EuroDry Ltd. Q3 FY2025 earnings call

• The company purchased about 135,000 shares of common stock in the open market for $5,300,000 under a $10,000,000 share repurchase plan, with the board approving an extension for an additional year.
• On 10/21/2025, the motor vessel LNVP was sold for $8,500,000. Chartering fixtures in the third quarter were predominantly short term, with vessels employed in time charters ranging from a month to over three months.
• The fleet consists of 11 vessels with an average age of ~10.8 years and total carrying capacity of ~767,000 deadweight tons, with two Ultramax vessels scheduled for delivery in 2027.
• Market highlights include Baltic Dry and Panamax Indices showing year-over-year increases, and global growth projections with slight easing and inflation moderation.

For the third quarter ended 09/30/2025, EuroDry reported total net revenues of $14,400,000 and a net loss attributable to controlling shareholders of $700,000 or $0.24 loss per basic and diluted share. Adjusted net loss attributable to controlling shareholders for the quarter was $600,000 or $0.23 per share, and adjusted EBITDA was $4,100,000. For the nine-month period ended 09/30/2025, total net revenues were $34,900,000, a 25% decrease from the prior year's $46,600,000. Adjusted EBITDA for the nine months was lower compared to the prior year period.

• The share repurchase plan will continue to be executed up to $10,000,000 at a disciplined rate considering liquidity needs.
• Expectations for market recovery in the drybulk sector with trade demand growth projections, and plans to modernize the fleet for future market conditions.

• Red Sea disruptions influencing route decisions and freight premiums.
• Persistent trade tensions and policy changes affecting investment and trade activity.
• Uncertainties in fuel technologies and environmental regulations impacting ordering activity and fleet transition.

Q: Can you talk about the newbuild financing?

A: We've already drawn down on newbuild facilities, with payments made using loans, and will draw further debt to finance newbuilds by delivery of vessels.

Q: What caused the sudden increase in rates for certain vessels?

A: Rates increased due to positioning voyages, with average charter rates being a safe assumption for modeling.

Q: Any dry dock plans in the next nine months?

A: There is a dry dock of Vixenya soon, with only one more dry dock scheduled in 2026 towards the second half.