Seanergy Maritime Holdings Corp.

Thank you for standing by, ladies and gentlemen, and welcome to the Synergy Maritime Holdings Co-op conference call on the fourth quarter and year-end December 31st, 2025 financial results. We have with us Mr. Stamatis Santanis, Chairman and CEO, and Mr. Stavros Giftakis, Chief Financial Officer of Synergy Maritime Holdings Co-op. 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 would like to ask a question, please press star 1-1 on your telephone keypad. You will then hear an automated message advising your hand is raised. Please be advised that this conference call is being recorded today, Tuesday, February 17th, 2026. The archived webcast of the conference call will soon be made available on the Synergy website, www.synergy.com. synergymaritime.com. To access today's presentation and listen to the archived audio file, visit the Synergy Maritime website following the webcast and presentation section under the investor relations page. Please now turn to slide two of the presentation. Many of the remarks today contain forward-looking statements based on current expectations. Actual results may differ materially from the results projected from those forward-looking statements. Additional information concerning factors that can cause the actual results to differ materially from those in the forward-looking statements is contained in the fourth quarter and year-ended December 31, 2025 earnings release. which is available on the Synergy website again, www.synergymaritime.com. I would now like to turn the conference over to one of your speakers today, the chairman and CEO of the company, Mr. Stamatis Santanis. Please go ahead, sir.

Thank you, operator, and welcome, everyone. Today, we're pleased to present our financial results and company updates for the fourth quarter and full year of 2025. 2025 marked our fifth consecutive year of profitability and another important milestone for Synergy. We delivered strong earnings, generated meaningful cash flow, advanced our fleet renewal strategy, and continued returning capital to our shareholders, significant capital to our shareholders, all while further strengthening our balance sheet. For the fourth quarter of 2025, we reported earnings per share of 68 cents. And for the full year period of 2025, we reported earnings per share of $1.28. Both our net income, as well as the appreciation in value of vessels acquired since 2021, underscore the operating leverage embedded in our platform. Our profitable track record validates our long-term consistent strategy of focusing exclusively on larger bulkers, Cape Sizes and Newcastle Maxes. Synergy is optimally positioned in what we believe is a favourable Cape Size environment, supported by expanding long-haul demand while fleet supply growth remains constrained. Ageing tonnage, limited new ordering and environmental regulations are creating a structured, tighter supply environment. With respect to fleet renewal and optimization, we have made significant progress. To date, we have secured three high-specification eco-new buildings, two Cape sizes and one Newcastle MAX, at leading Chinese shipyards with deliveries between Q227 and Q228, totaling approximately $226 million. At the same time, we recently concluded the sale of a 2010-built Duke ship at a firm price. In addition to the sale of the 2010 built genus ship earlier in 2025, both transactions released significant capital for the company. The current strength in second-hand values allows us to execute our fleet transition in a disciplined and measured manner while maintaining strong balance sheet. At the year-end, our fleet loan value stood at 43%, reflecting a conservative leverage profile supported by disciplined balance sheet management. As a pure-play, cape-size operator, we maintain balanced leverage that preserves financial resilience while retaining meaningful exposure to market upside. Let us turn now to slide 4 for an overview of our capital distributions. Slide 4. In this profitable market environment, our capital allocation priorities remain clear. Return capital to our investors, modernize our fleet, and preserve financial strength. In 2025, we declare total dividends of $0.43 per share, including $0.20 for the fourth quarter. Since Q4 2021, we have returned approximately $96 million to our shareholders through dividends, share buybacks, and note repurchases. Based on our track record and current market strength, we remain constructive on future distributions subject to market conditions and capital commitments. Slide number five, commercial snapshot. Turning to slide number five, 2025 demonstrated the strength of our charting strategy. During the fourth quarter, Synergy achieved a daily time chatter equivalent of approximately $26,600, while our full year time chatter equivalent was approximately $21,000 a day. Fleet utilization exceeded 96%, despite the intense dry docking schedule reflecting our strong operating efficiency. In what was an extremely volatile year for the Cape size market, we are very pleased with our balanced commercial strategy, combining index linked exposure with selective forward fixtures. And that has allowed us to participate in market upside while securing cash flows, visibility, and reducing volatility. Looking forward for the first quarter of 2026, we expect our time charter equivalent to be about $25,300 per day, based on the FFA curve for the remaining days of February and March. We are closely tracking capes as indexed during the period of counter-seasonal strength. As the market remains on a clear positive trend, we aim to selectively fix a percentage of all of our available days at attractive rates, securing high cash flows in terms of invested capital. For the period from Q2 until Q4 of 2026, we have fixed approximately 32 of our available fleet days at an average gross rate of $27,300, subject of course to further increase as a result of the profit-sharing scheme for two of our vessels, $27,300. Looking further ahead, the upcoming delivery of new buildings will further improve the commercial profile of Synergy, and we are currently considering our options with regards to their employment. Slide 6. Since our previous quarterly update, we have taken decisive steps towards fleet renewal and placed orders for two additional new buildings at first-class shipyards based in China. We have two sister cape-sized new buildings for mid-2027 and one new castle max for Q2 2028. The combined contract cost stands at approximately $226 million, which we believe represents a very, very competitive value given the prompt deliveries and the quality of the yards. Our three new building vessels have already attracted strong interest from both existing and prospective chatterers. However, given the continued strengthening of the market, we remain flexible and have not yet committed to any long-term employment agreements. Their superior fuel and environmental performance enhance their attractiveness to major dry-bark chatterers and position them very well as regulatory requirements will come to tighten the market. On that note, I would like to turn the call over to Stavros. for an overview of our financial performance, as well as our financing developments with regards to our existing and new building vessels. Stavros, please go ahead.

Thank you, Stamati, and good morning to everyone joining us. Let's begin with slide seven, where we will review the key highlights of our financial performance. Before turning to the numbers, I would like to emphasize the continued strength and resilience of our platform 2025 marks our fifth consecutive year of profitability. For the fourth quarter of 2025, the strong capesize market supported robust financial results. Net revenue for the quarter totaled $49.4 million, while adjusted EBITDA and net income reached $28.9 million and $12.5 million, respectively, reflecting the strength of the second half of the year. For the full year, net revenue amounted to $158.1 million, adjusted EBITDA reached $81.7 million, and net income was $21.2 million, translating into earnings per share of $1.02. These results underscore the effectiveness of our chartering strategy and risk management framework. Turning to the balance sheet, we maintained a strong liquidity position with 62.7 million in cash and cash equivalents, or approximately 3.1 million per vessel. This liquidity provides operational resilience and supports the execution of our flip modernization strategy. Now, regarding our new building program, the investment plan has been carefully structured with a large schedule to ensure alignment with our shareholder reward strategy and financial flexibility. Approximately $80 million is expected to be deployed this year, $100 million in 2027, and $50 million in 2028. Financing for two of these vessels has been secured on attractive terms, while we are in active discussions for the third. Our debt-to-capital ratio remained well below 50%. This conservative leverage profile, combined with strong cap generation, provides flexibility as we enter 2026 and supports the funding of our new building program. Overall, 2025 was characterized by consistent profitability, disciplined balance sheet management, and solid cash generation, positioning us well to continue delivering value to our shareholders moving forward. Moving on to slide eight, for the full year, our TCE averaged 20,937 per day, closely aligned with the annual BCI average. This reflects the effectiveness of our charting strategy, which balances index exposure with selective forward fixtures to manage volatility while preserving upside. Adjusted EBITDA reached 81.7 million for the year, significantly above our five-year average. The strong performance in the second half demonstrates the operating leverage inherent in our fleet. Our EBITDA margin of approximately 50% and operating cash flow margin of roughly 33% highlight the quality and resilience of our earnings. Even amid a volatile freight market, we generated meaningful and recurring cash flows, supporting both shareholder returns and fleet modernization. Daily operating expenses per vessel average approximately $7,100, only modestly higher year over year despite the inflationary pressures and the aging profile of our fleet. Moving on to slide 9, let's look at our leverage profile and overall debt position. We closed the year with approximately $294 million of total debt gross of deferred finance fees. Fleet loan to value declined to about 43%, with net LTV at 34%, supported by refinancing activity and resilient vessel valuations. This places us in a comfortable position relatively to both historical levels and industry benchmarks. Debt per vessel stands at about 14.7 million versus an average market value of 34.1 million, reflecting substantial embedded equity. Additionally, approximately 70% of our total debt is covered by scrap value, offering meaningful downside protection. Daily cash interest expense per vessel decreased to approximately $2,570 per day, representing a 6% year-over-year improvement and enhancing our cash flow profile entering 2026. Before moving on, let me briefly touch on our recent refinancing activities. Over the past month, we executed several refinancings that strengthened liquidity, lowered margins, and extended our maturity profile. At the same time, we secured competitive funding for two of our new building vessels, locking in attractive pricing well ahead of delivery. These facilities were structured with prudent amortization, limited covenant restrictions, and enhanced flexibility, including purchase and repayment options. Overall, our actions reinforce balance sheet resilience and provide the financial flexibility needed to support fleet renewal while maintaining discipline leverage. Specific details of this financing are outlined in our earnings release. With a strengthened balance sheet and enhanced financial flexibility in place, let us now turn to slide 10 to illustrate the operating leverage embedded in our platform and the sensitivity of our earnings to movements in the CAPE seismic. At current FFA levels, we estimate full-year EBITDA of approximately 122 million. At 2025 average BCI levels, EBITDA would approximate 95 million, providing a reference point based on current market assumptions. At rates above 30,000, EBITDA would increase materially, deflecting the operating leverage embedded in our platform. That concludes my review of our financial results and updates. I will now turn the call back to Stamatis, who will provide insights into the Cape Size Market and his concluding remarks. Stamatis?