EuroDry Ltd. Benefitting From Stronger Dry Bulk Market in Dry Bulk Market 20/02/2026 EuroDry Ltd., an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced its results for the three and twelve-month periods ended December 31, 2025. Fourth Quarter 2025 Highlights: Total net revenues of $17.4 million. Net income attributable to controlling shareholders, of $3.2 million or $1.14 earnings per share attributable to controlling shareholders basic and diluted. Adjusted net income1 attributable to controlling shareholders, for the quarter of $2.4 million, or, $0.88 and $0.87 per share attributable to controlling shareholders basic and diluted, respectively, which excludes among other items the net gain on sale of one of our vessels of $0.7 million. Adjusted EBITDA1 was $7.5 million. An average of 11.2 vessels were owned and operated during the fourth quarter of 2025 earning an average time charter equivalent rate of $16,262 per day. To-date, about $5.3 million has been used to repurchase 334,674 shares of the Company, under our share repurchase plan of up to $10 million, announced in August 2022. The Board approved the continuation of the share repurchase plan for a further year in August 2025 and will review it again after a period of twelve months. Full Year 2025 Highlights: Total net revenues of $52.3 million. Net loss attributable to controlling shareholders, of $4.3 million, or $1.55 loss per share attributable to controlling shareholders basic and diluted. Adjusted net loss1 attributable to controlling shareholders, for the year was $6.9 million or $2.50 adjusted loss per share attributable to controlling shareholders basic and diluted, which excludes among other items the net gain on sale of vessels of $2.8 million. Adjusted EBITDA1 was $12.5 million. An average of 12.0 vessels were owned and operated during the twelve months of 2025 earning an average time charter equivalent rate of $11,642 per day. Aristides Pittas, Chairman and CEO of EuroDry commented : “During the fourth quarter of 2025 and through the middle of February of 2026, the drybulk market has remained rather strong with time-charter rates for Ultramax vessels staying on average above $15,000/day with vessels in the Altantic Ocean earning a one to two thousand dollars per day premium over vessels in the Pacific. Kamsarmax time charter rates had exhibited similar levels. Such market rate levels are above our breakeven levels for achieving both positive earnings and cash flow and, thus, we recorded a quite profitable fourth quarter of 2025 in contrast to the previous three quarters of the year. “Furthermore, due to the strengthened rates, we have concluded a one-year time charter for one of our vessels, an ultramax, at $15,500 per day, a shift in our strategy of being fully exposed to the market by employing our vessels either on index-linked charters or on short term contracts when the market was at lower levels. In fact, as the market keeps maintaining its current level or, possibly, improving, we intend to conclude year-long or longer charters for a larger portion of our fleet. “On the liquidity front, the sale of M/V Eirini P, the refinancing of the Yannis Pittas loan and the funding of a good portion of the predelivery instalments of our newbuildings increased our available funds for potential further investments if accretive options for doing so are identified. We expect a finely balanced market over the next two ye