Euroseas Ltd.

Thank you for standing by, ladies and gentlemen, and welcome to the EEOC's conference call on the fourth quarter 2025 financial results. We have with us Mr. Aristides Pitas, Chairman and Chief Executive Officer, and Mr. Chazas Aslitis, Chief Financial Officer of the company. At this time, all participants are in a 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 your name to be announced. 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 and conference call, EROCs 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 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, sir.

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Tasha Soslivi, South Sea Financial Officer. The purpose of today's call is to discuss our financial results for the three- and 12-month period under December 31, 2025. Please turn to slide three of the presentation for our quarterly financial highlights. For the first quarter of 2025, we reported total net revenues of $57.4 million and a net income of $40.5 million for $5.79 of diluted shares. Adjusted net income for the quarter was $31.3 million, or $4.48 for diluted shares. Adjusted EBITDA for the period was $40.7 million. Please refer to the press release for the reconciliation of adjusted net income and adjusted EBITDA. Tasos Soslidis will go over our financial highlights in more detail later on in the presentation. As part of the company's common stock dividend plan, we are pleased to announce that our board of directors increased the quarterly dividend by 7% to 75 cents per share for the fourth quarter of 2025. This represents an annualized dividend per share of $3, resulting in an annualized dividend yield of about 5% based on our current share price. Additionally, since the launch of our 20 million share repurchase program in May 2022, we have repurchased 280,000 shares of our common stock in the open market, representing about 6.8% of our outstanding shares, for a aggregate price of approximately $11.4 million. Following two one-year extensions, the program was renewed for a third time in May 2025, We intend to continue executing our repurchase program in a disciplined manner, deploying capital when appropriate to support and enhance long-term shareholder value. Please turn to slide 4 for an overview of our recent developments where we highlight key progress across vessel sale and purchases, startling activity, and operational performance. As previously announced, we successfully completed the sale and delivery of motor vessel Marcos V to her new unaffiliated owners on October 20th, 2025. This transaction generated a gain on sale of $9.2 million. On the chartering front, we secured multi-year employment for several vessels, further strengthening our revenue stability. Motovessel Gregos, Terataki, and Leonidas were all fixed for about three years at an attractive daily rate of $30,000 per day. In addition, Motovessel EM Spetses was fixed for a minimum of 22 months, a maximum of 24 months, at a daily rate of $21,500 per day. We have no item or commercial of higher days or periods. Now, please turn to slide 5. Our underwater fleet currently consists of 21 vessels with a total carrying capacity of 61,000 TEUs and an average age of 13.1 years. This includes six intermediate vessels with a combined carrying capacity of approximately 35,500 TEUs and an average age of 18.2 years. and 15 feet of vessels with a combined carrying capacity of about 35,000 TEU and an average age of 9.4 years. In addition, we have four intermediate vessels under construction, each with a capacity of 4,480 TEU. Two of these are expected to be delivered in the third and fourth process of 2027. and the remaining two in the first and second quarter of 2028, adding a further 18,000 TEU of capacity to our fleet. On a fully delivered basis, our fleet will go to 25 vessels with a carrying capacity of approximately 80,000 TEU.

Ladies and gentlemen, please stand by. Your conference will resume momentarily. You are now connected. You are now connected.