Seanergy Maritime Holdings Corp.

Thank you for standing by, ladies and gentlemen, and welcome to the Synergy Maritime Holdings Corp. conference call on the second quarter and first half and the June 30, 2026 financial results. We have with us Mr. Stamatios Tsantanis, Chairman and CEO, and Mr. Stavros Gyftakis, Chief Financial Officer of Synergy Maritime Holdings Corp. 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 on your telephone keypad, and you will hear an automated message advising that your hand is raised. Please be advised that this conference call is being recorded today, Thursday, July 30, 2026. The archived webcast of the conference call will soon be made available on the Synergy website, www.synergymaritime.com. To access today's presentation and listen to the archived audio file, visit the Synergy website, following the webcast and presentation sections under the Investor Relations page. Please now turn to slide 2 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 statement is contained in the second quarter and first half and the June 30, 2026 furnished 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. Stamatios Tsantanis. Please go ahead, sir.

Thank you, operator, and welcome everyone. Synergy delivered a record second quarter. Net revenue of $55.7 million, adjusted EBITDA of $41.5 million, and adjusted EPS of $1.32. Our fleet earned $32,355 per day Up 63% year-over-year. This is what a pure-play, cave-size and NewcastleMax platform does in a strong market, without diluting our story in many vessel classes. When the market is strong, we get all the benefit. For the first six months of 2026, fleet time cycle equivalent increased by 69% year-over-year to $28,244 per day. Net revenues increased to $97.8 million. Adjusted EBITDA increased by 165% to almost $70 million and adjusted earnings per share were almost $2, actually $1.96 per share, compared to an adjusted loss per share in the prior year period. This represents again record first-half performance through our ability to capture the upside of a strong cave-sized market while having hedged our downside risk. Looking ahead, the KHS market prospects for the second half of the year remain constructive, based on resilient commodity demand, constrained effective fleet supply, and earnings visibility provided by our forward fixed rate charter coverage. Our board declared a cash dividend of 35 cents per share. That's our 19th consecutive quarterly dividend which we have delivered through good and bad markets. We have now returned $108 million to shareholders and we raised the dividend 75% this quarter compared to the previous one. Moving to our recent fleet renewal initiatives, since our last update we have committed approximately $130 million more to acquire two high-quality Japanese vessels, both expected to join our fleet in 2029. We also completed the sale of the 2010 built square sink. These transactions advance our disciplined fleet renewal strategy by reallocating capital from older donuts into modern, fuel-efficient assets at delivery points that align well with the next phase of our fleet requirements. Our latest acquisitions include a scrubber-fitted new building shape-size vessel to be built at the first-class Japanese shipyard schedule for delivery in the first half of 2029, and the modern 2022 built shape-size vessel, constructed in Japan, with forward delivery expected in the first half of 2029. Our renewal program now represents an aggregate investment of $591 million. Funding is already advanced on competitive terms, as will be detailed in a few minutes by Stavros. I would also like to highlight the successful completion of our inaugural €100 million unsecured corporate bond offering in Greece, with demand exceeding the offered amount by more than two times. Beyond diversifying our funding sources, its five-year bullet structure is particularly well matched to the requirements of our fleet investment program. Slide 4 Consistent Capital Returns Moving on to slide 4, Synergy has now returned approximately $3.19 per share to our shareholders through 19 consecutive quarterly distributions since launching our dividend program in 2021. This track record reflects our ability to translate strong capesized market conditions into consistent and meaningful cash returns. Our approach is simple. To reward our shareholders every quarter. To keep the balance of stone. To invest in modern ships. And we're successfully doing all three at once. A 27% payout leveraged below 50% and $591 million committed to fleet renewal with prompt deliveries. Rewarding our shareholders remains an important priority to us. Slide 5. Stavros Gyftakis, Theodora Mitropetrou, Theodora Mitropetrou That kept us a bit below the index in a quarter where rates spiked considerably. It is obvious that we are trying to protect the downside and keep enough upside to the matter. Our index-linked employment gives us direct participation in the market strength. And we ran a very high utilization again in the quarter, which highlights the quality of our technical management. At the same time, we continue to manage freight rate volatility selectively. Approximately 55% of our ownership days for the second half of 2026 have been converted at an average daily rate of approximately $30,800. This provides earnings visibility and downside protection for our revenue and cash flows while preserving meaningful exposure to further market upside. Our scrubber-equipped shifts continue to benefit from favorable fuel spreads, providing another source of earnings enhancement. Another important point is that since 2024, we have invested approximately $37.3 million in environmental upgrades on the existing fleet, vessel improvements, and dry dockings. Having completed the majority of scheduled upgrades in the previous quarters, the company expects only 50 off-hire days approximately for the remainder of 2026 in connection with scheduled dry dockings Vessel Repairs and Environmental Upgrades. Looking further ahead, the superior efficiency of our new building vessels should strengthen their commercial profile and enhance dynamics contribution. Slide 6, Fleet Renewal Program with Prompt Deliveries. To date, we have contracted seven modern eco-designed cave-sized new buildings with deliveries in 2027 till 2029. and a Greek acquired a 2022 built modern Cape-sized Japanese build, with delivery also in 2029, and sold three older vessels. Together, these transactions advance both the growth and renewal of our fleet, improving its age profile, fuel efficiency and long-term earnings capacity. Importantly, four of the eight vessels are scheduled to be delivered to our fleet within 2027, allowing us to meaningfully increase the energy contribution of our new fleet beginning next year. We have now finalized long-term time shutters for the three 2027 delivery new buildings being constructed in China with leading global counterparties. And I'm talking four to five years. The structure is very straightforward. Floor of $23,100 a day, which covers our cost break even from day one. Above the floor, we earn a premium over the BCI 5TC index up to about $29,750. Above that, we keep half the upside. Therefore, downside is covered while upside is retained. This is another validation of the commercial appeal of our new buildings as it materially reduces the execution risk associated with the initial phase of our fleet renewal program. Stavros will discuss the financing implications in greater detail, but a combination of attractive charter coverage, competitive financing, and prompt delivery positions materially strengthens the expected return profile of these investments. I will now pass the call to Stavros for a review of our financial performance, balance sheet highlights, and financing framework supporting our fleet renewal program. Stavros, please go ahead.

Thanks Stamatis and welcome to everyone joining today's call. Let's begin with slide 7. I will review our financial performance for the second quarter and first half of 2026, followed by an update on liquidity, leverage and growth funding. As Stamatis highlighted, the second quarter and the first half of 2026 marked the strongest financial performance in Synergy's recent history. These results reflect the favorable case size market environment, disciplined commercial execution, and the operating leverage of our PurePlay platform. For the second quarter of 2026, net revenues increased to $55.7 million from $37.5 million in the prior year period. Adjusted EBITDA more than doubled to $41.5 million while Net Income and Adjusted Net Income reached $26.2 million and $28.5 million respectively. GA PPS was $1.21 and Adjusted PPS was $1.32. Our fleet achieved a daily PCE of $32,400 representing a 63% year-over-year increase. This strong momentum extended into our first half results. Net revenues reached $97.8 million while adjusted EBITDA increased by 165% year-over-year to $69.6 million. We reported net income of $35.9 million and adjusted net income of $42 million compared to losses in the prior year period. GAAP EPS was $1.67 while adjusted EPS reached $1.96. Turning to our balance sheet, we ended the quarter with $59.5 million of cash and restricted cash equivalent to approximately $3.3 million per operating vessel. This liquidity position was maintained despite investing approximately $73 million in new building installments and Fleet Renewal Initiatives during the first half of the year while remaining consistent on the dividend front. At the same time, our debt-to-capital ratio remained below 50%. Maintaining prudent leverage while executing the largest investment program in our history demonstrates the good standing of our balance sheet and provides the flexibility required to complete our Fleet Renewal Program. Now turning to slide 8, we will highlight the quality of our earnings and the resulting strength of our cash flow generation. Our fleet achieved a daily PCE of $28,244 during the first half of 2026, increased by 69% year-over-year. Our index-linked exposure allowed us to participate directly in market strength, while selective fixed rate conversions helped manage volatility and improve earnings visibility. Now, the adjusted EBITDA at 69.6 million represents a margin of approximately 70%, while the operating cash flow margin was approximately 44%. These figures demonstrate the efficiency with which revenues convert into operating cash flow. Adjusted EPS of $1.32 for the second quarter and $1.96 for the first half of the year provides strong coverage for the quarterly dividend while supporting the continued funding of our fleet renewal program. Turn to slide 9, which summarizes our leverage position and the financing framework supporting our fleet renewal program. As of June 3, 2026, Total debt, including finance lease liabilities, suited approximately 299 million, corresponding to a fleet loan-to-value ratio of approximately 42% based on independent broker valuations. Debt per vessel was approximately 15.7 million, compared to an average fleet market value of approximately 37.3 million per vessel, highlighting substantial embedded equity across our fleet. The estimated scrap value of our fleet covers approximately 70% of our outstanding debt, providing downside asset coverage. Now at the same time, our weighted average financing margin declined to approximately 2.17%, reflecting the strength of our lender relationships and consistent access to competitive financing. Subsequent to quarter end, we completed our inaugural 100 million unsecured corporate bond offering in Greece. The transaction represents an important enhancement of our capital structure. As Stamatios mentioned earlier, the non-amortizing nature is particularly well suited to our new building program, preserving liquidity during the construction and aligning principal repayment with a future cash generation of the new versions. Now the bonds further diversified our financing sources beyond traditional unsecured bank financing and finance leases and provides financial flexibility as we execute the program. Needless to say that the all-in cost of 4.9% per annum is extremely attractive given the unsecured nature of the financing. In parallel, we have secured approximately 296.5 million of committed bilateral financing facilities for our new building program with unique characteristics that immunize the financing amounts against adverse movements in the market value of the vessels. Together with the bond proceeds and existing liquidity, these sources cover approximately 90% of the program's remaining capex. Building on the previous slide, turning now to slide number 10, we provide a clearer view of the funding position and payment profile of our fleet renewal program. To date, we have already invested approximately $73 million from our own funds.