil demand as shown in the bottom left chart grows in general in synchronization with the overall world economic growth, both in terms of tons upon miles, demand for oil products is also affected by the geographical profile of the refinery capacity. With new refineries increasingly being built away from areas where demand for products develops, and built typically nearer to where crude oil is produced, the 10-mile effect on the oil products trade is expected to be higher, suggesting increasing demand for product engines. In the bottom right of this slide, you can see a chart of the total refinery capacity developments. Global refinery capacity has expanded steadily since 2010, rising from the low 90 million barrels per day to about 102 million barrels per day in 2024, in parallel broadly to demand for oil. It is not worthy that although capacity remained about the same in 2025, there is expectation based on announced plans that it will grow by about 1.5% each of 2026 and 2027, providing further support to the product market outlook. Slide 15 that follows summarizes what we have already discussed. I will only highlight and close with that the last bullet of the slide that states the somewhat obvious point that if anything is high these days, These are uncertainty and risks and consequent opportunities. We live in a world with uncertainties that range from economic and geopolitical developments, including the still unfolding effects from the tariff wars and other protectionist measures, to suction-related inefficiencies which could reduce further effective fleet supply and, of course, the opposite effect if they get removed. to regional developments that affect the trade routes traveled and consequently the pattern of trade, things like the crossings of Suez Canal, to competition for crude product tangers into clean trades, to climate change-related policies and the timing of decarbonization targets. The recent IMO net zero timeframe delays are an example. And the list does not stop here. And with that, let me now pass the floor to our CFO, Athena Atalioti, to go over the financial highlights in a little more detail.