CMDB

MONACO, Aug. 03, 2026 (GLOBE NEWSWIRE) -- Costamare Bulkers Holdings Limited (“Costamare Bulkers” or the “Company”) (NYSE: CMDB) today reported unaudited financial results for the second quarter and six-month period ended June 30, 2026. Financial Highlights1 and Operational Updates I. PROFITABILITY - LIQUIDITY - DEBT Q2 2026 Adjusted Net Income2 of $9.8 million ($0.40 per share). Q2 2026 Net Income of $5.2 million ($0.21 per share). Q2 2026 liquidity of $331.5 million3. Cash4 exceeding Debt5 by $108.9 million as of the end of Q2 2026. II. VESSEL SALE Agreement for the sale of the 2009-built, 55,469 DWT capacity dry bulk vessel, Bermondi. Sale is expected to be concluded in Q3 2026. III. OPERATING PLATFORM Completion of the previously announced transaction with Cargill International S.A. (“Cargill”), with no pending transfers of the related trading book. The operating platform6 is currently focused on Kamsarmax-type vessels and consists of 26 third-party owned dry bulk vessels including: __________________1 This earnings release focuses on the financial results and management’s discussion and analysis of Costamare Bulkers for the three-month and six-month periods ended June 30, 2026. Costamare Bulkers became an independent publicly traded company upon its spin-off from Costamare Inc. on May 6, 2025, prior to which it did not operate as a separate legal entity. Accordingly, the results for the three- and six-month periods ended June 30, 2026 are not comparable to the corresponding periods of 2025, and comparative figures for the three- and six-month periods ended June 30, 2025 are not presented. 2 Adjusted Net Income and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare Bulkers’ financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I. 3 Liquidity includes Cash (as defined in footnote 4) and $84.7 million of available undrawn funds from one hunting license facility as of June 30, 2026. 4 Cash denotes Cash and cash equivalents (including restricted cash) of $234.8 million plus margin deposits of $12.0 million relating mainly to our forward freight agreements (“FFAs”) and bunker swaps. 5 Debt denotes Long-term debt including current and non-current portion. 6 As of July 31, 2026, and excluding one vessel sub-chartered out to Cargill on back to back terms pursuant to the Strategic Cooperation Agreement. IV. OWNED FLEET7 Costamare Bulkers currently owns a fleet of 30 dry bulk vessels (including the vessel we have agreed to sell) with a total capacity of approximately 2.7 million DWT, consisting of: 12 of the period charters are subject to index-linked charter agreements (with owner’s option to convert to fixed rate based on the prevailing FFA curve) while the remaining 11 are fixed-rate agreements. Mr. Gregory Zikos, Chief Executive Officer of Costamare Bulkers Holdings Limited, commented: “During the second quarter of the year Costamare Bulkers generated an adjusted net income of $10 million. We finalized the transfer of the Company’s entire legacy trading portfolio that was earmarked for Cargill, effectively reducing the risk on our balance sheet. We expect that our trading platform will be free of the three remaining legacy positions by year end. As part of our fleet renewal program, we recently agreed to sell our 2009-built Supramax vessel, which is expected to be delivered within the third quarter. With total cash exceeding debt by approximately $110 million, the Company is net cash positive, positioning us favorably to grow countercyclically should a low asset value environment arise. Regarding the market, this quarter has been characterized by heightened volatility, particularly in the Capesize segment, largely driven by geopolitical uncertainty, energy market turbulence, and weather-related disruptions. Capesize rates peaked in late May before correcting by nearly $20,000/day through the end of June but have since held at robust levels. The Panamax market remained supported by strong Capesize rates and the return of Chinese seaborne coal demand. Unlike the larger vessel segments, the Supramax market was on a gradual upward trend throughout the period, supported by firmer grain and minor bulk volumes, as well as rising Liberian iron ore exports, which strengthened Atlantic market conditions.” __________________7 As of July 31, 2026. (1) Adjusted Net Income and Adjusted Earnings per Share are non-GAAP measures. Refer to the reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share. Non-GAAP Measures The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the relevant period. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue, net income, or other measures determined in accordance with GAAP. Non-GAAP financial measures include (i) Adjusted Net Income and (ii) Adjusted Earnings per Share. Exhibit I Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share Adjusted Net Income and Adjusted Earnings per Share represent Net Income before deferred charter-in expense, amortization of time-charter assumed, non-recurring, non-cash write-off of loan deferred financing costs, non-recurring expenses for realignment of operating platform, general and administrative expenses - non-cash component and loss on derivative instruments, excluding realized (gain)/loss on derivative instruments. However, Adjusted Net Income and Adjusted Earnings per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income and Adjusted Earnings per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income and Adjusted Earnings per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income and Adjusted Earnings per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income and Adjusted Earnings per Share generally eliminates the effects of the accounting, effects of certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income and Adjusted Earnings per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income and Adjusted Earnings per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Previously, the Company’s calculation of Adjusted Net Income and Adjusted Earnings per Share included adjustments for any gain/loss incurred in connection with the sale of vessels and for any loss on vessels held for sale. As the Company’s fleet management activities may, subject to market and other conditions, periodically include the sale of dry bulk vessels, the Company no longer includes such adjustments in its calculation of these non-GAAP measures beginning with the results for the first quarter ended March 31, 2026. We believe this updated methodology provides a more meaningful view of the Company’s operating performance. (1) Items to consider for comparability, when prior period figures are presented, include gains and charges. Gains positively impacting Net Income are reflected as deductions to Adjusted Net Income. Charges negatively impacting Net Income are reflected as increases to Adjusted Net Income. Exhibit II Owned Dry Bulk Fleet Utilization(1) (1) We calculate utilization of our owned dry bulk fleet (including vessels chartered-in by CBI) by dividing (i) the aggregate number of our on-hire days and ballast days (excluding dry dock ballast days) in a period of our owned dry bulk fleet by (ii) the number of our available days (owned dry bulk fleet) during such period. We use the following definitions in our calculation of utilization of owned dry bulk fleet: On-hire days. We define on-hire days as the total days that a vessel was on-hire during a period. Ballast days (excluding dry dock ballast days). We define ballast days (excluding dry dock ballast days) during a period, as the total number of days that a vessel is not on-hire, but is conducting ordinary ship operations (other than dry dock ballast days) which include repositioning from a discharging port to a loading port, sailing to a port for the conclusion of a prospective sale of a vessel or a change of the technical manager of a vessel. Available days. We define available days as the number of our ownership days of our owned dry bulk fleet during a period less the aggregate number of dry dock days and dry dock ballast days during such period. We use the following definitions in our calculation of available days (owned dry bulk fleet): Results of Operations Three-month period ended June 30, 20268 During the three-month period ended June 30, 2026, we had an average of 29.8 vessels in our owned fleet. Furthermore, during the three-month period ended June 30, 2026, we chartered-in an average of 23.1 third-party dry bulk vessels. During the three-month period ended June 30, 2026, we took delivery of the dry bulk vessel Astros (ex. Koushun) with a DWT capacity of 60,297. During the three-month period ended June 30, 2026, our fleet ownership days totaled 2,715. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned. Consolidated Financial Results and Vessels’ Operational Data (I) Vessels in our owned fleet. Total Voyage Revenue Total voyage revenue was $111.6 million during the three-month period ended June 30, 2026, and mainly includes voyage revenue earned by the charter-out activities of both owned and chartered-in vessels and contractual reimbursements from certain of our charterers for EU Emissions Allowances (“EUAs”) and Fuel EU Maritime penalties. ________________8 The discussion below reflects the second quarter 2026 consolidated financial results of Costamare Bulkers. Prior to the completion of the spin-off from Costamare Inc. on May 6, 2025, Costamare Bulkers did not operate as a separate legal entity. Costamare Bulkers financial results for the three-month period ended June 30, 2026 are therefore not comparable to the corresponding period in 2025 and accordingly, comparative figures are not presented. Voyage Expenses Voyage expenses were $30.2 million for the three-month period ended June 30, 2026. Voyage expenses mainly include (i) fuel consumption and port expenses, primarily relating to the activities of the charter-in vessels, (ii) third-party commissions, (iii) canal tolls and (iv) EUAs and Fuel EU Maritime expenses; however, a significant portion of EUAs and Fuel EU Maritime expenses are contractually reimbursed by the charterers, as discussed in “Total Voyage Revenue”, mitigating the net expenses impact. Charter-in Hire Expenses Charter-in hire expenses were $38.9 million for the three-month period ended June 30, 2026, relating to the chartering-in of third-party dry bulk vessels. Voyage Expenses – related parties Voyage expenses – related parties were $1.0 million for the three-month period ended June 30, 2026. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider and (ii) address commissions on certain charter-out agreements payable to a related agent. These commissions are subsequently paid in full on a back-to-back basis by the related agent to its respective third-party clients with no benefit for the related agent. Vessels’ Operating Expenses Vessels’ operating expenses were $16.4 million during the three-month period ended June 30, 2026. Daily vessels’ operating expenses were $6,036 for the three-month period ended June 30, 2026. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period. General and Administrative Expenses General and administrative expenses were $2.5 million during the three-month period ended June 30, 2026 and include an amount of $0.7 million that was paid to a related service provider. Management and Agency Fees – related parties Management fees charged by our related party managers were $2.8 million during the three-month period ended June 30, 2026. The amounts charged by our related party managers include amounts paid to third party managers of $0.5 million for the three-month period ended June 30, 2026. Furthermore, during the three-month period ended June 30, 2026, agency fees of $0.8 million, in aggregate, were charged by four related agents. General and Administrative Expenses – non-cash component General and administrative expenses - non-cash component for the three-month period ended June 30, 2026 amounted to $1.1 million, representing the value of the shares issued to a related service provider on June 30, 2026. Amortization of Dry-Docking and Special Survey Costs Amortization of deferred dry-docking and special survey costs was $1.9 million during the three-month period ended June 30, 2026. During the three-month period ended June 30, 2026, no vessels underwent and completed their dry-docking and special surveys. Depreciation Depreciation expense for the three-month period ended June 30, 2026 was $8.9 million. Vessel held for sale During the three-month period ended June 30, 2026, the dry bulk vessel Bermondi was classified as vessel held for sale but no loss on vessel held for sale was recorded since the vessel’s estimated fair value less costs to sell exceeded the vessel’s carrying value. Interest Income Interest income amounted to $1.7 million for the three-month period ended June 30, 2026. Interest and Finance Costs Interest and finance costs were $2.1 million during the three-month period ended June 30, 2026. Interest and finance costs include mainly interest expense on our bank loans, amortization of deferred financing costs, bank charges and other financial expenses. Other, net Other, net, amounted to $0.8 million during the three-month period ended June 30, 2026, mainly related to certain non-recurring expenses in connection with the realignment of the operating platform. Loss on Derivative Instruments, net As of June 30, 2026, we hold derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of operations. As of June 30, 2026, the fair value of these instruments, in aggregate, amounted to a net liability of $1.0 million. During the three-month period ended June 30, 2026, the change in the fair value (fair value as of June 30, 2026 compared to fair value as of March 31, 2026) of the derivative instruments, including their realized components during the period, resulted in a net loss of $0.8 million, which has been included in Gain /(loss) on Derivative Instruments, net. Results of Operations Six-month period ended June 30, 20269 During the six-month period ended June 30, 2026, we had an average of 30.1 vessels in our owned fleet. Furthermore, during the six-month period ended June 30, 2026, we chartered-in an average of 23.5 third-party dry bulk vessels. During the six-month period ended June 30, 2026, we took delivery of the dry bulk vessel Astros (ex. Koushun) with a DWT capacity of 60,297 and we sold the vessels Clara and Miracle with an aggregate DWT capacity of 237,200. During the six-month period ended June 30, 2026, our fleet ownership days totaled 5,457. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned. Consolidated Financial Results and Vessels’ Operational Data (I) Vessels in our owned fleet. Total Voyage Revenue ________________9 The discussion below reflects the consolidated financial results of Costamare Bulkers for the first half of 2026. Prior to the completion of the spin-off from Costamare Inc. on May 6, 2025, Costamare Bulkers did not operate as a separate legal entity. Costamare Bulkers financial results for the six-month period ended June 30, 2026 are therefore not comparable to the corresponding period in 2025 and accordingly, comparative figures are not presented. Total voyage revenue was $223.1 million during the six-month period ended June 30, 2026, and mainly includes voyage revenue earned by the charter-out activities of both owned and chartered-in vessels and contractual reimbursements from certain of our charterers for EU Emissions Allowances (“EUAs”) and Fuel EU Maritime penalties. Voyage Expenses Voyage expenses were $53.2 million for the six-month period ended June 30, 2026. Voyage expenses mainly include (i) fuel consumption and port expenses, primarily relating to the activities of the charter-in vessels, (ii) third-party commissions, (iii) canal tolls and (iv) EUAs and Fuel EU Maritime expenses; however, a significant portion of EUAs and Fuel EU Maritime expenses are contractually reimbursed by the charterers, as discussed in “Total Voyage Revenue”, mitigating the net expenses impact. Charter-in Hire Expenses Charter-in hire expenses were $84.8 million for the six-month period ended June 30, 2026, relating to the chartering-in of third-party dry bulk vessels. Voyage Expenses – related parties Voyage expenses – related parties were $1.8 million for the six-month period ended June 30, 2026. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider and (ii) address commissions on certain charter-out agreements payable to a related agent. These commissions are subsequently paid in full on a back-to-back basis by the related agent to its respective third-party clients with no benefit for the related agent. Vessels’ Operating Expenses Vessels’ operating expenses were $33.1 million during the six-month period ended June 30, 2026. Daily vessels’ operating expenses were $6,065 for the six-month period ended June 30, 2026. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period. General and Administrative Expenses General and administrative expenses were $4.8 million during the six-month period ended June 30, 2026 and include an amount of $1.3 million that was paid to a related service provider. Management and Agency Fees – related parties Management fees charged by our related party managers were $5.7 million during the six-month period ended June 30, 2026. The amounts charged by our related party managers include amounts paid to third party managers of $1.1 million for the six-month period ended June 30, 2026. Furthermore, during the six-month period ended June 30, 2026, agency fees of $3.3 million, in aggregate, were charged by four related agents. General and Administrative Expenses – non-cash component General and administrative expenses - non-cash component for the six-month period ended June 30, 2026 amounted to $2.0 million, representing the value of the shares issued to a related service provider on March 30, 2026 and June 30, 2026. Amortization of Dry-Docking and Special Survey Costs Amortization of deferred dry-docking and special survey costs was $3.5 million during the six-month period ended June 30, 2026. During the six-month period ended June 30, 2026, three vessels underwent and completed their dry-docking and special surveys. Depreciation Depreciation expense for the six-month period ended June 30, 2026 was $17.5 million. Vessel held for sale During the six-month period ended June 30, 2026, the dry bulk vessel Bermondi was classified as vessel held for sale but no loss on vessel held for sale was recorded since the vessel’s estimated fair value less costs to sell exceeded the vessel’s carrying value. Gain on Sale of Vessels During the six-month period ended June 30, 2026, we recorded an aggregate gain of $7.7 million from the sale of the dry bulk vessels Clara and Miracle. Interest Income Interest income amounted to $3.3 million for the six-month period ended June 30, 2026. Interest and Finance Costs Interest and finance costs were $4.7 million during the six-month period ended June 30, 2026. Interest and finance costs include mainly interest expense on our bank loans, amortization of deferred financing costs, bank charges and other financial expenses. Other, net Other, net, amounted to $6.0 million during the six-month period ended June 30, 2026, mainly related to certain non-recurring expenses in connection with the realignment of the operating platform. Gain on Derivative Instruments, net As of June 30, 2026, we hold derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of operations. As of June 30, 2026, the fair value of these instruments, in aggregate, amounted to a net liability of $1.0 million. During the six-month period ended June 30, 2026, the change in the fair value (fair value as of June 30, 2026 compared to fair value as of December 31, 2025) of the derivative instruments, including their realized components during the period, resulted in a net gain of $1.5 million, which has been included in Gain / (loss) on Derivative Instruments, net. Liquidity and Unencumbered Vessels Cash and cash equivalents As of June 30, 2026, we had Cash and cash equivalents (including restricted cash) of $234.8 million and $12.0 million in margin deposits in relation to our FFAs, bunker swaps and EUA futures. Including the $84.7 million of available undrawn funds from our hunting license facility, our total liquidity as of June 30, 2026, was approximately $331.5 million. Debt-free vessels As of July 31, 2026, the following vessels were free of debt. About Costamare Bulkers Holdings Limited Costamare Bulkers Holdings Limited is an international owner and operator of dry bulk vessels. Costamare Bulkers’ owned dry bulk fleet consists of 30 vessels (including one vessel we have agreed to sell) with a total carrying capacity of approximately 2,665,000 DWT. Costamare Bulkers also owns a dry bulk operating platform (CBI) which charters in/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements and may also utilize hedging solutions. Costamare Bulkers’ common stock trades on the New York Stock Exchange under the symbol “CMDB”. Forward-Looking Statements This earnings release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could”, “expect” and similar expressions. You should not place undue reliance on these statements. These statements are not historical facts but instead represent only the Company’s beliefs regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Although the Company believes that its expectations stated in this earnings release are based on reasonable assumptions, it is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Annual Report on Form 20-F (File No. 001-42581). All forward-looking statements reflect management’s current views with respect to certain future events, and the Company expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in the Company’s views or expectations, or otherwise. Company Contacts: Gregory Zikos – Chief Executive OfficerDimitris Pagratis - Chief Financial Officer Konstantinos Tsakalidis - Business Development Costamare Bulkers Holdings Limited, Monaco Tel: (+377) 92 00 1745 Email: [email protected] Owned Vessels Fleet List The table below provides information about our owned fleet as of July 31, 2026. (i) Denotes vessel we have agreed to sell. Chartered-In Vessels Fleet List The table below provides information about our chartered-in fleet10 as of July 31, 2026. (i) Time-chartered out for the whole remaining charter-in period. Chartered-In Newbuilding Vessel ________________10 Excluding one vessel already sub-chartered out to Cargill on back to back terms pursuant to the Strategic Cooperation Agreement. ________________11 Costamare Bulkers had nominal operations from January 1, 2025 until late March 2025, when Costamare transferred to it the entities engaged in the dry bulk business, which had owned, owned, or were formed with the intention of owning dry bulk vessels. The results of these entities are included, from their transfer date forward, in our consolidated statement of operations for the six-month period ended June 30, 2025. On May 6, 2025, Costamare Bulkers acquired the Costamare Bulkers Inc. operating platform business, whose results are included, from that date forward, in our consolidated statement of operations for the six-month period ended June 30, 2025. Accordingly, the results for the six-month period ended June 30, 2026 are not comparable to the corresponding period in 2025. ________________12 Costamare Bulkers had nominal operations from January 1, 2025 until late March 2025, when Costamare transferred to it the entities engaged in the dry bulk business, which had owned, owned, or were formed with the intention of owning dry bulk vessels. The results of these entities are included, from their transfer date forward, in our consolidated statement of operations for the six-month period ended June 30, 2025. On May 6, 2025, Costamare Bulkers acquired the Costamare Bulkers Inc. operating platform business, whose results are included, from that date forward, in our consolidated financial statements for the six-month period ended June 30, 2025. Accordingly, the results for the six-month period ended June 30, 2026 are not comparable to the corresponding period in 2025.

Earnings Release: Monday, August 3, 2026, Before Market Opens MONACO, July 31, 2026 (GLOBE NEWSWIRE) -- Costamare Bulkers Holdings Limited (NYSE:CMDB) (“Costamare Bulkers” or the “Company”), announced today that it will release its results for the second quarter ended June 30, 2026 before the market opens in New York on August 3, 2026. Results Presentation: A presentation of the Company’s financial results for the second quarter of 2026 will be posted on the Costamare Bulkers website (www.costamarebulkers.com). About Costamare Bulkers Holdings Limited Costamare Bulkers Holdings Limited is an international owner and operator of dry bulk vessels. Costamare Bulkers’ owned dry bulk fleet consists of 30 vessels with a total carrying capacity of approximately 2,665,000 DWT. Costamare Bulkers also owns a dry bulk operating platform (CBI) which charters in/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements and may also utilize hedging solutions. Costamare Bulkers’ common stock trades on the New York Stock Exchange under the symbol “CMDB”. Forward-Looking Statements This press release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could”, “expect” and similar expressions. You should not place undue reliance on these statements. These statements are not historical facts but instead represent only the Company’s beliefs regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Although the Company believes that its expectations stated in this press release are based on reasonable assumptions, it is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Annual Report on Form 20-F (File No. 001-42581). All forward-looking statements reflect management’s current views with respect to certain future events, and the Company expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in the Company’s views or expectations, or otherwise. Company Contacts: Gregory Zikos - Chief Executive Officer Dimitris Pagratis - Chief Financial Officer Konstantinos Tsakalidis - Business Development Costamare Bulkers Holdings Limited, Monaco Tel: (+377) 92 00 1745 Email: [email protected]

MONACO, July 27, 2026 (GLOBE NEWSWIRE) -- Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported unaudited financial results for the second quarter and six-month period ended June 30, 2026. PROFITABILITY AND LIQUIDITY Q2 2026 Adjusted Net Income from Continuing operations1 available to common stockholders2 of $75.1 million ($0.62 per share). Q2 2026 Net Income from Continuing operations1 available to common stockholders of $77.4 million ($0.64 per share). Q2 2026 liquidity of $423.0 million3. II. NEW BILATERAL FINANCING AGREEMENTS OF $1.3 BILLION WITH A NUMBER OF LEADING US, EUROPEAN AND ASIAN BANKS4 Concluded new financing agreements for $920 million and refinanced existing obligations. Bilateral commitments, subject to final documentation, for additional refinancings of a total of up to $331 million which we expect to finalize during Q3 2026. In addition, bilateral commitment, subject to final documentation, for a $52 million debt facility in connection with the previously announced acquisition5 of the two 2001-built containerships, each with a capacity of approximately 5,600 TEU. ________________1 Discontinued operations - Costamare Bulkers Holdings Limited Spin-Off: On May 6, 2025, Costamare completed the spin-off of its dry bulk business (consisting of its dry bulk owned fleet and its dry bulk operating platform, Costamare Bulkers Inc. (“CBI”)) into a standalone public company, Costamare Bulkers Holdings Limited (NYSE: CMDB). Accordingly, the results of the dry bulk business are presented as discontinued operations in the Company’s consolidated financial statements for all relevant periods presented. Discontinued operations for the three-month and six-month periods ended June 30, 2025, include the results of the dry bulk business. There are no results of discontinued operations for the three-month and six-month periods ended June 30, 2026. Accordingly, results of discontinued operations are not comparable between periods.2 Adjusted Net Income from Continuing operations available to common stockholders and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare’s financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I. 3 Liquidity includes cash and cash equivalents (including restricted cash) and short-term investments in U.S. Treasury Bills amounting to $19.6 million. 4 Certain of the financings are still in documentation stage. 5 Please refer to the Q1 2026 Earnings Release. III. 16 VESSEL NEWBUILDING PROGRAM – FUNDING UPDATE The scheduled initial installments under the shipbuilding contracts for the 16 newbuild containerships announced in Q1 20265 have been paid and the respective debt portion has been drawn under the existing finance lease arrangements. The Company’s required equity contribution has been paid in full. All remaining shipyard installments are expected to be funded through the pre- and post-delivery financings arranged with two leading Chinese financial institutions. IV. SALE AND PURCHASE ACTIVITY – SECONDHAND VESSELS Vessel Sales Agreement for the sale of two 2002-built container vessels, Porto Kagio and Porto Germeno. V. FLEET EMPLOYMENT6 97% and 94% of the containership fleet7 fixed for 2026 and 2027, respectively. Contracted revenues for the containership fleet of approximately $6.1 billion8 with a TEU-weighted duration of 5.9 years9. VI. LEASE FINANCING PLATFORM Controlling interest in Neptune Maritime Leasing Limited (“NML”). Growing leasing platform with 50 shipping assets10 funded or on a commitment status basis, representing total investments and commitments of more than $700 million, supported by what we believe is a healthy pipeline. VII. DIVIDEND ANNOUNCEMENTS On July 1, 2026, the Company declared a dividend of $0.125 per share on the common stock, which is payable on August 6, 2026, to holders of record of common stock as of July 21, 2026. On July 1, 2026, the Company declared a dividend of $0.476563 per share on the Series B Preferred Stock, $0.531250 per share on the Series C Preferred Stock and $0.546875 per share on the Series D Preferred Stock, which were all paid on July 15, 2026, to holders of record as of July 14, 2026. ________________6 Please refer to the Containership Fleet List table for additional information on vessel employment details for our containership fleet.7 Calculated on a TEU basis. Includes two secondhand containerships agreed to be acquired (please refer to Q1 2026 Earnings Release).8 For 16 of our vessels under construction the related post-delivery time charter rates are denominated in a currency other than US dollars. US dollar amounts presented herein have been translated at the closing exchange rate on July 24, 2026, and are shown for presentation purposes only.9 As of July 24, 2026. Includes the contracted revenues of 22 vessels under construction and the two secondhand containerships agreed to be acquired (please refer to Q1 2026 Earnings Release).10 Includes assets funded as of July 24, 2026 and contractual commitments as of July 24, 2026. Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented: “During the second quarter of the year, the Company generated Net Income of about $77 million. Total liquidity amounted to $423 million. We have concluded numerous bilateral debt refinancing agreements for a total of $920 million and we expect to finalize during Q3 the documentation for additional refinancings of a total of $331 million. Credit approvals for the latter financial arrangements have been obtained. All new agreements relate to vessels in our existing fleet and provide interest cost savings. As a result of the recent financing activity, we will have no debt maturities till 2030. Regarding the market, charter rates are on a firming trend in an active market with a number of fixtures concluded across most vessel sizes. 97% and 94% of our containership fleet is fixed for 2026 and 2027, respectively, while contracted revenues have reached approximately $6.1 billion with a TEU-weighted duration of 5.9 years. Finally, with respect to Neptune Maritime Leasing, where we hold a controlling interest, 50 shipping assets have been funded or are on a commitment status basis and total investments and commitments are exceeding $700 million.” Non-GAAP Measures The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the relevant periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue, net income or other measures as determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income from Continuing operations available to common stockholders and (iii) Adjusted Earnings per Share from Continuing operations. Exhibit I Reconciliation of Net Income from Continuing Operations to Adjusted Net Income from Continuing Operations available to common stockholders and Adjusted Earnings per Share from Continuing Operations Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations represent Net Income from continuing operations after earnings from continuing operations allocated to preferred stock and Non-Controlling Interest, but before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, amortization of time-charter assumed, amortization of deferred revenue, realized (gain)/loss on Euro/USD forward contracts, general and administrative expenses - non-cash component and (gain)/loss on derivative instruments, excluding realized (gain)/loss on derivative instruments. “Accrued charter revenue” is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations generally eliminates the accounting effects of certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Results of Continuing Operations11 Three-month period ended June 30, 2026 compared to the three-month period ended June 30, 2025 During the three-month periods ended June 30, 2026 and 2025, we had an average of 69.0 and 68.0 container vessels, respectively, in our owned fleet. As of June 30, 2026, we have invested in Neptune Maritime Leasing Limited (“NML”) the amount of $182.2 million. In the three-month periods ended June 30, 2026 and 2025, our fleet ownership days totaled 6,279 and 6,188 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned. Consolidated Financial Results from Continuing operations and Vessels’ Operational Data(I),(II) ________________11 Following the spin-off of the dry bulk business (consisting of Costamare’s dry bulk owned fleet and CBI) on May 6, 2025, the results of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the results from continuing operations. Voyage Revenue Voyage revenue decreased by 4.8%, or $10.1 million, to $200.8 million during the three-month period ended June 30, 2026, from $210.9 million during the three-month period ended June 30, 2025. The decrease period over period is mainly attributable to (i) the net decreased charter rates in certain of our vessels and (ii) the increased idle and off-hire days of our fleet (mainly due to scheduled dry-dockings) during the three-month period ended June 30, 2026 compared to the three-month period ended June 30, 2025; partly offset by (i) the contractual reimbursements from certain of our charterers for EU Emissions Allowances (“EUAs”) and Fuel EU Maritime penalties and (ii) the revenue earned by one container vessel acquired during the third quarter of 2025. Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”, amortization of time-charter assumed and amortization of deferred revenue) decreased by 7.1%, or $14.9 million, to $196.3 million during the three-month period ended June 30, 2026, from $211.2 million during the three-month period ended June 30, 2025. Income from investments in leaseback vessels Income from investments in leaseback vessels was $8.4 million and $7.0 million for the three-month periods ended June 30, 2026 and 2025, respectively. Income from investments in leaseback vessels increased, period over period, due to the increased volume of NML’s operations during the three-month period ended June 30, 2026 compared to the three-month period ended June 30, 2025. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries. Voyage Expenses Voyage expenses were $15.4 million and $13.9 million for the three-month periods ended June 30, 2026 and 2025, respectively. Voyage expenses increased period over period, mainly due to the recognition of increased net costs associated with EUAs, Fuel EU Maritime penalties and an increase in relevant expenses. However, a significant portion of these costs are contractually reimbursed by the charterers, as discussed in “Voyage Revenue”, mitigating the net expenses impact. Voyage expenses mainly include (i) off-hire expenses of our vessels, primarily related to fuel consumption, (ii) third-party commissions and (iii) EUAs and Fuel EU Maritime expenses. Voyage Expenses – related parties Voyage expenses – related parties were $2.5 million and $2.9 million for the three-month periods ended June 30, 2026 and 2025, respectively. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider and (ii) charter brokerage fees payable to one and two related charter brokerage companies for an amount of approximately $0.2 million and $0.3 million, in the aggregate, for the three-month periods ended June 30, 2026 and 2025, respectively. Vessels’ Operating Expenses Vessels’ operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $41.9 million and $40.7 million during the three-month periods ended June 30, 2026 and 2025, respectively. Daily vessels’ operating expenses were $6,678 and $6,581 for the three-month periods ended June 30, 2026 and 2025, respectively. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period. General and Administrative Expenses General and administrative expenses were $3.2 million and $3.0 million during the three-month periods ended June 30, 2026 and 2025, respectively, and include amounts of $0.67 million and $0.67 million, respectively, that were paid to a related service provider. Management Fees – related parties Management fees charged by our related party managers were $7.5 million and $7.1 million during the three-month periods ended June 30, 2026 and 2025, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $1.5 million and $1.4 million for the three-month periods ended June 30, 2026 and 2025, respectively. General and Administrative Expenses - non-cash component General and administrative expenses - non-cash component for the three-month period ended June 30, 2026 amounted to $2.1 million, representing the value of the shares issued to a related service provider on June 30, 2026. General and administrative expenses - non-cash component for the three-month period ended June 30, 2025 amounted to $1.4 million, representing the value of the shares issued to a related service provider on June 30, 2025. Amortization of Dry-Docking and Special Survey Costs Amortization of deferred dry-docking and special survey costs was $5.6 million and $4.8 million during the three-month periods ended June 30, 2026 and 2025, respectively. During the three-month period ended June 30, 2026, six vessels underwent and completed their special surveys, and two vessels were in the process of completing their special surveys. During the three-month period ended June 30, 2025, two vessels underwent and completed their dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey. Depreciation Depreciation expense for the three-month periods ended June 30, 2026 and 2025 was $32.6 million and $31.9 million, respectively. Vessels held for sale During the three-month period ended June 30, 2026, the container vessels Porto Kagio and Porto Germeno were classified as vessels held for sale but no loss on vessels held for sale was recorded since each vessel’s estimated fair value less costs to sell exceeded each vessel’s carrying value. Interest Income Interest income amounted to $2.8 million and $5.5 million for the three-month periods ended June 30, 2026 and 2025, respectively. Interest and Finance Costs Interest and finance costs were $17.5 million and $22.3 million during the three-month periods ended June 30, 2026 and 2025, respectively. The decrease is mainly attributable to the decreased interest expense due to a lower average loan balance and to the capitalized interest in relation with our newbuilding program during the three-month period ended June 30, 2026, compared to the three-month period ended June 30, 2025. Gain on Derivative Instruments, net As of June 30, 2026, we hold derivative financial instruments that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that qualifies for hedge accounting is recorded in “Other Comprehensive Income” (“OCI”). The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income. As of June 30, 2026, the fair value of these instruments, in aggregate, amounted to a net asset of $15.4 million. During the three-month period ended June 30, 2026, the change in the fair value (fair value as of June 30, 2026 compared to the fair value as of March 31, 2026) of the derivative instruments that qualify for hedge accounting resulted in a net gain of $0.2 million, which has been included in OCI. Furthermore, during the three-month period ended June 30, 2026 the change in the fair value (fair value as of June 30, 2026 compared to the fair value as of March 31, 2026) of the derivative instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the quarter, resulted in a net gain of $0.8 million, which has been included in Gain on Derivative Instruments, net. Net Cash Provided by Operating Activities Net cash flows provided by operating activities for the three-month period ended June 30, 2026 decreased by $34.2 million to $101.8 million, from $136.0 million for the three-month period ended June 30, 2025. The decrease is mainly attributable to decreased net cash from operations and the increased special survey costs during the three-month period ended June 30, 2026 compared to the three-month period ended June 30, 2025; partly offset by the favorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (as described above) and by the decrease in interest payments (including interest derivatives net receipts) during the three-month period ended June 30, 2026 compared to the three-month period ended June 30, 2025. Net Cash Used in Investing Activities Net cash used in investing activities was $312.8 million in the three-month period ended June 30, 2026, which mainly consisted of (i) advance payments for the construction of 17 newbuild container vessels, (ii) advance payments for the acquisition of two secondhand container vessels and (iii) payments for upgrades for certain of our container vessels; partly offset by net receipts for net investments into which NML entered. Net cash used in investing activities was $110.3 million in the three-month period ended June 30, 2025, which mainly consisted of payments for upgrades for certain of our container vessels and payments for net investments into which NML entered. ________________ 12 Following the spin-off of the dry bulk business on May 6, 2025, the cash flows of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the cash flows from continuing operations. Net Cash Used in Financing Activities Net cash used in financing activities was $10.6 million in the three-month period ended June 30, 2026, which mainly consisted of (i) $9.9 million of net receipts relating to our debt financing agreements (including proceeds of $182.1 million we received from four debt financing agreements), (ii) $13.8 million we paid for dividends to holders of our common stock for the first quarter of 2026 and (iii) $0.9 million we paid for dividends to holders of our 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”), $2.1 million we paid for dividends to holders of our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock (“Series C Preferred Stock”) and $2.2 million we paid for dividends to holders of our 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (“Series D Preferred Stock”) for the period from January 15, 2026 to April 14, 2026. Net cash used in financing activities was $373.6 million in the three-month period ended June 30, 2025, which mainly consisted of (i) $260.0 million of payments relating to our debt financing agreements and finance lease liability agreement, (ii) $100.0 million transferred to the spun-off entities, (iii) $13.7 million we paid for dividends to holders of our common stock for the first quarter of 2025 and (iv) $0.9 million we paid for dividends to holders of our Series B Preferred Stock, $2.1 million we paid for dividends to holders of our Series C Preferred Stock and $2.2 million we paid for dividends to holders of our Series D Preferred Stock for the period from January 15, 2025 to April 14, 2025. Results of Continuing Operations13 Six-month period ended June 30, 2026 compared to the six-month period ended June 30, 2025 During the six-month periods ended June 30, 2026 and 2025, we had an average of 69.0 and 68.0 container vessels, respectively, in our owned fleet. As of June 30, 2026, we have invested in NML the amount of $182.2 million. In the six-month periods ended June 30, 2026 and 2025, our fleet ownership days totaled 12,489 and 12,308 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned. ________________ 13 Following the spin-off of the dry bulk business (consisting of Costamare’s dry bulk owned fleet and CBI) on May 6, 2025, the results of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the results from continuing operations. Voyage Revenue Voyage revenue decreased by 6.0%, or $25.8 million, to $402.3 million during the six-month period ended June 30, 2026, from $428.1 million during the six-month period ended June 30, 2025. The decrease period over period is mainly attributable to (i) the net decreased charter rates in certain of our vessels, (ii) the increased idle and off-hire days of our fleet (mainly due to scheduled dry-dockings) during the six-month period ended June 30, 2026 compared to the six-month period ended June 30, 2025 and (iii) the lower accounting revenue recorded for two of our vessels classified as sale type leases; partly offset by (i) the contractual reimbursements from certain of our charterers for EUAs and Fuel EU Maritime penalties and (ii) the revenue earned by one container vessel acquired during the third quarter of 2025. Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”, amortization of time-charter assumed and amortization of deferred revenue) decreased by 7.2%, or $30.8 million, to $395.5 million during the six-month period ended June 30, 2026, from $426.3 million during the six-month period ended June 30, 2025. Income from investments in leaseback vessels Income from investments in leaseback vessels was $17.9 million and $12.7 million for the six-month periods ended June 30, 2026 and 2025, respectively. Income from investments in leaseback vessels increased, period over period, due to the increased volume of NML’s operations during the six-month period ended June 30, 2026 compared to the six-month period ended June 30, 2025. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries. Voyage Expenses Voyage expenses were $30.9 million and $23.4 million for the six-month periods ended June 30, 2026 and 2025, respectively. Voyage expenses increased period over period, mainly due to the recognition of costs associated with EUAs, Fuel EU Maritime penalties and an increase in relevant expenses. However, a significant portion of these costs are contractually reimbursed by the charterers, as discussed in “Voyage Revenue”, mitigating the net expenses impact. Voyage expenses mainly include (i) off-hire expenses of our vessels, primarily related to fuel consumption, (ii) third-party commissions and (iii) EUAs and Fuel EU Maritime expenses. Voyage Expenses – related parties Voyage expenses – related parties were $5.0 million and $5.8 million for the six-month periods ended June 30, 2026 and 2025, respectively. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider and (ii) charter brokerage fees payable to one and two related charter brokerage companies for an amount of approximately $0.4 million and $0.7 million, in the aggregate, for the six-month periods ended June 30, 2026 and 2025, respectively. Vessels’ Operating Expenses Vessels’ operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $84.1 million and $79.2 million during the six-month periods ended June 30, 2026 and 2025, respectively. Daily vessels’ operating expenses were $6,733 and $6,432 for the six-month periods ended June 30, 2026 and 2025, respectively. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period. General and Administrative Expenses General and administrative expenses were $8.3 million and $7.2 million during the six-month periods ended June 30, 2026 and 2025, respectively, and include amounts of $1.33 million and $1.33 million, respectively, that were paid to a related service provider. Management Fees – related parties Management fees charged by our related party managers were $14.8 million and $14.2 million during the six-month periods ended June 30, 2026 and 2025, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $2.9 million and $2.8 million for the six-month periods ended June 30, 2026 and 2025, respectively. General and Administrative Expenses - non-cash component General and administrative expenses - non-cash component for the six-month period ended June 30, 2026 amounted to $4.6 million, representing the value of the shares issued to a related service provider on March 30, 2026 and on June 30, 2026. General and administrative expenses - non-cash component for the six-month period ended June 30, 2025 amounted to $2.8 million, representing the value of the shares issued to a related service provider on March 31, 2025 and on June 30, 2025. Amortization of Dry-Docking and Special Survey Costs Amortization of deferred dry-docking and special survey costs was $11.1 million and $9.5 million during the six-month periods ended June 30, 2026 and 2025, respectively. During the six-month period ended June 30, 2026, 13 vessels underwent and completed their special surveys, and two vessels were in the process of completing their special surveys. During the six-month period ended June 30, 2025, four vessels underwent and completed their dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey. Depreciation Depreciation expense for the six-month periods ended June 30, 2026 and 2025 was $65.4 million and $63.5 million, respectively. Vessels held for sale During the six-month period ended June 30, 2026, the container vessels Porto Kagio and Porto Germeno were classified as vessels held for sale, but no loss on vessels held for sale was recorded since each vessel’s estimated fair value less costs to sell exceeded each vessel’s carrying value. Interest Income Interest income amounted to $6.7 million and $11.8 million for the six-month periods ended June 30, 2026 and 2025, respectively. Interest and Finance Costs Interest and finance costs were $36.5 million and $45.2 million during the six-month periods ended June 30, 2026 and 2025, respectively. The decrease is mainly attributable to the decreased interest expense due to a lower average loan balance and to the capitalized interest in relation with our newbuilding program during the six-month period ended June 30, 2026, compared to the six-month period ended June 30, 2025. Gain on Derivative Instruments, net As of June 30, 2026, we hold derivative financial instruments that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that qualifies for hedge accounting is recorded in OCI. The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income. As of June 30, 2026, the fair value of these instruments, in aggregate, amounted to a net asset of $15.4 million. During the six-month period ended June 30, 2026, the change in the fair value (fair value as of June 30, 2026 compared to the fair value as of December 31, 2025) of the derivative instruments that qualify for hedge accounting resulted in a gain of $1.5 million, which has been included in OCI. Furthermore, during the six-month period ended June 30, 2026, the change in the fair value (fair value as of June 30, 2026 compared to the fair value as of December 31, 2025) of the derivative instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the period, resulted in a net gain of $0.3 million, which has been included in Gain on Derivative Instruments, net. Net Cash Provided by Operating Activities Net cash flows provided by operating activities for the six-month period ended June 30, 2026 decreased by $69.0 million to $214.2 million, from $283.2 million for the six-month period ended June 30, 2025. The decrease is mainly attributable to decreased net cash from operations and the increased special survey costs during the six-month period ended June 30, 2026 compared to the six-month period ended June 30, 2025; partly offset by the favorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (as described above) and by the decrease in interest payments (including interest derivatives net receipts) during the six-month period ended June 30, 2026 compared to the six-month period ended June 30, 2025. Net Cash Used in Investing Activities Net cash used in investing activities was $327.4 million in the six-month period ended June 30, 2026, which mainly consisted of (i) advance payments for the construction of 18 newbuild container vessels, (ii) advance payments for the acquisition of two secondhand container vessels and (iii) payments for upgrades for certain of our container vessels; partly offset by net receipts for net investments into which NML entered. Net cash used in investing activities was $107.8 million in the six-month period ended June 30, 2025, which mainly consisted of payments for upgrades for certain of our container vessels and payments for net investments into which NML entered. ________________14 Following the spin-off of the dry bulk business on May 6, 2025, the cash flows of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the cash flows from continuing operations. Net Cash Used in Financing Activities Net cash used in financing activities was $53.7 million in the six-month period ended June 30, 2026, which mainly consisted of (i) $11.0 million net payments relating to our debt financing agreements (including proceeds of $295.6 million we received from seven debt financing agreements), (ii) $27.6 million we paid for dividends to holders of our common stock for the fourth quarter of 2025 and the first quarter of 2026 and (iii) $1.9 million we paid for dividends to holders of our Series B Preferred Stock, $4.2 million we paid for dividends to holders of our Series C Preferred Stock and $4.4 million we paid for dividends to holders of our Series D Preferred Stock for the periods from October 15, 2025 to January 14, 2026 and January 15, 2026 to April 14, 2026. Net cash used in financing activities was $389.8 million in the six-month period ended June 30, 2025, which mainly consisted of (i) $255.7 million net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $55.1 million we received from three debt financing agreements), (ii) $100.0 million transferred to the spun-off entities, (iii) $27.4 million we paid for dividends to holders of our common stock for the fourth quarter of 2024 and the first quarter of 2025 and (iv) $1.9 million we paid for dividends to holders of our Series B Preferred Stock, $4.2 million we paid for dividends to holders of our Series C Preferred Stock and $4.4 million we paid for dividends to holders of our Series D Preferred Stock for the periods from October 15, 2024 to January 14, 2025 and January 15, 2025 to April 14, 2025. Liquidity and Unencumbered Vessels Cash and cash equivalents As of June 30, 2026, we had Cash and cash equivalents (including restricted cash) of $403.4 million and $19.6 million invested in short-dated U.S. Treasury Bills (short-term investments). Debt-free vessels As of July 24, 2026, the following vessels were free of debt. About Costamare Inc. Costamare Inc. is one of the world’s leading owners and providers of containerships for charter. The Company has 52 years of history in the international shipping industry and a fleet of 69 containerships in the water (including two vessels we have agreed to sell), with a total capacity of approximately 520,000 TEU. The Company also has 22 newbuild containerships under construction and has agreed to acquire two secondhand containerships. These 24 vessels have a total capacity of approximately 152,600 TEU. The Company participates in a lease financing business. The Company’s common stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock trade on the New York Stock Exchange under the symbols “CMRE”, “CMRE PR B”, “CMRE PR C” and “CMRE PR D”, respectively. Forward-Looking Statements This earnings release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could”, “expect” and similar expressions. These statements are not historical facts but instead represent only Costamare’s belief regarding future results, many of which, by their nature, are inherently uncertain and outside of Costamare’s control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Annual Report on Form 20-F (File No. 001-34934) under the caption “Risk Factors”. Company Contacts: Gregory Zikos – Chief Financial Officer Konstantinos Tsakalidis – Business Development Costamare Inc., Monaco Tel: (+377) 93 25 09 40 Email: [email protected] Containership Fleet List The tables below provide additional information, as of July 24, 2026, about our fleet of containerships, including the vessels under construction, and those vessels subject to sale and leaseback agreements. Each vessel is a cellular containership, meaning it is a dedicated container vessel.

This article first appeared on GuruFocus. Release Date: May 13, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Costamare Bulkers Holdings Ltd (NYSE:CMDB) generated an adjusted net income of $12.4 million in the first quarter. The company successfully transferred a majority of its legacy trading portfolio, reducing its balance sheet risk. CMDB concluded the sale of a 2011-built Capesize vessel and acquired a 2018-built Ultramax, aligning with its fleet renewal strategy. The company accepted delivery of a newbuilding Kamsarmax, chartered for a minimum of five years at profitable rates. Charter rates strengthened during Q1 2026, with further upside momentum since April, indicating a positive market environment. The market exhibited elevated volatility and political instability, contributing to uncertainty. The closure of the Strait of Hormuz reduced Persian Gulf export volumes by approximately 50%, impacting the Supramax segment. Despite the positive net income, total costs exceeded debt by approximately $127 million by the end of Q1. The company's operating platform is currently focused on the Kamsarmax segment, which may limit diversification. Only one vessel remains to be novated in the transfer of the credit book to Cargill, indicating incomplete derisking. Warning! GuruFocus has detected 3 Warning Sign with CMDB. Is CMDB fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide an overview of Costamare Bulkers' financial performance for Q1 2026? A: Gregory Zikos, Chief Executive Officer, reported that Costamare Bulkers generated an adjusted net income of $12.4 million for the first quarter. The company has successfully transferred a majority of its legacy trading portfolio, decreasing its balance sheet, and expects to be free of main legacy trades by year-end. Q: What strategic moves has Costamare Bulkers made regarding its fleet? A: The company concluded the sale of a 2011-built Capesize vessel and acquired a 2018-built Ultramax. Additionally, they accepted delivery of a newbuilding Kamsarmax, chartered for a minimum of five years, and have chartered it out at a profitable rate for at least 11 months. Q: How is the market environment affecting Costamare Bulkers? A: The market exhibited elevated volatility due to increased activity and inefficiencies, with political instability adding uncertainty. Capesize earnings were supported by robust iron ore and bauxite volumes, and the Panamax index benefited from a record in Brazil and the US-China agreement, driving long-haul soybean shipments. Q: What is the status of Costamare Bulkers' trading platform and credit book? A: The transfer of the credit book to Cargill is substantially complete, with only one vessel remaining to be novated. The company has largely derisked its balance sheet and expects no remaining legacy positions by year-end. Q: What are the future expectations for Costamare Bulkers' fleet and charter rates? A: Most of the fleet is employed on index-linked time charter agreements with options to convert to fixed rates. Charter rates strengthened during Q1 2026, with further upside momentum since April, and the new vessel order book stands at 13.5%. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

MONACO, May 13, 2026 (GLOBE NEWSWIRE) -- Costamare Bulkers Holdings Limited (“Costamare Bulkers” or the “Company”) (NYSE: CMDB) today reported unaudited financial results for the first quarter ended March 31, 2026 (“Q1 2026”). Financial Highlights1 and Operational Updates I. PROFITABILITY - LIQUIDITY - DEBT Q1 2026 Net Income of $9.9 million ($0.41 earnings per share). Q1 2026 Adjusted Net Income2 of $12.4 million ($0.51 earnings per share). Q1 2026 liquidity of $353.3 million3. Cash4 exceeding Debt5 by $127.2 million as of the end of Q1 2026. II. FLEET RENEWAL Vessel Acquisition Conclusion of the purchase of the 2018-built, 60,297 DWT capacity dry bulk vessel, Astros (ex. Koushun)6. Long-term Charter-in Agreements Delivery of the newbuild, 81,800 DWT capacity dry bulk vessel, Hermes Century: Minimum tenor of charter-in period of 5 years. Company retains extension options and purchase options for the tenor of the charter-in period. Vessel has been time-chartered out for a period of approximately one year at a rate generating a daily gross profit of approximately $3,600. Agreement to charter-in an additional newbuild Kamsarmax vessel under a long‑term period charter with extension and purchase options upon delivery (expected Q2 2027–Q1 2028). Vessel Disposals Conclusion of the sale of the 2011-built, 180,643 DWT capacity dry bulk vessel, Miracle, resulting in capital gains of approximately $7.0 million. _______________ 1 This earnings release focuses on the financial results and management’s discussion and analysis of Costamare Bulkers for the three-month period ended March 31, 2026. Costamare Bulkers had nominal operations during the corresponding period in 2025 and remained a wholly owned subsidiary of Costamare Inc. (“Costamare”), a New York Stock Exchange (“NYSE”) listed company, until May 6, 2025, when it became an independent publicly traded company listed on the NYSE through a spin-off from Costamare. Accordingly, no comparative figures are presented for the three-month period ended March 31, 2025. 2 Adjusted Net Income and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare Bulkers financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I. 3 Liquidity includes Cash (as defined in footnote 4) and $84.7 million of available undrawn funds from one hunting license facility as of March 31, 2026. 4 Cash denotes Cash and cash equivalents (including restricted cash) of $258.5 million plus margin deposits of $10.1 million relating mainly to our forward freight agreements (“FFAs”) and bunker swaps. 5 Debt denotes Long-term debt including current and non-current portion. 6 The vessel is currently on time charter, expiring in February 2027 (at the earliest) with charterers’ option to extend until June 2028. III. OPERATING PLATFORM Completion7 of the transfer of the majority of the trading book8 to Cargill International S.A. (“Cargill”). The operating platform9 is currently focused on Kamsarmax-type vessels and consists of 20 third-party owned dry bulk vessels including: Two Capesize vessels chartered-in under period charters (one expected to be redelivered within 2026). 18 Kamsarmax vessels, 17 of which are chartered-in under short-term period charters or time charter trips. IV. OWNED FLEET Costamare Bulkers currently owns a fleet of 30 dry bulk vessels with a total capacity of approximately 2.7 million DWT, consisting of: 6 Capesize vessels, all of which are on period charters. 7 Kamsarmax vessels, all of which are on period charters. 9 Ultramax vessels, out of which 7 are on period charters. 8 Supramax vessels, out of which 6 are on period charters. The majority of the period charters are on index-linked charter agreements with owner’s option to convert to fixed rate based on the prevailing FFA curve. _______________ 7 Excluding one vessel whose charter-in agreement is scheduled to be novated to Cargill in Q2 2026. 8 As of September 29, 2025 and pursuant to the Strategic Cooperation Agreement with Cargill. 9 As of May 12, 2026, and excluding one vessel whose charter-in agreement is scheduled to be novated to Cargill and two vessels sub-chartered out to Cargill on back to back terms pursuant to the Strategic Cooperation Agreement. Mr. Gregory Zikos, Chief Executive Officer of Costamare Bulkers Holdings Limited, commented: “During the first quarter of the year Costamare Bulkers generated an adjusted net income of $12.4 million. As of today, we have successfully transferred a majority of the Company’s legacy trading portfolio pursuant to our deal with Cargill, effectively de-risking our balance sheet. We expect that our trading platform will be free of the remaining legacy trades by year end. As part of our fleet renewal program, we recently concluded the sale of one 2011-built Capesize vessel and the acquisition of one 2018-built Ultramax. At the same time we accepted delivery of one newbuilding Kamsarmax chartered in for a minimum period of 5 years. The vessel has been chartered out at a profitable rate for a minimum period of 11 months. With total cash of about $270 million and debt of ca. $140 million, the Company is net cash positive, positioning us favorably to grow countercyclically in a low asset value environment. Regarding the market, during the first four months of the year the market exhibited elevated volatility relative to historical averages, driven by increased activity and inefficiencies, while geopolitical instability contributed additional uncertainty. Capesize earnings were supported by robust iron ore and bauxite volumes, coupled with limited fleet growth. Ton-mile demand was further reinforced by the expansion of West Africa–China trade flows across both commodities. Alongside the firm Capesize market and broadly positive dry bulk sentiment, the Panamax index was further supported by a record soybean harvest in Brazil, as well as the U.S.–China agreement reached at the end of 2025, which drove long-haul soybean shipments during the first quarter. Finally, the Supramax segment recorded a solid start to the year, as increased grain and minor bulk flows offset the negative impact of the Strait of Hormuz closure, which reduced Persian Gulf export volumes by approximately 50%.” (1) “Total voyage revenue adjusted on a cash basis” represents Total voyage revenue adjusted for any non-cash revenue recognized during the period resulting from certain charter arrangements with escalating or descending rates. This measure is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). Management believes that the presentation of Total voyage revenue adjusted on a cash basis is useful to investors because it reflects charter revenue for the relevant period based on the applicable contractual charter rates during such period. No such adjustment was required for the three-month period ended March 31, 2026. (2) Adjusted Net Income and Adjusted Earnings per Share are non-GAAP measures. Refer to the reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share. The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons, between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the relevant period. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue, net income, or other measures determined in accordance with GAAP. Non-GAAP financial measures include (i) Total voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income and (iii) Adjusted Earnings per Share. Exhibit I Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share Adjusted Net Income and Adjusted Earnings per Share represent Net Income before deferred charter-in expense, non-recurring, non-cash write-off of loan deferred financing costs, non-recurring expenses for realignment of operating platform, general and administrative expenses - non-cash component and gain on derivative instruments, excluding realized (gain)/loss on derivative instruments. However, Adjusted Net Income and Adjusted Earnings per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income and Adjusted Earnings per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income and Adjusted Earnings per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income and Adjusted Earnings per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income and Adjusted Earnings per Share generally eliminates the effects of the accounting, effects of certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income and Adjusted Earnings per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income and Adjusted Earnings per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Previously, the Company’s calculation of Adjusted Net Income and Adjusted Earnings per Share included adjustments for any gain/loss incurred in connection with the sale of vessels and for any loss on vessels held for sale. As the Company’s fleet management activities may, subject to market and other conditions, periodically include the sale of dry bulk vessels, the Company no longer includes such adjustments in its calculation of these non-GAAP measures beginning with the results for the first quarter ended March 31, 2026. We believe this updated methodology provides a more meaningful view of the Company’s operating performance. (1) Items to consider for comparability, when prior period figures are presented, include gains and charges. Gains positively impacting Net Income are reflected as deductions to Adjusted Net Income. Charges negatively impacting Net Income are reflected as increases to Adjusted Net Income. Exhibit II Owned Dry Bulk Fleet Utilization(1) (1) We calculate utilization of our owned dry bulk fleet (including vessels chartered-in by CBI) by dividing (i) the aggregate number of our on-hire days and ballast days (excluding dry dock ballast days) in a period of our owned dry bulk fleet by (ii) the number of our available days (owned dry bulk fleet) during such period. We use the following definitions in our calculation of utilization of owned dry bulk fleet: On-hire days. We define on-hire days as the total days that a vessel was on-hire during a period. Ballast days (excluding dry dock ballast days). We define ballast days (excluding dry dock ballast days) during a period, as the total number of days that a vessel is not on-hire, but is conducting ordinary ship operations (other than dry dock ballast days) which includes repositioning from a discharging port to a loading port, sailing to a port for the conclusion of a prospective sale of a vessel or a change of the technical manager of a vessel. Available days. We define available days as the number of our ownership days of our owned dry bulk fleet during a period less the aggregate number of dry dock days and dry dock ballast days during such period. We use the following definitions in our calculation of available days (owned dry bulk fleet): Dry dock days. We define dry dock days as the days during a period that a vessel underwent scheduled repairs or repairs under guarantee, vessel upgrades, scheduled dry-docking or special surveys. Dry dock ballast days. We define dry dock ballast days as the total days during a period that a vessel spends sailing to and from a shipyard for scheduled repairs or repairs under guarantee, vessel upgrades, scheduled dry-docking or special surveys. Results of Operations Three-month period ended March 31, 202610 During the three-month period ended March 31, 2026, we had an average of 30.5 vessels in our owned fleet. Furthermore, during the three-month period ended March 31, 2026, we chartered-in an average of 23.8 third-party dry bulk vessels. During the three-month period ended March 31, 2026, we sold the vessels Clara and Miracle with an aggregate DWT capacity of 237,200. During the three-month period ended March 31, 2026, our fleet ownership days totaled 2,742. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned. Consolidated Financial Results and Vessels’ Operational Data _______________ 10 The discussion below reflects the first quarter 2026 consolidated financial results of Costamare Bulkers. No comparative figures are presented for the first quarter of 2025, as Costamare Bulkers had nominal operations during that time. (I) Total voyage revenue adjusted on a cash basis represents Total voyage revenue adjusted for any non-cash revenue recognized during the period resulting from certain charter arrangements and is not a recognized measurement under GAAP. No such adjustment was required for the three-month period ended March 31, 2026. (II) Vessels in our owned fleet. Total Voyage Revenue Total voyage revenue was $111.5 million during the three-month period ended March 31, 2026, and mainly includes voyage revenue earned by the charter-out activities of both owned and chartered-in vessels and contractual reimbursements from certain of our charterers for EU Emissions Allowances (“EUAs”) and Fuel EU Maritime penalties. Voyage Expenses Voyage expenses were $23.0 million for the three-month period ended March 31, 2026. Voyage expenses mainly include (i) fuel consumption, primarily relating to the activities of the charter-in vessels, (ii) third-party commissions, (iii) port expenses, (iv) canal tolls and (v) EUAs and Fuel EU Maritime expenses; however, a significant portion of EUAs and Fuel EU Maritime expenses are contractually reimbursed by the charterers, as discussed in “Total Voyage Revenue”, mitigating the net expenses impact. Charter-in Hire Expenses Charter-in hire expenses were $46.0 million for the three-month period ended March 31, 2026, relating to the chartering-in of third-party dry bulk vessels. Voyage Expenses – related parties Voyage expenses – related parties were $0.8 million for the three-month period ended March 31, 2026. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider and (ii) address commissions on certain charter-out agreements payable to a related agent. This commission is subsequently paid in full on a back-to-back basis by the related agent to its respective third-party clients with no benefit for the related agent. Vessels’ Operating Expenses Vessels’ operating expenses were $16.7 million during the three-month period ended March 31, 2026. Daily vessels’ operating expenses were $6,094 for the three-month period ended March 31, 2026. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period. General and Administrative Expenses General and administrative expenses were $2.3 million during the three-month period ended March 31, 2026 and include an amount of $0.7 million that was paid to a related service provider. Management and Agency Fees – related parties Management fees charged by our related party managers were $3.0 million during the three-month period ended March 31, 2026. The amounts charged by our related party managers include amounts paid to third party managers of $0.6 million for the three-month period ended March 31, 2026. Furthermore, during the three-month period ended March 31, 2026, agency fees of $2.4 million, in aggregate, were charged by four related agents. General and Administrative Expenses – non-cash component General and administrative expenses - non-cash component for the three-month period ended March 31, 2026 amounted to $0.9 million, representing the value of the shares issued to a related service provider on March 30, 2026. Amortization of Dry-Docking and Special Survey Costs Amortization of deferred dry-docking and special survey costs was $1.6 million during the three-month period ended March 31, 2026. During the three-month period ended March 31, 2026, two vessels underwent and completed their dry-docking and special surveys and one vessel was in the process of completing her dry-docking and special survey. Depreciation Depreciation expense for the three-month period ended March 31, 2026 was $8.6 million. Gain on Sale of Vessels During the three-month period ended March 31, 2026, we recorded an aggregate gain of $7.7 million from the sale of the dry bulk vessels Clara and Miracle. Interest Income Interest income amounted to $1.6 million for the three-month period ended March 31, 2026. Interest and Finance Costs Interest and finance costs were $2.6 million during the three-month period ended March 31, 2026. Interest and finance costs include mainly interest expense on our bank loans, amortization of deferred financing costs, bank charges and other financial expenses. Other, net Other, net, amounted to $5.2 million during the three-month period ended March 31, 2026, mainly related to certain non-recurring expenses in connection with the realignment of the operating platform. Gain on Derivative Instruments, net As of March 31, 2026, we hold derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income. As of March 31, 2026, the fair value of these instruments, in aggregate, amounted to a net asset of $2.7 million. During the three-month period ended March 31, 2026, the change in the fair value (fair value as of, March 31, 2026 compared to fair value as of December 31, 2025) of the derivative instruments, including their realized components during the period, resulted in a net gain of $2.3 million, which has been included in Gain on Derivative Instruments, net. Cash Flows Three-month period ended March 31, 202611 Net Cash Provided by Operating Activities Net cash flows provided by operating activities for the three-month period ended March 31, 2026, was $18.9 million. Net cash flows are mainly affected by (i) the net cash from operations, (ii) the working capital (Current assets minus Current liabilities) position, excluding the current portion of long-term debt, (iii) the dry-docking and special survey costs and (iv) the interest payments. Net Cash Provided by Investing Activities Net cash provided by investing activities was $38.6 million in the three-month period ended March 31, 2026, which mainly consisted of proceeds we received from the sale of the dry bulk vessels Clara and Miracle; partly offset by (i) an advance payment for the acquisition of the secondhand dry bulk vessel Astros (ex. Koushun) and (ii) payments for upgrades for certain of our dry bulk vessels. Net Cash Used in Financing Activities Net cash used in financing activities was $14.6 million in the three-month period ended March 31, 2026, which consisted of payments relating to our debt financing agreements. Liquidity and Unencumbered Vessels Cash and cash equivalents As of March 31, 2026, we had Cash and cash equivalents (including restricted cash) of $258.5 million and $10.1 million in margin deposits in relation to our FFAs, bunker swaps and EUA futures. Including the $84.7 million of available undrawn funds from our hunting license facility, our total liquidity as of March 31, 2026, was approximately $353.3 million. Debt-free vessels As of May 12, 2026, the following vessels were free of debt. _______________ 11 The discussion below reflects the first quarter 2026 consolidated condensed cash flows of Costamare Bulkers. No comparative figures are presented for the first quarter of 2025, as Costamare Bulkers had nominal operations during that time. Conference Call details: On May 13, 2026 at 8:30 a.m. EST, Costamare Bulkers management team will hold a conference call to discuss the financial results. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-844-887-9405 (from the US) or +1-412-317-9258 (from outside the US). Please quote “Costamare Bulkers”. A replay of the conference call will be available until May 20, 2026. The United States replay number is +1-855-669-9658; the standard international replay number is +1-412-317-0088; and the access code required for the replay is 1424684. Live webcast: There will also be a simultaneous live webcast over the Internet, through the Costamare Bulkers website (www.costamarebulkers.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. About Costamare Bulkers Holdings Limited Costamare Bulkers Holdings Limited is an international owner and operator of dry bulk vessels. Costamare Bulkers’ owned dry bulk fleet consists of 30 vessels with a total carrying capacity of approximately 2,665,000 DWT. Costamare Bulkers also owns a dry bulk operating platform (CBI) which charters in/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements and may also utilize hedging solutions. Costamare Bulkers’ common stock trades on the New York Stock Exchange under the symbol “CMDB”. Forward-Looking Statements This earnings release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could”, “expect” and similar expressions. You should not place undue reliance on these statements. These statements are not historical facts but instead represent only the Company’s beliefs regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Although the Company believes that its expectations stated in this earnings release are based on reasonable assumptions, it is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Annual Report on Form 20-F (File No. 001-42581). All forward-looking statements reflect management’s current views with respect to certain future events, and the Company expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in the Company’s views or expectations, or otherwise. Company Contacts: Gregory Zikos – Chief Executive Officer Dimitris Pagratis - Chief Financial Officer Konstantinos Tsakalidis - Business Development Costamare Bulkers Holdings Limited, Monaco Tel: (+377) 92 00 1745 Email: [email protected] Owned Vessels Fleet List The table below provides information about our owned fleet as of May 12, 2026. Chartered-In Vessels Fleet List The table below provides information about our chartered-in fleet12 as of May 12, 2026. (i) Time-chartered out for the whole remaining charter-in period. Chartered-In Newbuilding Vessel _______________ 12 Excluding (i) two vessels already sub-chartered out to Cargill on back to back terms and (ii) one vessel whose charter-in agreement is scheduled to be novated to Cargill, pursuant to the Cooperation Agreement. Exhibit III13 _______________ 13This exhibit includes combined carve-out financial information for Costamare Bulkers Holdings Limited Predecessor, prepared in accordance with the same accounting principles as disclosed in Costamare Bulkers’ Annual Report on Form 20-F (File No. 001-42581).

Earnings Release: Wednesday, May 13, 2026, Before Market Opens Conference Call and Webcast: Wednesday, May 13, 2026, at 8:30 a.m. ET MONACO, May 08, 2026 (GLOBE NEWSWIRE) -- Costamare Bulkers Holdings Limited (NYSE:CMDB) (“Costamare Bulkers” or the “Company”), announced today that it will release its results for the first quarter ended March 31, 2026 before the market opens in New York on May 13, 2026. Conference Call Details: On Wednesday, May 13, 2026 at 8:30 a.m. ET, Costamare Bulkers’ management team will hold a conference call to discuss the financial results. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-844-887-9405 (from the US) or +1-412-317-9258 (from outside the US). Please quote "Costamare Bulkers". A replay of the conference call will be available until May 20, 2026. The United States replay number is +1-855-669-9658; the standard international replay number is +1-412-317-0088; and the access code required for the replay is: 1424684. Live Webcast: There will also be a simultaneous live webcast over the Internet, through the Costamare Bulkers website (www.costamarebulkers.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. About Costamare Bulkers Holdings Limited Costamare Bulkers Holdings Limited is an international owner and operator of dry bulk vessels. Costamare Bulkers’ owned dry bulk fleet consists of 31 vessels with a total carrying capacity of approximately 2,846,000 DWT (including one vessel that we have agreed to sell and one vessel that we have agreed to acquire). Costamare Bulkers also owns a dry bulk operating platform (CBI) which charters in/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements and may also utilize hedging solutions. Costamare Bulkers’ common stock trades on the New York Stock Exchange under the symbol “CMDB”. Forward-Looking Statements This press release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could”, “expect” and similar expressions. You should not place undue reliance on these statements. These statements are not historical facts but instead represent only the Company’s beliefs regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Although the Company believes that its expectations stated in this press release are based on reasonable assumptions, it is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Annual Report on Form 20-F (File No. 001-42581). All forward-looking statements reflect management’s current views with respect to certain future events, and the Company expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in the Company’s views or expectations, or otherwise. Company Contacts: Gregory Zikos - Chief Executive Officer Dimitris Pagratis - Chief Financial Officer Konstantinos Tsakalidis - Business Development Costamare Bulkers Holdings Limited, Monaco Tel: (+377) 92 00 1745 Email: [email protected]

MONACO, April 29, 2026 (GLOBE NEWSWIRE) -- Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported unaudited financial results for the first quarter ended March 31, 2026 (“Q1 2026”). I. PROFITABILITY AND LIQUIDITY Q1 2026 Adjusted Net Income from Continuing operations1 available to common stockholders2 of $76.0 million ($0.63 per share). Q1 2026 Net Income from Continuing operations1 available to common stockholders of $75.3 million ($0.62 per share). Q1 2026 liquidity of $644.4 million3. II. COMMON DIVIDEND INCREASE Management of the Company announced that it will recommend to the Board of Directors the approval of a dividend increase, beginning with the second quarter of 2026, increasing the quarterly dividend from $0.115 to $0.125 per common share4. III. ENTERED INTO 16 SHIPBUILDING CONTRACTS BACKED WITH LONG TERM CHARTERS – INCREMENTAL CONTRACTED REVENUES OF $2.8 BILLION - CONCLUDED FINANCING ON A PRE-POST DELIVERY BASIS FOR ALL 16 VESSELS5 (A) 12x 9,200 TEU NEWBUILDS Vessels expected to be delivered between Q3 2028 and Q2 2030. Each vessel will commence a 15-year time charter upon delivery with COSCO. Pre- and post- delivery financing for a tenor of 15 years has been arranged for all 12 newbuilds. (B) 4x 3,100 TEU NEWBUILDS Vessels expected to be delivered between Q4 2027 and Q4 2028. Each vessel will commence an 8-year time charter upon delivery with COSCO. Pre- and post- delivery financing for a tenor of 8 years has been arranged for all four newbuilds. The 16 newbuilds contribute approximately $2.8 billion in contracted revenues and extend our TEU-weighted fleet employment duration by 1.8 years. ________________ 1 Discontinued operations - Costamare Bulkers Holdings Limited Spin-Off: On May 6, 2025, Costamare completed the spin-off of its dry bulk business (consisting of its dry bulk owned fleet and its dry bulk operating platform, Costamare Bulkers Inc. (“CBI”)) into a standalone public company, Costamare Bulkers Holdings Limited (NYSE: CMDB). Accordingly, the results of the dry bulk business are presented as discontinued operations in the Company’s consolidated financial statements for all relevant periods presented. Discontinued operations for the three-month period ended March 31, 2025, include the results of the dry bulk business. There are no results of discontinued operations for the three-month period ended March 31, 2026. Accordingly, results of discontinued operations are not comparable between periods. 2 Adjusted Net Income from Continuing operations available to common stockholders and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare’s financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I. 3 Liquidity includes cash and cash equivalents (including restricted cash) and short-term investments in U.S. Treasury Bills amounting to $19.4 million. 4 The declaration and amount of a dividend is subject to the discretion of the Board and accordingly will depend on, among other things, the Company’s earnings, financial condition and cash requirements and availability, the Company’s ability to obtain debt and equity financing on acceptable terms as contemplated by the Company’s growth strategy, the restrictive covenants in the Company’s existing and future debt instruments and global economic conditions. 5 The shipbuilding contract prices and the related post-delivery time charter rates are denominated in a currency other than US dollars. US dollar amounts presented herein have been translated at the closing exchange rate on April 28, 2026, and are shown for presentation purposes only. IV. SALE AND PURCHASE ACTIVITY – SECONDHAND VESSELS Vessel Acquisitions Agreement for the acquisition of two container vessels built in 2001, each with a capacity of approximately 5,600 TEU. The acquisitions are expected to be completed in Q4 2026, upon which each vessel shall commence a 42-month time charter with a leading liner operator. The acquisitions are expected to be financed with debt and cash on hand. V. FLEET EMPLOYMENT6 97% and 94% of the containership fleet7 fixed for 2026 and 2027, respectively. Contracted revenues for the containership fleet of approximately $6.2 billion with a TEU-weighted duration of 6.1 years8. VI. LEASE FINANCING PLATFORM Controlling interest in Neptune Maritime Leasing Limited (“NML”). Growing leasing platform with 52 shipping assets9 funded or on a commitment status basis, representing total investments and commitments of more than $675 million, supported by what we believe is a healthy pipeline. VII. DIVIDEND ANNOUNCEMENTS On April 2, 2026, the Company declared a dividend of $0.115 per share on the common stock, which is payable on May 5, 2026, to holders of record of common stock as of April 20, 2026. On April 2, 2026, the Company declared a dividend of $0.476563 per share on the Series B Preferred Stock, $0.531250 per share on the Series C Preferred Stock and $0.546875 per share on the Series D Preferred Stock, which were all paid on April 15, 2026, to holders of record as of April 14, 2026. ________________ 6 Please refer to the Containership Fleet List table for additional information on vessel employment details for our containership fleet. 7 Calculated on a TEU basis. Includes the two secondhand containerships agreed to be acquired. 8 As of April 28, 2026. Includes the contracted revenues of 22 vessels under construction and the two secondhand containerships agreed to be acquired. 9 Includes assets funded as of April 28, 2026 and contractual commitments as of April 28, 2026. Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented: “During the first quarter of the year, the Company generated Net Income of about $75 million. Total liquidity amounted to about $645 million. Executing on our strategy of renewing the fleet and securing long-term cash flows from high quality counterparties, we have ordered a total of 16 newbuildings from two first-class Chinese shipyards. Twelve of the ships are 9,200 TEUs and four are 3,100 TEUs capacity. The vessels are expected to be delivered between the fourth quarter of 2027 and the second quarter of 2030. Upon delivery all ships will commence long-term charters with Cosco Shipping, with durations of 15 years for the twelve 9,200 TEU ships and 8 years for the four 3,100 TEU vessels. We are pleased to expand our valued and long-lasting relationship with Cosco through the completion of our latest 16 newbuilding transaction. Incremental contracted revenues from the new charters amount to about $2.8 billion. The acquisitions will be funded with equity and debt. Pre- and post- delivery financing for a tenor of up to 15 years has been arranged for all 16 ships with two leading Chinese financial institutions. In addition to the above, we have agreed to acquire two secondhand 5,600 TEU vessels built in 2001. The acquisitions are expected to be completed in Q4 2026, upon which each vessel shall commence a 42-month time charter with a leading liner operator. As a consequence, total contracted revenues have reached $6.2 billion with a remaining time charter duration of 6.1 years. In light of the above, management is pleased to recommend to the Board of Directors to increase the quarterly dividend per share from 11.5 cents to 12.5 cents to reward our shareholders as a result of increased cash flows, profitability and visibility. We do not expect this dividend to adversely affect our capacity to continue growing on a healthy basis despite a volatile market environment.” (1) Accrued charter revenue represents the difference between cash received during the period and voyage revenue recognized on a straight-line basis. In the early years of a charter with escalating charter rates, voyage revenue will exceed cash received during the period and during the last years of such charter cash received will exceed voyage revenue recognized on a straight-line basis. The reverse is true for charters with descending rates. (2) Voyage revenue adjusted on a cash basis represents Voyage revenue after adjusting (i) for non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, (ii) amortization of time-charter assumed and (iii) amortization of deferred revenue. However, Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. GAAP. We believe that the presentation of Voyage revenue adjusted on a cash basis is useful to investors because it presents the charter revenue for the relevant period based on the then current daily charter rates. (3) Adjusted Net Income from Continuing operations available to common stockholders and Adjusted Earnings per Share from Continuing operations are non-GAAP measures. Refer to the reconciliation of Net Income from Continuing operations to Adjusted Net Income from Continuing operations and Adjusted Earnings per Share from Continuing operations. Non-GAAP Measures The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the relevant periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue, net income or other measures as determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income from Continuing operations available to common stockholders and (iii) Adjusted Earnings per Share from Continuing operations. Exhibit I Reconciliation of Net Income from Continuing Operations to Adjusted Net Income from Continuing Operations available to common stockholders and Adjusted Earnings per Share from Continuing Operations Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations represent Net Income from continuing operations after earnings from continuing operations allocated to preferred stock and Non-Controlling Interest, but before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, amortization of time-charter assumed, amortization of deferred revenue, realized loss on Euro/USD forward contracts, general and administrative expenses - non-cash component and (gain)/loss on derivative instruments, excluding realized (gain)/loss on derivative instruments. “Accrued charter revenue” is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations generally eliminates the accounting effects of certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Results of Continuing Operations10 Three-month period ended March 31, 2026 compared to the three-month period ended March 31, 2025 During the three-month periods ended March 31, 2026 and 2025, we had an average of 69.0 and 68.0 container vessels, respectively, in our owned fleet. As of March 31, 2026, we have invested in Neptune Maritime Leasing Limited the amount of $182.2 million. In the three-month periods ended March 31, 2026 and 2025, our fleet ownership days totaled 6,210 and 6,120 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned. ________________ 10 Following the spin-off of the dry bulk business (consisting of Costamare’s dry bulk owned fleet and CBI) on May 6, 2025, the results of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the results from continuing operations. Consolidated Financial Results from Continuing operations and Vessels’ Operational Data(I),(II) (I) Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. GAAP. Refer to “Consolidated Financial Results from Continuing operations and Vessels’ Operational Data” above for the reconciliation of Voyage revenue adjusted on a cash basis. (II) Vessels that are part of continuing operations. Voyage Revenue Voyage revenue decreased by 7.2%, or $15.6 million, to $201.6 million during the three-month period ended March 31, 2026, from $217.2 million during the three-month period ended March 31, 2025. The decrease, period over period, is mainly attributable to (i) the net decreased charter rates in certain of our vessels, (ii) the increased off-hire days of our fleet (mainly due to scheduled off-hire days of our fleet for dry-dockings and special surveys) during the three-month period ended March 31, 2026 compared to the three-month period ended March 31, 2025 and (iii) the lower accounting voyage revenue recorded for two of our vessels that are classified as sale type leases; partly offset by (i) the net contractual reimbursements from certain of our charterers for EU Emissions Allowances (“EUAs”) and Fuel EU Maritime penalties and (ii) the voyage revenue earned by one container vessel acquired during the third quarter of 2025. Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”, amortization of time-charter assumed and amortization of deferred revenue) decreased by 7.4%, or $15.9 million, to $199.2 million during the three-month period ended March 31, 2026, from $215.1 million during the three-month period ended March 31, 2025. Income from investments in leaseback vessels Income from investments in leaseback vessels was $9.5 million and $5.7 million for the three-month periods ended March 31, 2026 and 2025, respectively. Income from investments in leaseback vessels increased, period over period, due to the increased volume of NML’s operations during the three-month period ended March 31, 2026 compared to the three-month period ended March 31, 2025. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries. Voyage Expenses Voyage expenses were $15.4 million and $9.5 million for the three-month periods ended March 31, 2026 and 2025, respectively. Voyage expenses increased, period over period, mainly due to the recognition of costs associated with EUAs, Fuel EU Maritime penalties and an increase in relevant expenses. However, a significant portion of these costs are contractually reimbursed by the charterers, as discussed in “Voyage Revenue”, mitigating the net expenses impact. Voyage expenses mainly include (i) off-hire expenses of our vessels, primarily related to fuel consumption, (ii) third-party commissions and (iii) EUAs and Fuel EU Maritime expenses. Voyage Expenses – related parties Voyage expenses – related parties were $2.5 million and $2.9 million for the three-month periods ended March 31, 2026 and 2025, respectively. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider and (ii) charter brokerage fees payable to one and two related charter brokerage companies for an amount of approximately $0.2 million and $0.4 million, in the aggregate, for the three-month periods ended March 31, 2026 and 2025, respectively. Vessels’ Operating Expenses Vessels’ operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $42.2 million and $38.5 million during the three-month periods ended March 31, 2026 and 2025, respectively. Daily vessels’ operating expenses were $6,789 and $6,283 for the three-month periods ended March 31, 2026 and 2025, respectively. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period. General and Administrative Expenses General and administrative expenses were $5.2 million and $4.2 million during the three-month periods ended March 31, 2026 and 2025, respectively, and include amounts of $0.7 million and $0.7 million, respectively, that were paid to a related service provider. Management Fees – related parties Management fees charged by our related party managers were $7.3 million and $7.0 million during the three-month periods ended March 31, 2026 and 2025, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $1.4 million for each of the three-month periods ended March 31, 2026 and 2025, respectively. General and Administrative Expenses - non-cash component General and administrative expenses - non-cash component for the three-month period ended March 31, 2026 amounted to $2.5 million, representing the value of the shares issued to a related service provider on March 30, 2026. General and administrative expenses - non-cash component for the three-month period ended March 31, 2025 amounted to $1.5 million, representing the value of the shares issued to a related service provider on March 31, 2025. Amortization of Dry-Docking and Special Survey Costs Amortization of deferred dry-docking and special survey costs was $5.5 million and $4.7 million during the three-month periods ended March 31, 2026 and 2025, respectively. During the three-month period ended March 31, 2026, two vessels underwent and completed their special surveys, and five vessels were in the process of completing their special surveys. During the three-month period ended March 31, 2025, one vessel underwent and completed her special survey, and one vessel was in the process of completing her special survey. Depreciation Depreciation expense for the three-month periods ended March 31, 2026 and 2025 were $32.8 million and $31.6 million, respectively. Interest Income Interest income amounted to $3.8 million and $6.3 million for the three-month periods ended March 31, 2026 and 2025, respectively. Interest and Finance Costs Interest and finance costs were $19.0 million and $23.0 million during the three-month periods ended March 31, 2026 and 2025, respectively. The decrease is mainly attributable to the decreased interest expense due to a lower average loan balance. Gain / (Loss) on Derivative Instruments, net As of March 31, 2026, we hold derivative financial instruments that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that qualifies for hedge accounting is recorded in “Other Comprehensive Income” (“OCI”). The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income. As of March 31, 2026, the fair value of these instruments, in aggregate, amounted to a net asset of $15.4 million. During the three-month period ended March 31, 2026, the change in the fair value (fair value as of March 31, 2026 compared to the fair value as of December 31, 2025) of the derivative instruments that qualify for hedge accounting resulted in a net gain of $1.3 million, which has been included in OCI. Furthermore, during the three-month period ended March 31, 2026 the change in the fair value (fair value as of March 31, 2026 compared to the fair value as of December 31, 2025) of the derivative instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the quarter, resulted in a net loss of $0.5 million, which has been included in Gain/ (Loss) on Derivative Instruments, net. Cash Flows from Continuing Operations11 Three-month periods ended March 31, 2026 and 2025 Net Cash Provided by Operating Activities Net cash flows provided by operating activities for the three-month period ended March 31, 2026 decreased by $34.8 million to $112.4 million, from $147.2 million for the three-month period ended March 31, 2025. The decrease is mainly attributable to decreased net cash from operations during the three-month period ended March 31, 2026 compared to the three-month period ended March 31, 2025 and the increased special survey costs during the three-month period ended March 31, 2026 compared to the three-month period ended March 31, 2025; partly offset by the favorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (as described above) and by the decrease in interest payments (including interest derivatives net receipts) during the three-month period ended March 31, 2026 compared to the three-month period ended March 31, 2025. Net Cash Provided by / (Used in) Investing Activities Net cash used in investing activities was $14.6 million in the three-month period ended March 31, 2026, which mainly consisted of (i) advance payment for the construction of one newbuild container vessel and (ii) payments for upgrades for certain of our container vessels; partly offset by net receipts for net investments into which NML entered. Net cash provided by investing activities was $2.5 million in the three-month period ended March 31, 2025, which mainly consisted of net receipts for net investments into which NML entered; partly offset by payments for upgrades for certain of our container vessels. ________________ 11 Following the spin-off of the dry bulk business on May 6, 2025, the cash flows of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the cash flows from continuing operations. Net Cash Used in Financing Activities Net cash used in financing activities was $43.1 million in the three-month period ended March 31, 2026, which mainly consisted of (i) $20.9 million of net payments relating to our debt financing agreements (including proceeds of $113.5 million we received from four debt financing agreements), (ii) $13.8 million we paid for dividends to holders of our common stock for the fourth quarter of 2025 and (iii) $0.9 million we paid for dividends to holders of our 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”), $2.1 million we paid for dividends to holders of our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock (“Series C Preferred Stock”) and $2.2 million we paid for dividends to holders of our 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (“Series D Preferred Stock”) for the period from October 15, 2025 to January 14, 2026. Net cash used in financing activities was $16.2 million in the three-month period ended March 31, 2025, which mainly consisted of (i) $4.3 million net receipts relating to our debt financing agreements and finance lease liability agreement (including proceeds of $55.1 million we received from three debt financing agreements), (ii) $13.7 million we paid for dividends to holders of our common stock for the fourth quarter of 2024 and (iii) $0.9 million we paid for dividends to holders of our Series B Preferred Stock, $2.1 million we paid for dividends to holders of our Series C Preferred Stock and $2.2 million we paid for dividends to holders of our Series D Preferred Stock for the period from October 15, 2024 to January 14, 2025. Liquidity and Unencumbered Vessels Cash and cash equivalents As of March 31, 2026, we had Cash and cash equivalents (including restricted cash) of $625.0 million and $19.4 million invested in short-dated U.S. Treasury Bills (short-term investments). Debt-free vessels As of April 28, 2026, the following vessels were free of debt. Conference Call details: On Wednesday, April 29, 2026 at 8:30 a.m. ET, Costamare’s management team will hold a conference call to discuss the financial results. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-844-887-9405 (from the US) or +1-412-317-9258 (from outside the US). Please quote “Costamare”. A replay of the conference call will be available until May 6, 2026. The United States replay number is +1-855-669-9658; the standard international replay number is +1-412-317-0088; and the access code required for the replay is: 8485390. Live webcast: There will also be a simultaneous live webcast over the Internet, through the Costamare Inc. website (www.costamare.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. About Costamare Inc. Costamare Inc. is one of the world’s leading owners and providers of containerships for charter. The Company has 52 years of history in the international shipping industry and a fleet of 69 containerships in the water, with a total capacity of approximately 520,000 TEU. The Company also has 22 newbuild containerships under construction and has agreed to acquire two secondhand containerships with a total capacity of approximately 152,600 TEU. The Company participates in a lease financing business. The Company’s common stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock trade on the New York Stock Exchange under the symbols “CMRE”, “CMRE PR B”, “CMRE PR C” and “CMRE PR D”, respectively. Forward-Looking Statements This earnings release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could”, “expect” and similar expressions. These statements are not historical facts but instead represent only Costamare’s belief regarding future results, many of which, by their nature, are inherently uncertain and outside of Costamare’s control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Annual Report on Form 20-F (File No. 001-34934) under the caption “Risk Factors”. Company Contacts: Gregory Zikos – Chief Financial Officer Konstantinos Tsakalidis – Business Development Costamare Inc., Monaco Tel: (+377) 93 25 09 40 Email: [email protected] Containership Fleet List The tables below provide additional information, as of April 28, 2026, about our fleet of containerships, including the vessels under construction, and those vessels subject to sale and leaseback agreements. Each vessel is a cellular containership, meaning it is a dedicated container vessel. Containerships under construction

This article first appeared on GuruFocus. Release Date: February 20, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Costamare Bulkers Holdings Ltd (NYSE:CMDB) has entered into a cooperation agreement with CAIL, which includes the disposal of the company's trading portfolio, potentially streamlining operations. The company reported total capital gains of approximately $7.7 million from vessel sales, indicating profitable asset management. Charter rates have strengthened and remain at healthy levels, suggesting a favorable market environment for the company's operations. The company has agreed to acquire a 2018-built Ultra Max vessel, which aligns with its fleet renewal strategy and could enhance operational efficiency. Most of the fleet is employed on index-linked period agreements with the option to convert to fixed rates, providing flexibility in revenue management. Costamare Bulkers Holdings Ltd (NYSE:CMDB) reported an adjusted net loss of $1.7 million for the quarter, indicating financial challenges. The company is in a negative net debt position, with total debt exceeding cash reserves by approximately $70 million. Legacy positions and electric positions not included in the Carg transaction continue to affect the company's financial results. The fleet's average age is approximately 13 years, which may imply higher maintenance costs and potential inefficiencies. Five Cape-sized vessels are expected to be redelivered within the current year, which could impact future revenue streams. Warning! GuruFocus has detected 3 Warning Sign with CMDB. Is CMDB fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide an overview of Costamare Bulkers Holdings Ltd's financial performance for the quarter? A: Gregory Zicos, CEO: During the second quarter as an independent listed entity, Costamare Bulkers Holdings Ltd reported an adjusted net loss of $1.7 million. This was influenced by legacy positions and electric positions not included in the Carg transaction. The company is in a net debt negative position, owning a fleet of 31 vessels with an average age of approximately 13 years. Q: What strategic actions has the company taken recently? A: Gregory Zicos, CEO: We entered into a cooperation agreement with CAIL, which included the disposal of the company's trading portfolio. Additionally, we have agreed to acquire a 2018-built Ultra Max vessel as part of our fleet renewal strategy. Q: How has the market environment impacted Costamare Bulkers Holdings Ltd? A: Gregory Zicos, CEO: The market environment has been favorable, with strong exports and improved sentiment boosting the capsize index. The easing of US-China tensions and strong capsize market sentiment have supported the Panamax index, while the supermax index remains healthy due to demand for coal and minor bulks. Q: What are the company's plans regarding its current fleet? A: Gregory Zicos, CEO: We have concluded the sale of one supermax vessel and agreed to sell one of our capsize ships, with estimated capital gains of approximately $7.7 million. Five of the six capsize ships remaining in our fleet will be redelivered within the current year. Q: Can you elaborate on the company's chartering strategy? A: Gregory Zicos, CEO: Most of our fleet is employed on index-linked period agreements with the option to convert to fixed rates. Charter rates have strengthened in Q4 and remain at healthy levels since the beginning of the year. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

MONACO, Feb. 20, 2026 (GLOBE NEWSWIRE) -- Costamare Bulkers Holdings Limited (“Costamare Bulkers” or the “Company”) (NYSE: CMDB) today reported unaudited financial results for the fourth quarter (“Q4 2025”) and year ended December 31, 2025. This earnings release focuses on the financial results and management’s discussion and analysis for the three-month period ended December 31, 2025, reflecting the Company’s performance during its second full quarter as an independent, publicly traded company. Costamare Bulkers had no operating activity during the year ended December 31, 2024 and remained a wholly-owned subsidiary of Costamare Inc. (“Costamare”), a New York Stock Exchange (“NYSE”) listed company, until May 6, 2025, when it became an independent, publicly traded company on NYSE through a spin-off from Costamare. Costamare Bulkers had nominal operations from January 1, 2025 until late March 2025, when Costamare transferred to it the entities engaged in the dry bulk business, which own, have owned, or were formed with the intention to own dry bulk vessels. The results of these entities are included in Costamare Bulkers’ consolidated statement of operations for the three-month period and year ended December 31, 2025. On May 6, 2025, the Company acquired Costamare Bulkers Inc. (“CBI”), a dry bulk operating platform, from Costamare and a minority shareholder, whose results are included from that date forward. No comparative figures are presented for the three-month period and year ended December 31, 2024, as Costamare Bulkers had nominal operations during that time. Financial Highlights and Operational Updates I. PROFITABILITY - LIQUIDITY - DEBT Q4 2025 Adjusted Net Loss1 of $1.7 million ($0.07 loss per share). Q4 2025 liquidity of $311.0 million2. Debt3 of $155.6 million and Cash4 of $226.3 million, resulting in negative net debt5 position of $70.7 million as of the end of Q4. ____________________________________ 1 Adjusted Net Loss and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare Bulkers financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I. 2 Liquidity includes Cash (as defined in footnote 4) plus $84.7 million of available undrawn funds from one hunting license facility as of December 31, 2025. 3 Long-term debt including current and non-current portion. 4 Cash and cash equivalents (including restricted cash) of $215.5 million plus margin deposits of $10.8 million relating mainly to our forward freight agreements (“FFAs”) and bunker swaps. 5 Net debt is equal to Debt (as defined in footnote 3) minus Cash (as defined in footnote 4). II. OPERATING PLATFORM - EFFECTIVE CONCLUSION OF AGREEMENT WITH CARGILL Following the Strategic Cooperation Agreement with Cargill International S.A. (“Cargill”) (announced on September 29, 2025), the Company has concluded the transfer of the majority of its trading book6, which included chartered-in vessels7, cargo transportation commitments and derivatives positions. The operating platform8 is currently focused on Kamsarmax-type vessels consisting of 20 third-party owned dry bulk vessels of which: 6 Capesize vessels chartered-in under period charters out of which 5 are expected to be redelivered within 2026. All such vessels constitute legacy transactions into which the Company entered prior to the Strategic Cooperation Agreement. 12 Kamsarmax vessels chartered-in under period charters or for time charter trips. Two of the period chartered-in vessels constitute legacy transactions into which the Company entered prior to the Strategic Cooperation Agreement. 2 newbuild Kamsarmax vessels, which will be chartered-in under period charters with purchase options upon delivery. Delivery of vessels expected in Q2 2026 and Q2 2027 – Q1 2028 respectively. III. FLEET RENEWAL - SALE AND PURCHASE ACTIVITY Vessel Disposals Agreement for the sale of the 2011-built, 180,643 DWT capacity dry bulk vessel, Miracle (expected conclusion within Q1 - Q2 2026) with estimated capital gains of approximately $7.0 million on top of a $4.7 million profitability9 since her acquisition in February 202410. Sale of the 2008-built, 56,557 DWT capacity dry bulk vessel, Clara, with estimated capital gains of approximately $0.7 million on top of a $3.2 million profitability9 since her acquisition in August 202110. Vessel Acquisition Agreement for the purchase of the 2018-built, 60,297 DWT capacity dry bulk vessel, Koushun (tbr. Astros). Expected conclusion of the acquisition within Q1 - Q2 202611. IV. OWNED FLEET Costamare Bulkers currently owns a fleet of 3112 dry bulk vessels with a total capacity of approximately 2.8 million DWT, consisting of: 7 Capesize vessels all of which are on period charters. 7 Kamsarmax vessels out of which 6 are on period charters. 9 Ultramax vessels out of which 7 are on period charters. 8 Supramax vessels out of which 7 are on period charters. The majority of the period charters are on index-linked charter agreements with owner’s option to convert to fixed rate based on the prevailing FFA curve. ____________________________________ 6 As of September 29, 2025. 7 One additional chartered-in vessel is expected to be novated in Q2/Q3 2026, in accordance with the Strategic Cooperation Agreement. 8 As of February 19, 2026, and excluding the vessel in Footnote 7 and two vessels sub-chartered out to Cargill on back to back terms pursuant to the Strategic Cooperation Agreement. 9 Amount represents the Total voyage revenue less any expenses and fees owed by the respective ship-owning company, for the period starting from each vessel acquisition date and until December 31, 2025, as extracted from the consolidated financial statements of Costamare Inc. and Costamare Bulkers Holdings Limited. 10 Vessel initially acquired by Costamare Inc. and transferred to the Company pursuant to the spin-off. 11 The vessel is currently on time charter, expiring in February 2027 (at the earliest) with charterers’ option to extend until June 2028. 12 As of February 19, 2026, including one vessel that we have agreed to sell and one vessel that we have agreed to acquire. Mr. Gregory Zikos, Chief Executive Officer of Costamare Bulkers Holdings Limited, commented: “During its second quarter as an independent listed entity Costamare Bulkers generated an adjusted net loss of $1.7 million. As already announced, at the end of September of last year we entered into a cooperation agreement with Cargill, which included, among other things, the transfer to a large extent of the Company’s trading portfolio. This quarter’s results continue to be affected by legacy positions not included in the Cargill transaction as well as by legacy positions that have been transferred to Cargill gradually over the quarter. With total cash of about $226 million and debt of ca. $156 million, the Company is in a net debt negative position, owning a fleet of 31 dry bulk vessels with an average age of approximately 13 years and an average size of ca. 91,800 DWT. Building upon solid market fundamentals we agreed to sell the 2011-built, Capesize vessel, Miracle, and sold the 2008-built, Supramax vessel, Clara. Total capital gains amounted to $7.7 million on top of profitable operation of $7.9 million9 since these vessels were initially acquired prior to the spin-off from Costamare Inc. At the same time, as part of our fleet renewal strategy, we have agreed to acquire the 2018-built, 60,297 DWT capacity dry bulk vessel, Koushun. Regarding the market, favorable supply and demand fundamentals supported by strong exports and improved sentiment have pushed the Capesize index higher. On the Panamax size, the easing of US-China tensions, combined with improved sentiment stemming from a strong Capesize market, helped support the Panamax index. Finally, the Supramax index remained healthy on the back of strong demand for coal and minor bulks, as well as improved sentiment from the larger sizes.” (1) Accrued charter revenue represents the difference between cash received during the period and revenue recognized during the period on a straight-line basis at the charter’s average rate. In the early years of a charter with escalating charter rates, voyage revenue will exceed cash received during the period and during the last years of such charter cash received will exceed revenue recognized on a straight-line basis. The reverse is true for charters with descending rates. (2) Total voyage revenue adjusted on a cash basis represents Total voyage revenue after adjusting for non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates. However, Total voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. GAAP. We believe that the presentation of Total voyage revenue adjusted on a cash basis is useful to investors because it presents the charter revenue for the relevant period based on the then-current daily charter rates. (3) Adjusted Net Loss and Adjusted Losses per Share are non-GAAP measures. Refer to the reconciliation of Net Loss to Adjusted Net Loss and Adjusted Losses per Share. Non-GAAP Measures The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the relevant periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue, net income, or other measures determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Loss and (iii) Adjusted Losses per Share. Exhibit I Reconciliation of Net Loss to Adjusted Net Loss and Adjusted Losses per Share Adjusted Net Loss and Adjusted Losses per Share represent Net Loss before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, deferred charter-in expense, loss on sale of vessels, non-recurring, non-cash write-off of loan deferred financing costs, non-recurring expenses for realignment of operating platform, general and administrative expenses - non-cash component and gain on derivative instruments, excluding realized (gain)/loss on derivative instruments. “Accrued charter revenue” is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Loss and Adjusted Losses per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Loss and Adjusted Losses per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Loss and Adjusted Losses per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Loss and Adjusted Losses per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Loss and Adjusted Losses per Share generally eliminates the effects of the accounting, effects of certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Loss and Adjusted Losses per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Loss and Adjusted Losses per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. (1) Items to consider for comparability, when prior period figures are presented, include gains and charges. Gains positively impacting Net Loss are reflected as deductions to Adjusted Net Loss. Charges negatively impacting Net Loss are reflected as increases to Adjusted Net Loss. Exhibit II Owned Dry Bulk Fleet Utilization(1) (*) Since late March 2025, when Costamare transferred to Costamare Bulkers the entities engaged in the dry bulk business. (1) We calculate utilization of our owned dry bulk fleet (including vessels chartered-in by CBI) by dividing (i) the aggregate number of our on-hire days and ballast days (excluding dry dock ballast days) in a period of our owned dry bulk fleet by (ii) the number of our available days (owned dry bulk fleet) during such period. We use the following definitions in our calculation of utilization of owned dry bulk fleet: On-hire days. We define on-hire days as the total days that a vessel was on-hire during a period. Ballast days (excluding dry dock ballast days). We define ballast days (excluding dry dock ballast days) during a period, as the total number of days that a vessel is not on-hire, but is conducting ordinary ship operations (other than dry dock ballast days) which includes repositioning from a discharging port to a loading port, sailing to a port for the conclusion of a prospective sale of a vessel or a change of the technical manager of a vessel. Available days. We define available days as the number of our ownership days of our owned dry bulk fleet during a period less the aggregate number of dry dock days and dry dock ballast days during such period. We use the following definitions in our calculation of available days (owned dry bulk fleet): Dry dock days. We define dry dock days as the days during a period that a vessel underwent scheduled repairs or repairs under guarantee, vessel upgrades, scheduled dry-docking or special surveys. Dry dock ballast days. We define dry dock ballast days as the total days during a period that a vessel spends sailing to and from a shipyard for scheduled repairs or repairs under guarantee, vessel upgrades, scheduled dry-docking or special surveys. Results of Operations Three-month period ended December 31, 2025 The discussion below reflects the fourth quarter 2025 consolidated financial results of Costamare Bulkers Holdings Limited (“Costamare Bulkers”). No comparative figures are presented for the prior period, as Costamare Bulkers had nominal operations during that time. During the three-month period ended December 31, 2025, we had an average of 31.1 vessels in our owned fleet. Furthermore, during the three-month period ended December 31, 2025, we chartered-in an average of 39.3 third-party dry bulk vessels. During the three-month period ended December 31, 2025, we sold the vessel Parity with a DWT capacity of 37,152. During the three-month period ended December 31, 2025, our fleet ownership days totaled 2,859. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned. Consolidated Financial Results and Vessels’ Operational Data(1) (1) Total voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). Refer to “Consolidated Financial Results and Vessels’ Operational Data” above for the reconciliation of Total voyage revenue adjusted on a cash basis. (2) Vessels in our owned fleet. Total Voyage Revenue Total voyage revenue was $218.5 million during the three-month period ended December 31, 2025, and mainly includes voyage revenue earned by the charter-out activities of both owned and chartered-in vessels and contractual reimbursements from certain of our charterers for EU Emissions Allowances (“EUAs”) and Fuel EU Maritime penalties. Voyage Expenses Voyage expenses were $45.2 million for the three-month period ended December 31, 2025. Voyage expenses mainly include (i) fuel consumption, (ii) third-party commissions, (iii) port expenses, (iv) canal tolls and (v) EUAs and Fuel EU Maritime expenses; however, a significant portion of EUAs and Fuel EU Maritime expenses are contractually reimbursed by the charterers, as discussed in “Total Voyage Revenue”, mitigating the net expenses impact. Charter-in Hire Expenses Charter-in hire expenses were $133.4 million for the three-month period ended December 31, 2025, relating to the chartering-in of third-party dry bulk vessels. Voyage Expenses – related parties Voyage expenses – related parties were $2.4 million for the three-month period ended December 31, 2025. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider and (ii) address commissions on certain charter-out agreements payable to a related agent. This commission is subsequently paid in full on a back-to-back basis by the related agent to its respective third-party clients with no benefit for the related agent. Vessels’ Operating Expenses Vessels’ operating expenses were $18.8 million during the three-month period ended December 31, 2025. Daily vessels’ operating expenses were $6,584 for the three-month period ended December 31, 2025. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period. General and Administrative Expenses General and administrative expenses were $3.1 million during the three-month period ended December 31, 2025 and include an amount of $0.7 million that was paid to a related service provider. Management and Agency Fees – related parties Management fees charged by our related party managers were $3.0 million during the three-month period ended December 31, 2025. The amounts charged by our related party managers include amounts paid to third party managers of $0.6 million for the three-month period ended December 31, 2025. Furthermore, during the three-month period ended December 31, 2025, agency fees of $3.5 million, in aggregate, were charged by four related agents. General and Administrative Expenses – non-cash component General and administrative expenses - non-cash component for the three-month period ended December 31, 2025 amounted to $0.9 million, representing the value of the shares issued to a related service provider on December 30, 2025. Amortization of Dry-Docking and Special Survey Costs Amortization of deferred dry-docking and special survey costs was $1.6 million during the three-month period ended December 31, 2025. During the three-month period ended December 31, 2025, one vessel underwent and completed her dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey. Depreciation Depreciation expense for the three-month period ended December 31, 2025 was $9.2 million. Sale of vessel During the three-month period ended December 31, 2025, the dry bulk vessel Parity, which was classified as a vessel held for sale as of September 30, 2025, was delivered to her new owners. Interest Income Interest income amounted to $1.3 million for the three-month period ended December 31, 2025. Interest and Finance Costs Interest and finance costs were $2.8 million during the three-month period ended December 31, 2025. Interest and finance costs include mainly interest expense on our bank loans, amortization of deferred financing costs, bank charges and other financial expenses. Other, net Other, net, amounted to $13.7 million during the three-month period ended December 31, 2025, mainly related to certain non-recurring expenses in connection with the realignment of the operating platform. Loss on Derivative Instruments, net As of December 31, 2025, we hold derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of operations. As of December 31, 2025, the fair value of these instruments, in aggregate, amounted to a net liability of $0.6 million. During the three-month period ended December 31, 2025, the change in the fair value (fair value as of December 31, 2025, compared to fair value as of September 30, 2025) of the derivative instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the period, resulted in a net loss of $0.3 million, which has been included in Loss on Derivative Instruments, net. Cash Flows Three-month period ended December 31, 2025 The discussion below reflects the fourth quarter 2025 consolidated condensed cash flows of Costamare Bulkers. No comparative figures are presented for the prior period, as Costamare Bulkers had nominal operations during that time. Net Cash Provided by Operating Activities Net cash flows provided by operating activities for the three-month period ended December 31, 2025, was $26.4 million. Net cash flows are mainly affected by (i) the working capital position, excluding the current portion of long-term debt, (ii) the net cash from operations, (iii) the dry-docking and special survey costs and (iv) the interest payments. Net Cash Provided by Investing Activities Net cash provided by investing activities was $8.6 million in the three-month period ended December 31, 2025, which mainly consisted of proceeds we received from the sale of the dry bulk vessel Parity; partly offset by payments for upgrades for certain of our dry bulk vessels. Net Cash Used in Financing Activities Net cash used in financing activities was $3.9 million in the three-month period ended December 31, 2025, which consisted of payments relating to our debt financing agreements. Liquidity and Unencumbered Vessels Cash and cash equivalents As of December 31, 2025, we had Cash and cash equivalents (including restricted cash) of $215.5 million and $10.8 million in margin deposits in relation to our FFAs, bunker swaps and EUA futures. Including the $84.7 million of available undrawn funds from our hunting license facility, our total liquidity as of December 31, 2025, was approximately $311.0 million. Debt-free vessels As of February 19, 2026, the following vessels were free of debt. Conference Call details: On February 20, 2026 at 8:30 a.m. EST, Costamare Bulkers management team will hold a conference call to discuss the financial results. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-844-887-9405 (from the US) or +1-412-317-9258 (from outside the US). Please quote “Costamare Bulkers”. A replay of the conference call will be available until February 27, 2026. The United States replay number is +1-855-669-9658; the standard international replay number is +1-412-317-0088; and the access code required for the replay is: 7634134. Live webcast: There will also be a simultaneous live webcast over the Internet, through the Costamare Bulkers website (www.costamarebulkers.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. About Costamare Bulkers Holdings Limited Costamare Bulkers Holdings Limited is an international owner and operator of dry bulk vessels. Costamare Bulkers’ owned dry bulk fleet consists of 31 vessels with a total carrying capacity of approximately 2,846,000 DWT (including one vessel that we have agreed to sell and one vessel that we have agreed to acquire). Costamare Bulkers also owns a dry bulk operating platform (CBI) which charters in/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements and may also utilize hedging solutions. Costamare Bulkers’ common stock trades on the New York Stock Exchange under the symbol “CMDB”. Forward-Looking Statements This earnings release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could”, “expect” and similar expressions. You should not place undue reliance on these statements. These statements are not historical facts but instead represent only the Company’s beliefs regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Although the Company believes that its expectations stated in this earnings release are based on reasonable assumptions, it is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Registration Statement on Form 20-F (File No. 001-42581). All forward-looking statements reflect management’s current views with respect to certain future events, and the Company expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in the Company’s views or expectations, or otherwise. Company Contacts: Gregory Zikos – Chief Executive Officer Dimitris Pagratis - Chief Financial Officer Konstantinos Tsakalidis - Business Development Costamare Bulkers Holdings Limited, Monaco Tel: (+377) 92 00 1745 Email: [email protected] Owned Vessels Fleet List The table below provides information about our owned fleet as of February 19, 2026. (i) Denotes vessel we have agreed to sell. (ii) Denotes vessel we have agreed to acquire. Chartered-In Vessels Fleet List The table below provides information about our chartered-in fleet13 as of February 19, 2026. (i) Time-chartered out to a large extent for the remaining charter-in period. (ii) Time-chartered out for the whole remaining charter-in period. Chartered-In Newbuilding Vessels 13 Excluding (i) two vessels already sub-chartered out to Cargill on back to back terms and (ii) one vessel whose charter-in agreement is scheduled to be novated to Cargill, pursuant to the Cooperation Agreement. Exhibit III14 ____________________________ 14 This exhibit includes combined carve-out financial information for Costamare Bulkers Holdings Limited Predecessor, prepared in accordance with the same accounting principles as disclosed in Costamare Bulkers’ Registration Statement on Form 20-F (File No. 001-42581).