Costamare Inc.

Thank you for standing by, ladies and gentlemen, and welcome to the Customer, Inc. conference call on the fourth quarter 2025 financial results. We have with us Mr. Gregory Zicos, 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 would like 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, Wednesday, February 18th, 2026. I would like to remind you that this conference contains forward-looking statements. Please take a moment to read slide number two of the presentation, which contains the forward-looking statements. And I will now pass the floor to your speaker. Mr. Zicos, please go ahead, sir.

Thank you, and good morning, ladies and gentlemen. During the fourth quarter of the year, the company generated a net income of about $73 million. The income for the whole year was about $370 million, with liquidity of $590 million. Executing on our strategy of securing long-term cash flows from high-quality counterparties in a healthy market environment, we have forward-charged 12 assets from four groups of 2,000 DUs, all commencing over the next three years, with a DU-weighted average duration of six years. Incremental contracted revenues from the new charges amount to approximately $940 million. As a consequence, the fleet employment now stands at 96% and 92% for 2036 and 2037, respectively. Total contracted revenues have reached $3.4 billion, with a remaining time-traded duration of 4.5 years. With an average fleet of less than 1%, the charter market remains strong, with continued high demand for tonnage, a limited supply of vessels available for charter due to the ongoing shortage of prompt ships. With respect to next-in-line time leasing, in which we hold a controlling interest, 54 shipping assets have been funded or are on a commitment status basis, with total investments and commitments exceeding $665 million. Moving now to the slide presentation. On slide three, you can see our annual results. A definite income for 25 was about $376 million, or $3.12 per share. A definite income for the quarter was about $72 million, or $0.60 per share. Our liquidate starts at $590 million. Slide 4. We have fixed on a four-hour basis 12 SIMs securing incremental cash flows of $940 million. The average duration of the new charters on a period basis is six years. Following the above pictures, our revenue days are fixed 96% for 2026 and 92% for 2027, while our contracted revenues are 3.4 billion, with a TU-weighted remaining duration of four and a half years. Slide 5. Regarding our financing arrangements, we have agreed the pre- and post-delivery financing of all six new business. In addition, we have agreed to refinance two containerships at a substantially lower funding cost. We have no significant maturity since 2017. Slide 6. On our leading platform, we increased our investment commitment to about $250 million, out of which close to $180 million have been invested to date. NML has funded or committed to fund 54 assets for a total amount of more than $665 million. Finally, we continue to have a long, uninterrupted dividend track record. Moving to the last slide, Saturdays, the contingency market remained at robust levels. The ITC remains at very low levels of 0.5%, indicating a fully employed market. With that, we can conclude our presentation, and we can now take questions. Thank you. Operator, we can take questions now.

Thank you. As a reminder, if you would like to ask a question, please press star on your telephone keypad and wait for your name to be announced. If you would like to cancel your request, please press star then 2. That's star 1 to ask a question. And again, if you have a question, please press star then 1. This next question comes from Clement Mullins from Value Investors. Please go ahead.

Hi, good afternoon, and thank you for taking my questions. I wanted to start by asking about your debt. You're currently generating very solid free cash flow, and I was wondering to what extent do you expect to conduct debt repayments on top of regular scheduled debt amortizations? And obviously, this stays back to your investment expectations over the coming year.

Yeah. Thank you for that. On a net debt basis, our debt is that the company has a relatively low leverage. Also, considering the contracted cash flows, we have always been repaying our debt quite prudently without having any backlogs. debt payments. So I think the way it stands now, we have no reason to repay debt earlier than the original maturity. We may be doing some refinancing here and there, but I don't think that it makes sense now, based on the company's low leverage, to repay today any additional debt.

That's helpful. Thank you. And I also wanted to ask about how should we expect the amortization of deferred revenues to move going forward? Because there was kind of like a substantial increase quarter over quarter. Could you talk a bit about what drove that and whether we should expect this to continue?

No, the deferred revenues, it's mainly an accounting treatment that has to do with in case where there is an increase of, or like a decrease of the charter file for a long-term charter. So it's mainly an accounting treatment, and I think that we should be focusing on the cash revenue basis. and we do provide an adjustment in order to arrive on a cash basis figure for the revenue. So I don't think that this is something that we have to worry about, and this is something that is dictated under the U.S. GAAP.

Yeah, it makes sense. It was simply to help us model it a bit better, that we originally focused on the cash And that's everything from me. Thank you for taking my questions.

It is mainly to streamline in case you have a decreasing or increasing charter hire during the tenure of the charter party in order to have a smooth payment. But this comes from accounting. We make an adjustment for evidence on the cash basis. So I think it's clear.

Yes, it is. Thank you.

Again, if you have a question, please press star 1. Seeing as there are no further questions in the queue, I would like to turn it back to Mr. Zikos for closing remarks.

Thank you for joining me today and thank you for your interest in Costa Madre. We're looking forward to speaking with you again during the next quarterly results call. Thank you. Operator, we can conclude the call now. Thank you.

Thank you. That does conclude our conference for today. Thank you for all for participating. You may now disconnect.