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 years with significant geopolitical and economic uncertainties still evolving which could potentially create shifts in the market. We remain diligent to capitalize on any opportunity by either expanding our fleet or by capitalizing on chartering opportunities at attractive levels for the benefit of our shareholders.”

Tasos Aslidis, Chief Financial Officer of EuroDry commented: “In the fourth quarter of 2025 the Company operated an average of 11.2 vessels, versus 13.0 vessels during the same period last year. Our net revenues increased to $17.4 million in the fourth quarter of 2025 compared to $14.5 million during the same period of last year. Our vessels earned in the fourth quarter of 2025 approximately 33.3% higher time charter equivalent rates compared to the corresponding period of 2024. At the same time, total vessel operating expenses, during the fourth quarter of 2025, amounted to $6.2 million, as compared to $6.6 million for the same period of last year and $25.0 million for the year 2025 as compared to $25.7 million for the same period of 2024. The decreased total vessel operating expenses in recent periods are mainly attributable to the lower average number of vessels owned and operated.

“Adjusted EBITDA during the fourth quarter of 2025 was $7.5 million compared to $1.8 million in the fourth quarter of last year, and $12.5 million compared to $9.4 million for the respective twelve-month periods of 2025 and 2024, respectively. As of December 31, 2025, our outstanding debt (excluding the unamortized loan fees) was $103.7 million while unrestricted and restricted cash was $25.7 million. As of the same date, our scheduled debt repayments including balloon payments over the next 12 months amounted to about $12.3 million (excluding the unamortized loan fees) and all our loan covenants are satisfied.”

Fourth Quarter 2025 Results:
For the fourth quarter of 2025, the Company reported total net revenues of $17.4 million representing a 19.9% increase over total net revenues of $14.5 million during the fourth quarter of 2024. This was the result of the higher time charter rates our vessels earned in the fourth quarter of 2025 compared to the same period of 2024, partly offset by the lower average number of vessels operated in the fourth quarter of 2025 compared to the same period of 2024. On average, 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 compared to 13.0 vessels in the same period of 2024 earning on average $12,201 per day.

For the fourth quarter of 2025, voyage expenses, net amounted to $2.0 million compared to $0.9 million for the same period in 2024, mainly reflecting costs related to vessels repositioning between charters and expenses incurred during operational off-hire periods.

Vessel operating expenses were $6.2 million for the fourth quarter of 2025 as compared to $6.6 million for the same period of 2024. The decrease is mainly attributable to the decreased number of vessels operating in the fourth quarter of 2025 compared to the corresponding period in 2024.

During the fourth quarter of 2025, one vessel commenced her special survey with dry-dock in order to complete it during the first quarter of 2026, for a total cost of $1.1 million. During the fourth quarter of 2024 none of our vessels were drydocked. The total cost for the fourth quarter of 2024 of $0.4 million, related to drydocking expenses incurred in relation to upcoming drydockings.

Vessel depreciation for the fourth quarter of 2025 amounted to $2.9 million, as compared to $3.5 million for the same period of 2024. This decrease is due to the lower number of vessels operating in the fourth quarter of 2025 as compared to the same period of 2024.

Related party management fees for the fourth quarter of 2025 remained at the same level of $1.1 million compared to the same period of last year. This was the result of the decreased number of vessels owned and operated in the fourth quarter of 2025, offset by the adjustment for inflation in the daily vessel management fee, effective from January 1, 2025, increasing from 810 Euros to 840 Euros and the unfavorable movement of the euro/dollar exchange rate.

General and administrative expenses remained at the same level of $0.8 million in the fourth quarter of 2025 and 2024.

In the fourth quarter of 2024 the Company recorded an impairment charge of $2.8 million. There were no impairment charges in the fourth quarter of 2025.

Other operating loss / (income) represents a provision of $3.0 million the Company recorded in the fourth quarter of 2024 which related to costs paid and accrual for the settlement of regulatory fines related to the detention of one of our vessels in Corpus Christi. The Other operating income in 2025 represents $1.4 million reimbursed from the insurers in November 2025 following a discretionary claim filed with the Protection & Indemnity insurers net of legal expenses for the case of $0.08 million.

On August 24, 2025, the Company signed an agreement to sell M/V “Eirini P.”, a 76,466 dwt drybulk vessel, built in 2004, for approximately $8.5 million. The vessel was delivered to its buyers, an unaffiliated third party, on October 21, 2025, resulting in a gain on sale of $0.7 million.

Interest and other financing costs for the fourth quarter of 2025 decreased to $1.6 million as compared to $1.9 million for the same period of 2024. Interest expense during the fourth quarter of 2025 was lower mainly due to the decreased benchmark rates of our loans, as well as the decreased average debt during the period as compared to the same period of last year.

For the three months ended December 31, 2025, the Company recognized a loss on an interest rate swap of $0.02 million and an unrealized gain on forward freight agreement (“FFA”) contracts of $0.08 million, as compared to a gain on an interest rate swap of $0.25 million for the same period of 2024.

The Company reported a net income for the period of $3.8 million and a net income attributable to controlling shareholders for the period of $3.2 million, as compared to a net loss of $6.1 million and a net loss attributable to controlling shareholders of $6.2 million for the same period of 2024. The net income attributable to the non-controlling interest of $0.6 million in the fourth quarter of 2025 represents the income attributable to the 39% ownership of the entities owning the M/V Christos K and M/V Maria represented by NRP Project Finance AS (“NRP investors”) (the “Partnership”).

Adjusted EBITDA for the fourth quarter of 2025 was $7.5 million compared to $1.8 million achieved during the fourth quarter of 2024.

Basic and diluted earnings per share attributable to controlling shareholders for the fourth quarter of 2025 was $1.14 calculated on 2,781,949 basic and 2,801,304 diluted weighted average number of shares outstanding, compared to loss per share of $2.28, calculated on 2,737,162 basic and diluted weighted average number of shares outstanding for the fourth quarter of 2024.

Excluding the effect on the net (loss) / income attributable to controlling shareholders for the quarter of the unrealized (gain) / loss on derivatives and the net gain on sale of vessels, the adjusted earnings per share attributable to controlling shareholders for the quarter ended December 31, 2025 would have been $0.88 and $0.87, respectively, basic and diluted, compared to adjusted loss of $1.33 per share attributable to controlling shareholders basic and diluted, for the quarter ended December 31, 2024. Usually, security analysts do not include the above items in their published estimates of earnings per share.

Full Year 2025 Results:

For the full year of 2025, the Company reported total net revenues of $52.3 million representing a 14.4% decrease over total net revenues of $61.1 million during the twelve months of 2024, as a result of the decreased number of vessels operated during the year and the lower time charter equivalent rates earned by our vessels in the twelve months of 2025 compared to the same period of 2024. On average, 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 compared to 13.0 vessels in the same period of 2024 earning on average $13,039 per day.

For the twelve months of 2025, voyage expenses, net, were $5.7 million compared to $6.1 million for the same period in 2024, mainly reflecting costs related to vessels repositioning between charters and expenses incurred during operational off-hire periods.

Vessel operating expenses were $25.0 million for the twelve months of 2025 as compared to $25.7 million for the same period of 2024. The decrease is mainly attributable to the decreased number of vessels operating in 2025 compared to the corresponding period in 2024.

In the twelve months of 2025, one vessel completed her intermediate survey in water, one of our vessels completed its special survey with drydocking and another one commenced her special survey with dry-dock in order to complete it during the first quarter of 2026 for a total cost of $2.8 million. In the twelve months of 2024, seven of our vessels completed their special survey with drydocking for a total cost of $8.5 million.

Vessel depreciation for the year 2025 was $12.4 million compared to $13.9 million during the same period of 2024, mainly due to the lower number of vessels operating in the same period.

Related party management fees for the year 2025 increased to $4.4 million from $4.2 million for the same period of 2024 as a result of an adjustment for inflation in the daily vessel management fee, effective from January 1, 2025, increasing the daily vessel management fee from 810 Euros to 840 Euros and the unfavorable movement of the euro/dollar exchange rate, partly offset by the decreased number of vessels operating during the period.

General and administrative expenses during the twelve months of 2025 were $3.2 million compared to $3.3 million during the same period in 2024, due to the decreased cost for our stock incentive plan.

In the fourth quarter of 2024 the Company recorded an impairment charge of $2.8 million. There were no impairment charges for the year ended December 31, 2025.

Other operating loss / (income) represents a provision of $3.0 million the Company recorded in the fourth quarter of 2024 which related to costs paid and accrual for the settlement of regulatory fines related to the detention of one of our vessels in Corpus Christi. The Other operating (loss) income in 2025 represents $1.4 million reimbursed from the insurers in November 2025 following a discretionary claim filed with the Protection & Indemnity insurers net of legal expenses for the case of $0.08 million.

On January 29, 2025, the Company signed an agreement to sell M/V Tasos, a 75,100 dwt drybulk vessel, built in 2000, for demolition, for approximately $5 million. The vessel was delivered to its buyers, an unaffiliated third party, on March 17, 2025, resulting in a net gain on sale of $2.1 million.

On August 24, 2025, the Company signed an agreement to sell M/V “Eirini P”, a 76,466 dwt drybulk vessel, built in 2004, for approximately $8.5 million. The vessel was delivered to its buyers, an unaffiliated third party, on October 21, 2025, resulting in a net gain on sale of $0.7 million.

Interest and other financing costs for the twelve months of 2025 amounted to $6.9 million compared to $8.0 million for the same period of 2024. This decrease is mainly due to the decreased benchmark rates of our loans, partly offset by the increased average debt during the twelve months of 2025 as compared to the same period of last year.

For the twelve months ended December 31, 2025, the Company recognized a $0.14 million realized gain and a $0.27 million unrealized loss on one interest rate swap, as well as a $0.08 million unrealized gain on FFA contracts as compared to a $0.1 million unrealized gain and a $0.2 million realized gain on one interest rate swap, as well as a $1.3 million unrealized gain and a $1.0 million realized loss on FFA contracts for the same period of 2024.

Interest income for 2025 amounted to $0.2 million compared to $0.1 million interest income for the same period of 2024. The increase of interest income is attributable to higher cash balances maintained during the twelve months of 2025 compared to the corresponding period in 2024.

The Company reported a net loss for the period of $3.8 million and a net loss attributable to controlling shareholders of $4.3 million, as compared to a net loss of $13.5 million and a net loss attributable to controlling shareholders of $12.6 million, for the same period of 2024. The net income attributable to the non-controlling interest of $0.5 million in 2025 represents the income attributable to the 39% ownership of the Partnership.

Adjusted EBITDA for the twelve months of 2025 was $12.5 million compared to $9.4 million achieved during the twelve months of 2024.

Basic and diluted loss per share attributable to controlling shareholders for the twelve months of 2025 was $1.55, calculated on 2,755,937 basic and diluted weighted average number of shares outstanding, compared to basic and diluted loss per share attributable to controlling shareholders for the twelve months of 2024 of $4.62, calculated on 2,727,698 basic and diluted weighted average number of shares outstanding.

Excluding the effect on the net (loss) / income attributable to controlling shareholders for the year of the unrealized (gain) / loss on derivatives and the net gain on sale of vessels, the adjusted loss per share attributable to controlling shareholders for the year ended December 31, 2025 would have been $2.50 basic and diluted, compared to adjusted loss per share of $4.10 attributable to controlling shareholders basic and diluted for the same period of 2024. As previously mentioned, usually, security analysts do not include the above items in their published estimates of earnings per share.
Source: EuroDry Ltd.