Seanergy Maritime Holdings Corp. Q4 FY2025 earnings call

• 2025 was the fifth consecutive year of profitability, with strong earnings, cash flow generation, fleet renewal progress, capital return to shareholders, and balance sheet strengthening. • Secured three high-specification eco newbuildings at leading Chinese shipyards with deliveries in 2027 - 2028 totaling ~$226 million. • Sold two older vessels in 2025, releasing significant capital. • In 2025, TCE averaged $20,937 per day, adjusted EBITDA was $81,700,000 for the year. • Daily operating expense per vessel averaged ~$7,100 in 2025. • Recently executed refinancings to strengthen liquidity, lower margins, extend maturity profile, and secure competitive funding for newbuilding vessels.

In 2025, net revenue for the quarter was $49,400,000, with adjusted EBITDA at $28,900,000 and net income at $12,500,000. For the full year, net revenue was $168,100,000, adjusted EBITDA reached $81,700,000, and net income was $21,200,000. Fleet utilization in 2025 exceeded 96%. Regarding 2026, the expected time charter equivalent (TCE) was about $25,300 per day based on the FFA curve for the remaining days of February and March. As of Q2 2026, approximately 32% of the available fleet days were fixed at an average gross rate of $27,300. Three high-specification eco newbuildings (two Capesize and one Newcastlemax) were secured with a total cost of approximately $226,000,000, with deliveries between Q2 2027 and Q2 2028. The balance sheet had $62,700,000 in cash and cash equivalents at year end, and the fleet loan-to-value stood at 43%.

• Anticipates 2026 TCE to be around $25,300 per day based on the FFA curve for the remaining days of February and March. • About 32% of the available fleet days for Q2 2026 were fixed at an average gross rate of $27,300, subject to increase due to the profit-sharing scheme for two vessels. • The newbuilding program has a laddered schedule with ~$— million to be deployed this year, $100,000,000 in 2027, and $50,000,000 in 2028. Financing for two newbuildings is secured on attractive terms, and active discussions are ongoing for the third. • Confident in a positive trend for charter rates in the following years due to limited vessel supply and increased ton-mile demand.

• The Capesize market is subject to considerable volatility from multiple unpredictable factors. • Fleet supply growth is constrained, with aging tonnage, limited new ordering, and environmental regulations creating a structurally tighter supply environment. • Extensive drydocking of current ships in 2026 - 2027, with a significant portion of vessels undergoing a fifteen-year special survey, temporarily reducing effective supply and incurring costs, which could counteract fleet growth and contribute to market tightness.

Q: Liam Burke from B. Riley Securities inquired about balancing longer-term time charters versus the spot market and balancing inflated asset values of older vessels against an attractive rate environment.

A: Stamatios Tsantanis stated that approximately 35% of the days were already in long-term contracts and more would be switched, and discussed securing prompt delivery slots for newbuildings and disposing of older assets.

Q: Mark Reichman from Noble Capital Markets asked about the weighted average cost of capital, return on invested capital for newbuilds, operational off-hire days in 2026, and limited shipyard availability.

A: Stamatios Tsantanis said the all-in cash breakeven of new acquisitions was around $20,000 a day, operational off-hire days were likely lower in 2026 than in 2025, and there was no limited shipbuilding capacity but limited orderbook for Capesize and Newcastlemax due to other asset classes.

Q: Tate H. Sullivan from Maxim Group asked about the dividend policy and newbuild expenditures, and the newbuild contracting strategy.

A: Stamatios Tsantanis said the dividend policy was unlikely to be affected by newbuildings, and long-term contracting for newbuilds was being considered but not below market rates