EuroDry Ltd. Reports Results for the Quarter and Nine-Month Period Ended September 30, 2026

Aristides Pittas, Chairman and CEO of EuroDry

“During the third quarter of 2026 market rates for the vessel segments we operate recorded recent years highs, a development that was reflected in our financial results for the quarter.”

Aristides Pittas, Chairman and CEO of EuroDry

“While the market for our segments has softened a bit during the month of October, more so for Panamax/Kamsarmax vessels than for Ultramax ones, it is still at levels that, if maintained, will generate significant earnings for our fleet.”

Aristides Pittas, Chairman and CEO of EuroDry

“We remain optimistic about the prospects of the drybulk market as a normal orderbook level after several years of underbuilding is put against increased vessel demand stemming from both revived drybulk trades and continuing inefficiencies in the transportation system.”

Aristides Pittas, Chairman and CEO of EuroDry

“Our share price reacted to the strength of the shipping rates reaching new highs and exceeding for a certain period our Net Asset Value per share (“NAV”).”

Aristides Pittas, Chairman and CEO of EuroDry

“We took advantage of this development and raised about $10.7m at price levels accretive to NAV.”

Aristides Pittas, Chairman and CEO of EuroDry

“Those funds along with funds from the recent refinancing of one of our vessels as well as funds generated by operations have resulted at cash balance at the end of the quarter of more than $50m net of any restricted cash, thus, providing us with significant liquidity to fund the equity portion of our expanded newbuilding program and invest in accretive opportunities when they appear.”

Aristides Pittas, Chairman and CEO of EuroDry

“We are very pleased with these developments and with the expansion of our newbuilding program which now consists of five vessels in total after we ordered an additional Kamsarmax vessel.”

Aristides Pittas, Chairman and CEO of EuroDry

“This program, when completed, will result in our fleet being one of the youngest amongst our peers with a minimal environmental footprint.”

Aristides Pittas, Chairman and CEO of EuroDry

“In a period of continuing geopolitical instability, rebalancing of trade flows and adjustment of trading routes, we believe that a young and efficient fleet will ensure increased financial rewards for our shareholders.”

Tasos Aslidis, Chief Financial Officer of EuroDry

“Comparing our results for the third quarter of 2026 with the same period of 2025, our net revenues increased by about $5.0 million, due to the increased time charter equivalent rates our vessels earned for the period partly offset by the lower average number of vessels owned and operated in the period as compared to the third quarter of 2025.”

Tasos Aslidis, Chief Financial Officer of EuroDry

“The time charter equivalent rates our vessels earned for the period were at $20,551, 55.3% higher compared to $13,232 earned in the third quarter of 2025.”

Tasos Aslidis, Chief Financial Officer of EuroDry

“Operating expenses, including management fees, increased from $6,328 per vessel per day in the third quarter of 2025 to $6,917 in the third quarter of 2026 mainly due to the depreciation of the US dollar and due to the increased cost of vessel supplies during the period, because of the war in the Middle East region, while General and Administrative expenses averaged $770 per vessel per day during the third quarter of 2026 as compared to $685 per vessel per day for the same quarter of last year due to increased cost for our stock incentive plan.”

Tasos Aslidis, Chief Financial Officer of EuroDry

“Adjusted EBITDA during the third quarter of 2026 was $11.3 million compared to $4.1 million achieved for the third quarter of last year.”

Tasos Aslidis, Chief Financial Officer of EuroDry

“As of September 30, 2026, our outstanding debt (excluding the unamortized loan fees) was $105.7 million while unrestricted and restricted cash was $55.1 million.”

Tasos Aslidis, Chief Financial Officer of EuroDry

“As of the same date, our scheduled debt repayments including balloon payments over the next 12 months amounted to about $11.1 million (excluding the unamortized loan fees) and all our loan covenants are satisfied.”