Okeanis Eco Tankers Corp.

Welcome to OIT's fourth quarter 2025 financial results presentation. We will begin shortly. Aristides Alefouzos, CEO, and Heracles Baronis, CFO of Okeanis Ecotankas, will take you through the presentation. They will be pleased to address any questions raised at the end of the call. Matters that are forward-looking in nature will be discussed, and actual results may differ from the expectations reflected in such forward-looking statements. Please read through the relevant disclaimer on slide two. I would like to advise you that this session is being recorded. Our students will begin the presentation now.

Thank you. Since August of last year, the large crude tanker market entered the freight cycle that we've been waiting for and prepared for all these years. This is a unique opportunity to have exposure to a fleet that is on the water and able to capitalize today. For a shipping investor, on-the-water exposure is critical in the current circumstances. As our conviction strengthened after the summer, we executed two opportunistic transactions and acquired four resale Suezmax new buildings from Korea. The first two have already delivered. One has loaded her first cargo and the other one is about to load, while the remaining two will be delivered in the next two, three months. We have already had a structurally strong freight market with strong asset values, but we added the Venezuelan barrels coming back to the normal fleet and and the new trade flows that creates, India materially reducing Russian imports, the Iranian question looming, and likely, most importantly, Sinovac consolidating the VLCC market in a manner that has not been done before. They are currently owning and operating and waiting to be delivered a fleet of around 150 VLCCs. As a result, our NAV has been consistently and rapidly increasing. and our NAV premium attempting to continue to catch up, but it has somewhat compressed, especially given these absolutely unique fundamentals in our market. We currently have no additional opportunistic transactions in play. Our focus is clear, disciplined outperformance and maximizing shareholder returns through both dividends and sustainable share price appreciation. We'll catch up later and I'll hand you over to Ida right now.

Thanks for the statement. Let's dive into it. Starting on slide four and the executive summary, I'm pleased to present the highlights of the fourth quarter of 2025. We achieved fleet-wide time charter equivalent of about $77,000 per vessel per day. Our VLC seats were at 92,000 and our series maxes at 53,000. We report adjusted EBITDA of $79 million, adjusted net profit of $60 million, and adjusted EPS of $1.78. This is based on our average share count for the board. Continuing to deliver on our commitment to distribute value to our shareholders, our board declared a 15th consecutive quarterly distribution in the form of a dividend of $1.55 per share. With visibility on very strong Q1 fixtures and our outlook on the market, that figure represents 102% of our net income, i.e. on our current fully diluted share count post our recent equity transactions. Total distributions over the last four quarters stand at $3.32 per share, or approximately 95% of our reported net income for the period. In November, we executed a successful and accretive equity raise of $115 million in gross proceeds against the acquisition of the initial PIPERI and initial SILFOPULA that were delivered by the Yard in early January. This quarter, we did another similar transaction, bringing the total amount of gross proceeds raised to $245 million, acquiring at the same time another two recent serious maxes, which are expected to be delivered to us in the second quarter. Moving on to slide five, since our IPO in Oslo, we have distributed over two times our initial market cap with over $461 million in dividend state. Since we have had a fully delivered fleet in 2022, we have paid out 92% of our reported net income, clearly demonstrating our commitment to distributing value to our shareholders. On slide six, we show the detail of our income statement for the quarter and the full year 2025. TC revenue for the year stood at $265.4 million. EBITDA was almost $204 million. And the reported net income was about $130 million, or $3.77 per share. Moving on to slide seven and our balance sheets. We ended the year with $122.5 million of cash. That included a portion of the equity earmarked for the acquisition of the Nisus Piperi and Nisus Silvopoula a couple of weeks after. We also had, at the end of the year, approximately $85 million in trade disciples. Our balance sheet then was $605 million, and we subsequently drew $90 million for the two series markets. Our book level stands at 46%, while our market-adjusted net FTV, basis latest broker values, and pro forma for the acquisition and recent transactions, is around 35%. Slide eight, looking at our fleet, I'm pleased to show the addition of four modern and high-spec vessels. We have a total of 16 vessels on the water, eight serious maxes and eight VSACs, with an average age of only six years, which will further improve once we get delivered in Q2 of our two serious max VSACs currently under construction in South Korea. With an issue of sickness, an issue of sickness of dry docks out of the way in Q4 of last year, our only dry dock for 2026 is that of the Malos 10-year service. Slide 9, moving on to our capital structure. I have been very pleased with how our capital structure has been shaping up with our recent refinancings and new financings for the recently acquired vessels. Our margin has improved by about 140 basis points, with meaningful further reduction expected once we decide how to refinance the Nisos Vina and Nisos Espoticova. The Piberi and Serifopoula were financed by the Greek market at record terms at 130 basis points over software for seven and eight year terms respectively. The debt financing market continues to be open and extremely competitive for us as we're exploring our options for the four vessels in the second quarter. Slide 10, we wanted to spend some time going through the two transactions we executed since our last quarterly update. In November, we raised $115 million at 35 and a half per share, priced at roughly one and a quarter times our NAB at the time. In January, we followed with $130 million at $36 per share, priced at approximately 1.2 times our NAB at the time. Both transactions were heavily oversubscribed, executed a significant premium to NAB, and were completed with third-party vessels locked on subjects. That combination is extremely rare. Very few companies, particularly in shipping, have been able to raise equity at a significant premium to energy, secure modern tonnage, execute cleanly, and immediately create value for shareholders. And we managed all four. And here's the most important one. Since those two raises, shareholders have generated more than 20% return plus dividends. That is not theoretical accretion. That is realized value. We use it as a very strong statement of our shareholder-aligned capital allocation discipline. We do not raise equity to grow for gold's sake. We decide to raise equity when it is accretive, it lowers breakeven, it strengthens the balance sheet, it enhances per share value, and increase company share trading liquidity. Both transactions match those parameters. Slide 11. Walking through the mechanics for the first transaction, vessel acquisition price was $97 million each. Computer price, taking into account the NAV arbitrage on the equity portion of the funding of the transaction, implies $85.5 million. On the second transaction in January, vessel acquisition price $99.3 million, imputed price after the NED arbitrage implies $88.5 million. We effectively acquired resale vessels with prompt delivery at the cost of a new building. the pure capital markets arbitrage. Above NAV acquisitions funded asset purchases at or below NAV, resulting in immediate NAV accretion. But it didn't stop there. And as I briefly mentioned before, the raises also increased free float and liquidity, expanded and diversified the shareholder base, strengthened capital markets credibility, and reduced fleet-wide break-even levels. And importantly, we executed while asset values were rising. So not only did we buy it critically, we bought ahead of further appreciation. We consider this a textbook example of shareholder-friendly execution. Growth only makes sense when it improves per share economics, and that is the field that we apply. I will now pass over the presentation back to Aristides for the commercial market update.