Costamare Inc. Q4 FY2025 earnings call

• During Q4 2025, net income was ~$73 million, full-year net income ~$370 million with liquidity $590 million. • Forward chartered 12 vessels (4,000 - 14,000 TEUs) commencing over next 3 years, TEU weighted average duration 6 years, incremental contracted revenues ~$940 million. • Fleet deployment for 2026 and 2027 at 96% and 92% respectively. Total contracted revenues at $3.4 billion with remaining time charter duration of 4.5 years. Idle fleet <1%, charter market strong with high demand and limited supply. • Fixed pre- and post-delivery financing for 6 newbuild vessels and refinanced 2 container ships at lower cost, no significant maturities till 2027. • Increased investment commitment to Neptune Maritime Leasing to ~$250 million, with $180 million invested to date, 54 assets funded or on commitment basis with over $665 million in investments/commits. • Long uninterrupted dividend track record.

No specific product segments mentioned in detail. Annual results: Adjusted net income for 2025 was about $376 million or $3.12 per share; adjusted net income for the quarter was about $72 million or $0.60 per share. Liquidity at $590 million. Fixed 12 ships forward, securing incremental cash flows of $940 million with average TEU-based duration of 6 years. Fleet deployment for 2026 and 2027 at 96% and 92% respectively. Total contracted revenues at $3.4 billion with remaining time charter duration of 4.5 years. Idle fleet less than 1%. Neptune Maritime Leasing has 54 shipping assets funded or on commitment charter basis with total investments and commitments exceeding $665 million.

• Forward chartered 12 ships securing incremental cash flows of $940 million with average TEU-based duration of 6 years. • Fleet deployment revenue days fixed at 96% for 2026 and 92% for 2027. • Total contracted revenues at $3.4 billion with remaining time charter duration of 4.5 years. • No significant debt maturities till 2027. • Continued focus on securing long-term cash flows from high-quality counterparties in a healthy market environment.

• No specific risks discussed in detail in the provided transcript. Mention of forward-looking statements but no detailed risk discussion within the given content.

Q: Asked about debt repayments and how much to expect on top of regular scheduled amortization, A: Company has low leverage, no reason to prepay debt earlier than original maturity, may do some refinancing but not prepay additional debt now.

Q: Asked about amortization of deferred revenues, A: Deferred revenues are mainly accounting treatment related to charter hire changes in long-term time charters, should focus on cash revenue basis, adjusted for revenues on cash basis under U.S. GAAP