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.