EDRY

This article first appeared on GuruFocus. Total Net Revenues: $17.7 million for Q2 2026, a 57% increase from $11.3 million in Q2 2025. Net Income (Attributable to Controlling Shareholders): $6.59 million, or $2.32 per diluted share, compared to a net loss of $3.1 million in Q2 2025. Adjusted Net Income: $6.95 million, or $2.44 per diluted share for Q2 2026. Adjusted EBITDA: $11.71 million for Q2 2026, up from $1.9 million in Q2 2025. Interest and Other Financing Costs: Decreased to $1.5 million in Q2 2026 from $1.7 million in Q2 2025. Average Time Charter Equivalent (TCE) Rate: $20,398 per day for Q2 2026, more than doubling from $10,428 per day in Q2 2025. Operating Expenses (per vessel per day): $7,444 in Q2 2026, slightly down from $7,539 in Q2 2025. Daily Cash Flow Breakeven Rate: $11,858 per vessel per day in Q2 2026, compared to $12,222 in Q2 2025. Utilization Rates: 100% commercial and operational utilization in Q2 2026, versus 100% commercial and 99.6% operational in Q2 2025. First Half 2026 Total Net Revenues: $30.5 million, a 49% increase from $20.5 million in H1 2025. First Half 2026 Net Income: $6.8 million attributable to controlling shareholders, versus a net loss of $6.8 million in H1 2025. First Half 2026 Adjusted EBITDA: $16.6 million, an 18-fold increase from $0.85 million in H1 2025. First Half 2026 Average TCE Rate: $17,452 per day, up from $8,761 per day in H1 2025. Outstanding Debt (as of June 30, 2026): $98.1 million with an average margin of about 1.99%. Estimated Net Asset Value: Over $60.81 per share, compared to a book value of $34.92 per share. Warning! GuruFocus has detected 9 Warning Signs with EDRY. Is EDRY fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. EuroDry Ltd (NASDAQ:EDRY) reported a strong second quarter with net income of $6.59 million, a significant turnaround from a net loss of $3.1 million in the same period last year. The company achieved 100% commercial and operational utilization rates during the quarter, with average time charter equivalent rates more than doubling year-over-year to $20,398 per day. EuroDry Ltd (NASDAQ:EDRY) has a fleet renewal program with four newbuildings on order, which are expected to enhance earnings power and reduce exposure to aging tonnage. The company successfully refinanced the M/V Ecaterini with a $19 million loan facility, boosting liquidity by almost $8 million. EuroDry Ltd (NASDAQ:EDRY) maintains a strong balance sheet with an estimated net asset value of over $60.81 per share, significantly above the recent trading price of around $28. The company has a low cash flow breakeven rate of $12,872 per day, providing a solid margin of safety against market downturns. EuroDry Ltd (NASDAQ:EDRY) faces potential market volatility due to geopolitical tensions, including the Iran conflict and the Ukraine-Russia war, which could impact trade flows and energy prices. The company's fixed-rate charter coverage for the remainder of 2026 is only about 28%, leaving significant exposure to spot market fluctuations. Global economic growth is projected to slow to 3% in 2026, which could dampen demand for dry bulk shipping. The dry bulk order book has increased to 14.4% of the existing fleet, potentially leading to higher supply in the future. EuroDry Ltd (NASDAQ:EDRY) has scheduled dry docking days in the second half of 2026, which could result in off-hire days and increased costs. The company's debt levels are expected to rise as it finances newbuildings, with scheduled repayments increasing in 2027 and beyond. Q: Given the strong market recovery, what is EuroDry's chartering strategy for vessels rolling off charter in the coming months? Are you inclined to lock in longer-term fixed rates or retain greater exposure to the spot market?A: Anastasios Aslidis (CFO): Our approach is to secure longer-term charters when rates approach the high teens. If we can secure rates in the high $10,000s per day range, we will consider putting more vessels on one-year charters. However, if rates are in the mid-teens or below, we prefer to remain exposed to the spot market to capture potential upside. Q: With the significant earnings improvement, is the current market strength more structural or cyclical for your vessel classes (Panamax and Supramax) compared to the Capesize segment?A: Anastasios Aslidis (CFO): For our mid-sized segments, the order book is slightly higher than Capesize, but the average fleet age is also older, which counterbalances this. While supply is a supportive factor, demand has been the determining factor in recent years, as seen in the weak 2025 market. We believe both supply and demand are equally important, and with improved demand and a supportive supply story, we are hopeful for continued strength in 2026 and 2027. Q: Can you provide more color on the positive $1.5 million impact from voyage expenses in the second quarter and your expectations for the second half of the year?A: Anastasios Aslidis (CFO): This positive number is due to rising oil prices. As a time charter operator, we buy back fuel at pre-agreed prices when vessels are delivered and sell it to the next charterer. In an environment of increasing oil prices, we benefit from this spread. If oil prices stabilize, we would expect this number to be near zero or a small negative number, which is the norm for our business model. Q: Do you expect daily vessel operating expenses to remain near current levels, or are there cost pressures from labor, maintenance, or regulatory compliance?A: Anastasios Aslidis (CFO): We expect operating expenses to remain near our budget levels. Our budget was slightly higher than last year (less than 3% overall), and we are currently performing on or slightly below budget. We have no reason to expect higher operating expenses in the second half, as our budget already accounts for current cost levels and inflationary pressures. Q: What are your expectations for the average debt margin going forward, especially with the new building financings and the recent refinancing of the M/V Ekaterini?A: Anastasios Aslidis (CFO): We expect the average margin to decrease. We are currently receiving quotes from banks well below 2%, closer to 1.5%. The latest loan we finalized was much closer to 1.5%, so we hope the average will come down. Q: The dry docking days estimate for the second half increased from the previous quarter. Did you move some dry dock days from 2027?A: Anastasios Aslidis (CFO): The change involves our vessel Alexandros, whose dry docking falls right on the turn of the fourth quarter. We now have 16 days budgeted in Q4 and the remaining days in Q1 2027. This adjustment is based on our operational plan. Q: With the fleet renewal program, will off-hire days increase in 2027 due to scheduled dry dockings?A: Anastasios Aslidis (CFO): We distinguish between commercial and operational off-hire. We hope to keep operational and commercial off-hire to a minimum. However, in 2027, we have additional dry docking scheduled for the vessel Starlight and some in-water surveys, which will result in some off-hire days. Q: Is the situation in Indonesia (export restrictions) a more important consideration for your fleet than the Middle East conflict?A: Anastasios Aslidis (CFO): By far, the Middle East situation is the overwhelming consideration for the entire market, not just for us. It has numerous side effects, either through direct effects on trade or through inefficiencies introduced in various routes. Indonesia is a factor, but the Middle East is the dominant issue. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Image source: The Motley Fool. Monday, Aug. 10, 2026 at 8:30 a.m. ET Chief Financial Officer - Anastasios Aslidis Finance Manager - Athina Atalioti Operator: Thank you for standing by, ladies and gentlemen, and welcome to the EuroDry Limited Conference Call on the Second Quarter 2026 Financial Results. We have with us today, Mr. Anastasios Aslidis, Chief Financial Officer; and Ms. Athina Atalioti, Finance Manager of the company. [Operator Instructions] I must advise you that this conference is being recorded today. Please be reminded that the company announced its results with a press release that has been publicly distributed. Before passing the floor to Mr. Aslidis, I would like to remind everyone that in today's presentation and conference call, EuroDry will be making forward-looking statements. These statements are within the meaning of the federal securities laws. Matters discussed may be forward-looking statements, which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to Slide #2 of the webcast presentation, which has the full forward-looking statement and the same statement that was also included in the press release. Please take a moment to go through the whole statement and read it. And now I would like to pass the floor to Mr. Aslidis. Please go ahead, sir. Anastasios Aslidis: Thank you. Good morning, ladies and gentlemen, and thank you all for joining us today for our schedule conference call. Together with me is Ms. Athina Atalioti, our Finance Manager. The purpose of today's call is to discuss our financial results for the three- and six-month periods ended June 30, 2026. For that, please turn to Slide 3 of the presentation. Our financial highlights are shown here. For the second quarter of 2026, we reported total net revenues of $17.7 million and net income attributable to controlling shareholders of $6.59 million or $2.32 per diluted share. Adjusted net income attributable to controlling shareholders for the quarter was $6.95 million or $2.44 per diluted share. Adjusted EBITDA for the quarter was $11.71. Please refer to the press release for the reconciliation of adjusted net income and adjusted EBITDA. Athina will go over our financial highlights in more detail later on the presentation. Since initiating our $10 million share repurchase program in August 2022, we have repurchased 358,130 shares of common stock in the open market for a total of $5.8 million. Our Board reapproved the program recently and extended annually. And the most recent authorization is granted earlier this month and runs for another year. We will continue to execute repurchases in a disciplined measured manner based on market conditions and other capital allocation priorities. We're also pleased to announce that on July 28, 2026, we signed a term sheet to refinance the MV Ekaterini, one of our Kamsarmax vessels with a $19 million loan facility, higher by almost $8 million over the existing balance of the loan, further boosting our liquidity. This agreement is subject to customary closing documentation. Let's now move to Slide 4. In that slide, we outlined our chartering and operational developments. In the second quarter, we continue to deploy our fleet with flexibility. Four of our vessels are currently operating on index-linked charters tied to the average Baltic Supramax S10TC Index, which provides direct exposure to market conditions, while, as I mentioned, maintaining operational flexibility. Our remaining vessels are employed on fixed rate time charters with most trading durations of one to three months. The exception is our vessel MV Christos K, which is fixed on a longer-term charter through November 2026. Further charter details are provided in the following slide. In the second quarter, we entered into two forward freight agreements. On November 19th and on March 30th, we sold two 90-day Kamsarmax 825 TC average contracts for the third quarter of 2026 at $17,250 and $17,100 per day, respectively, each equivalent to one vessel. These contracts I mentioned are based on the Kamsarmax 825 TC index, which cover the five major time charter routes and put a good hedge on our market exposure. Similar contracts for the second quarter of 2026 were settled very close to the rates agreed in the FFA contract. A final point on this slide is that operationally, we have no idle period for the quarter, commercial or dry dockings, during the second quarter. Let's move to Slide 5, which provides an overview of our fleet. Today, we operate a fleet of 11 vessels with total carrying capacity of approximately 766,000 deadweight tons and an average age of around 13.8 years. In addition, we have four newbuildings on order. Two Ultramax vessels are scheduled for delivering in the second and third quarters of 2027, each with capacity of 635,000 deadweight tons. We also have two Kamsarmax vessels on order scheduled for delivery in the first and second quarters of 2028, each with capacity of 82,000 deadweight tons. Upon delivery of these four vessels, our fleet will grow to 15 vessels with a total carrying capacity of approximately 1.06 million deadweight tons, including an Ultramax segment of eight vessels, a Kamsarmax segment of four vessels, all of these vessels being eco-friendly ones, while continuing saving our three legacy Panamaxes, which are all three Japanese-built. Next, let's move to Slide 6, where we show our fleet employment profile. Our current fixed rate coverage for the remainder of the year stands at a little more than 25% based on existing charter arrangements. This excludes our four vessels operating on index-linked charter. Let's now move to Slide 8 to review key market developments for the second quarter and recent trends to late July. Panamax rates averaged $17,969 per day in the second quarter and have moderated slightly to $17,150 as of the end of last week. On the time charter side, one-year time charter rates have also strengthened. Clarksons set the standard Panamax one-year time charter rate at approximately $17,175 per day as of July 31. Notably, time charter rates are now trading in line with spot market levels, reflecting continued confidence in the underlying market outlook. During the second quarter, the dry bulk, the Baltic Dry Index and the Baltic Panamax Index recorded year-over-year increases of approximately 78% and 54%, respectively, reflecting the strengthening of the dry bulk freight market compared to the second quarter of last year. Please now turn to Slide 9. Here, we review the global macroeconomic backdrop and its implications for dry bulk shipping demand. According to IMF July [Break] Operator: [Music] You may continue. Anastasios Aslidis: Thank you, operator. Apologies to everybody for the interruption. I'm going to pick up my presentation. I believe we dropped the line on Slide 9. So please turn to Slide 9. Here, we review the global macroeconomic backdrop and its implication for dry bulk shipping demand. According to IMF's July 2026 World Economic Outlook update, global growth is projected to slow to 3% in 2026 before recovering to 3.4% in 2027, broadly unchanged cumulatively from April's forecast. The world is navigating several competing forces. On the one hand, we have elevated energy prices continuing to push inflation and interest rates higher, while AI-driven investment is supporting growth for countries integrated in the global technology value chain. Meanwhile, global disinflation has stalled with the inflation shock pushing the yield of the 10-year treasury, U.S. treasuries to approximately 4.7%. Geopolitical developments, mainly the Iran conflict and the continuing Ukraine-Russia war have led to increased and volatile energy prices and created inflationary pressures, which in turn might lead to higher interest rates. In the overall context, the U.S. economy has remained comparatively resilient. In its July 2026 economical mentioned, the IMF maintains its U.S. growth forecast at 2.3% for 2026 and revised its 2027 forecast upward to 2.2%. China is projected to grow 4.6% this year, supported by front-loaded public infrastructure investment and a surge in high-tech manufacturing and in exports. The ASEAN-5 region is projected to slow to 4.1% in 2026, down from 4.5% in 2025 before recovering to 4.3% in 2027, while a level of China's growth is now expected to reach. As far as global trade goes, world trade volume growth is projected to slow from 5% the overall trade in 2025 to 3.5% in 2026 before recovering to 4.3% in 2027. This moderation reflects the unwinding of earlier front-loading effect of tariffs and the continuing impact of tariffs on trade. The recovery in 2027 reflects a gradual adjustment as these dynamics gradually normalize through trade diversion, rerouting and the continued expansion of technology-related trade flows. Looking specifically at the dry bulk sector, Clarksons projects ton-mile growth at 3.8% in 2026 and 1.8% in 2027, reflecting continued expansion in global commodity trade despite a challenging macroeconomic backdrop. Let's now move to Slide 10 as we can review the current state of the dry bulk order book. As of July 2026, the order book stands at 14.4% of the existing fleet. Although higher than the 7% order book level recorded in 2021, it remains among the lowest levels in history. For context, the order book accounted for 66% of the fleet in 2008 and around 24% in 2014. Turning to Slide 11. We're examining the supply fundamentals in a little more detailed fashion. The total dry bulk fleet on the top of the slide currently consists of around 1.1 billion deadweight tons and has grown 3.3% year-on-year. Looking at the age profile of the fleet, roughly 11.8% of the total fleet is over 20 years old, representing vessels that could be considered for scrapping if market conditions moderate or environmental regulations become more stringent. According to Clarksons latest estimates, scheduled newbuilding deliveries as a percent of the existing fleet are projected at 4.5% for both 2026 and 2027 and 6.9% for 2028 and beyond. To put it in context, in May, scheduled deliveries for 2028 and beyond were 5.5%. So additional orders placed are to be delivered after that year. Actual fleet growth, of course, is expected to be lower, slightly lower than these numbers as slippage and demolition activity will offset a portion of the gross number of deliveries. Let's now turn to Slide 12, where we will share our perspective on where the market stands and what we are monitoring. The market has demonstrated a solid performance in 2026 with rates having recovered meaningfully. Supramax and Panamax time charter rates have recovered to levels last seen in March 2024. This rate recovery reflects sustained demand for tonnage driven by robust commodity flows, particularly iron ore, grain and bauxite, which have supported healthy fleet utilization. Looking ahead to the second half of 2026, there are several demand side fundamentals to watch. Iron ore exports from Australia and Brazil remain stable, while the Simandou project continues to ramp up production every year. Chinese import demand despite broader economic headwinds has remained resilient. Grain and minor bulk trades have proven more durable than might be expected given ongoing geopolitical tensions in the Middle East, indicating underlying strength in agricultural commodity shipments. Coal has stalled year-to-date due to softer Chinese and Indian demand and Indonesian export limitation, although recent shifts in Qatar's energy infrastructure have created emerging support for coal from Japan and South Korea. The potential U.S.-Iran agreement could contribute to gradual normalization of vessel traffic in the Gulf, although always implementation risks remain. Such an agreement could improve overall market sentiment and reduce vessel repositioning inefficiencies. However, a normalization of LNG trade flows could moderate oil demand as scrap tonnage is released in the market. On the supply side, ordering activity, as I think I mentioned earlier, has accelerated in recent months. Nevertheless, the overall order book remains relatively modest by historical standards. Looking ahead to 2027, our analysis suggest a balanced but more uncertain market environment. Fleet is expected to continue growing at similar rates as in 2026, while demand growth, as we mentioned earlier, would depend on Chinese steel production effects on coal trade and production from a possible conclusion of the Iran war. The market outlook will also be influenced by several variables, including geopolitical developments, Red Sea routing dynamics, U.S.-China trade relations, the pace of Simandou project execution and ramping up, vessel speeds and demolition activity. One should anticipate a more balanced market in 2027, though fundamentals should remain supportive relative to historical norms. Let's now turn to Slide 13 for a quick review of our position in the dry bulk market cycle as we have always found helpful to benchmark the present market against its historical context. As of July 31, 2026, Panamax one-year time charter rates stood at $17,125 per day, meaningfully above the historical median of $13,450 per day. This strength or similar strength is also reflected in asset values. Values for a 10-year-old Panamax are currently priced at approximately $30.5 million, well above both the historical median of $19.5 million and the 10-year average of about $19.2 million. currently near 10-year highs. In this environment, we have made a deliberate decision to pursue investments in newbuilding vessels rather than acquire second-hand tonnage at market peak levels. This strategic choice reflects our conviction in both current market fundamentals and our longer-term intended fleet positioning. While secondhand prices are elevated, we believe new buildings represent better value and offer superior operational efficiency, lower emission profiles and reduced maintenance exposure, factors that we believe are increasingly important. Our Fleet Renewal Program demonstrates a disciplined and measured approach to capital allocation. We have ordered four newbuildings, two Ultras and two Kamsarmax vessels at reasonable prices with staggered deliveries through 2028, which we believe will enhance our earnings power when the market conditions normalize, while simultaneously reduce our exposure to aging tonnage and associated inefficiencies. I will now turn the call over to Athina, our Finance Manager, for a closer look at our second quarter financial performance. Athina? Athina Atalioti: Thank you very much, Anastasios. Good morning from me as well, ladies and gentlemen. Over the next five slides, I will give you an overview of our financial highlights for the second quarter and first half of 2026 and compare those results to the same period of last year. For that, let's turn to Slide 15. For the second quarter of 2026, the company reported total net revenues of $17.7 million, representing a 57% increase over total net revenues of $11.3 million during the second quarter of 2025. As a result of the higher time charter rates our vessels earned during the second quarter of 2026 compared to the same period of 2025. The company reported a net income attributable to controlling shareholders of $6.6 million as compared to a net loss attributable to controlling shareholders of $3.1 million for the same period of 2025. Interest and other financing costs for the second quarter of 2026 decreased to $1.5 million compared to $1.7 million for the same period of 2025. Interest expense during the second quarter of 2026 was lower, mainly due to the decreased benchmark rates of our loans and a decreased average debt during the second quarter of 2026 as compared to the same period of last year. Adjusted EBITDA for the second quarter of 2026 was $11.7 million compared to $1.9 million achieved during the second quarter of 2025, recording a larger than a fivefold increase over the same period of last year. Basic and diluted earnings per share attributable to controlling shareholders for the second quarter of 2026 was $2.36 and $2.32, respectively, calculated on approximately 2.8 million basic and diluted weighted average number of shares outstanding, compared to a basic and diluted loss per share attributable to controlling shareholders of $1.12 per share for the second quarter of 2025, calculated on approximately 2.7 million basic and diluted weighted average number of shares outstanding. Excluding the effect on the net income attributable to controlling shareholders for the quarter of the unrealized loss on derivatives, the adjusted earnings attributable to controlling shareholders for the quarter ended June 30, 2026, would have been $2.49 and $2.44 per share basic and diluted, while for the second quarter of 2025, it would be $1.1 per share basic and diluted. Let's now look at corresponding six-month period ended June 30, 2026, and compared to the same period of 2025. For the first half of 2026, the company reported total net revenues of $30.5 million, representing a 49% increase over total net revenues of $20.5 million during the first half of 2025, which was the result of the higher time charter rates our vessels earned during the first half of 2026 compared to the same period of 2025. The company reported a net income attributable to controlling shareholders of $6.8 million as compared to a net loss attributable to controlling shareholders of $6.8 million for the first half of 2025. Interest and other financing costs for the first half of 2026 amounted to $3 million compared to $3.5 million for the same period of 2025. This decrease is mainly due to the decreased benchmark rates of our loans and a decreased average debt during the first half of 2026 as compared to the same period of last year. In the first half of 2025, the company signed an agreement to sell motor vessel passes for demolition for approximately $5 million. The vessel was delivered to its buyers in March 2025, resulting in a gain of $2.1 million. There were no vessel sales in the first half of 2026. Adjusted EBITDA for the first half of 2026 was $16.6 million compared to $0.85 million achieved during the first half of 2025, an 18-fold increase compared to the same period of 2025. Basic and diluted earnings per share attributable to controlling shareholders for the first half of 2026 was $2.45 and $2.41, respectively, calculated on approximately 2.8 million basic and diluted weighted average number of shares outstanding compared to a loss per share of $2.47 calculated on approximately 2.7 million basic and diluted weighted average number of shares outstanding. Excluding the effect on the net income attributable to controlling shareholders for the first half of the year of the unrealized loss on derivatives, the adjusted earnings attributable to controlling shareholders for the six-month period ended June 30, 2026, would have been $2.61 and $2.57 per basic and diluted share, respectively. For the first half of 2025, excluding the effect on the loss attributable to controlling shareholders of the unrealized loss on derivatives and the net gain on sale of vessel, the adjusted net loss attributable to controlling shareholders would have been $3.17 per share basic and diluted. Let's now move to Slide 16 to review our fleet performance for the second quarter of 2026 with a comparison to the same period of 2025. During the second quarter of 2026, both our commercial and operational utilization rates reached 100% compared with commercial utilization of 100% and operational utilization of 99.3% in the second quarter of 2025. On average, 11 vessels were owned and operated during the second quarter of 2026, adding an average time charter equivalent rate of $20,398 per day compared to 12 vessels in the same period of 2025, adding on average $10,428 per day. This reflects a more than doubling of daily charter rates on a per vessel basis year-over-year for the respective periods. Turning to operating costs. Total operating expenses, including management fees, G&A expenses, but excluding dry docking costs were $7,444 per vessel per day during the second quarter of this year compared to $7,539 per vessel per day for the second quarter of 2025, reflecting a slight decrease. Before we move further down, we can see our daily cash flow breakeven rate, which takes into account the operating expenses, drydocking costs, interest expense and scheduled loan repayments but exclude balloon payments. This stood at $11,858 per vessel per day compared to $12,222 per vessel per day for the second quarter of last year. Let's now turn to the right-hand side of the table and review the same metrics for the first six months of 2026 compared with the corresponding period of 2025. During the first six months of 2026, our commercial and operational utilization rates were 100% and 99.9%, respectively, compared with 99.2% for both commercial and operational utilization during the first six months of 2025. On average, 11 vessels were owned and operated during the first half of 2026, earning an average time charter equivalent rate of $17,452 per day compared to 12.4 vessels in the same period of 2025, earning on average $8,761 per day. Our operating expenses, including management fees and G&A expenses averaged $7,462 per vessel per day in the first half of this year compared to $7,419 per vessel per day for the same period of last year. Including interest expense, dry docking and loan repayments without balloon repayments, the cash breakeven rate amounted to $12,198 per vessel per day for the first 6 months of 2026 compared to $11,869 per vessel per day for the same period of 2025. Please turn to Slide 17. This slide serves as a calculation tool which enables our shareholders and investors to assess the earnings potential in the remainder of 2026 in the current environment. The table shown in this slide has two components. The top chart refers to our fixed rate contracts, starting with our fixed rate contracts, coverage is approximately 28% for the remainder of 2026. This is about 50% in the third quarter and about 6% in the fourth quarter of 2026. The table also shows the average contracted daily charter rate and the resulting EBITDA contribution for the contracted days. The second section of the table estimates the EBITDA contribution from our remaining open and index-linked days. For this purpose, we use the current forward freight market rate for the Supramax and Panamax, Kamsarmax, and Baltic forward rates as of July 30, 2026. These forward market assumptions are then translated into an indicative blended earning rate for our open days, which you can see across the Supramax, Panamax and Kamsarmax forward rates. Based on these assumptions and by further assuming a $7,500 per day per vessel OpEx and G&A cost and the 5% commission rate, one can calculate the EBITDA contribution. The final result is additionally adjusted for our preliminary dry docking expenses expected during the year. This calculation results in an annualized EBITDA contribution of $38.4 million during 2026. Naturally, investors can adjust the forward freight rate assumptions to evaluate different market scenarios and their potential impact on the company's earnings. In the rest of 2026, we can also easily estimate our EBITDA dependence to the average rate earned by our open days. For example, a change of $1,000 per day in the average rate and would result in a $1.4 million change in our 2026 EBITDA and have a $0.5 change on the earnings per share. Let's now move to Slide 18 to review our debt profile and cash flow breakeven estimates. As of June 30, 2026, our outstanding debt stood at $98.1 million with an average margin of about 1.99%, assuming a three-month rate of 3.75% as of June 30, 2026, the all-in cost of our senior debt averages at 5.74%. The upper chart illustrates our debt amortization schedule. Scheduled debt repayments totaled approximately $12.2 million during 2026, $21 million in 2027, $17 million in 2028 and $28.8 million in 2029, inclusive of balloon payment of approximately $1.2 million, $10.2 million, $6.7 million and $19 million, respectively. We have routinely been able to refinance balloon payments in the past, and we are confident that we would be able to do the same if we choose so in the future. Please note that although we have arranged the debt financing of our two Ultramax newbuildings, our current debt figure that I quoted includes only the portion of one of the two loans drawn to date, representing the predelivery payments made thus far. The 2027 and 2028 repayment figures include scheduled repayments under both new building loan facilities to finance our Ultramax newbuildings, which are scheduled for delivery during the second and third quarter of 2027. Our debt figures do not include any debt that we would draw to finance the Panamax newbuildings or the refinancing of MV Ekaterini. Turning to the bottom of this slide, we present our cash flow breakeven estimates for the next 12 months broken down by major components. Our EBITDA breakeven level is at $8,458 per day, while our all-in cash flow breakeven incorporating operating expenses, dry docking costs, interest expense and loan repayment is estimated at $12,872 per day. Let's move now to my final slide, slide 19, to review some highlights from our balance sheet as of June 30, 2026. This slide offers a snapshot of our assets and liabilities and provides a concise picture of our financial position. Cash and other assets stood at approximately $37.5 million. advances for newbuildings amounted to approximately $14.4 million and the book value of our vessels was approximately $160.2 million, bringing our total assets to approximately $212.5 million. On the liability side, total debt stood at approximately $98.1 million, while other short-term liabilities amounted to $5 million for combined liabilities of approximately $103.1 million, representing approximately 48.5% of total assets. After excluding the equity attributable to minority interest in the amount of $9.4 million, the shareholders' equity of common shareholders on a book value basis stood at approximately $100 million or $34.92 per share. However, based on our internal estimates and external valuations, the market value of our fleet is meaningfully above its book value. We estimate the current market value of our vessels at approximately $240 million compared to a book value of approximately $160 million, implying an exit value of approximately $80 million. Adjusting for this difference yields an estimated net asset value in excess of $6.81 per share. When compared to the recent trading range of our shares, which has moved up to around $28 recently, it becomes evident that still there is a substantial discount to our estimated Net Asset Value and by extension, a significant upside potential for both shareholders and potential investors. With that, I will hand the call back to Anastasios to continue. Anastasios Aslidis: Thank you very much, Athina. We would like to open the floor now for questions if there are any. Operator: [Operator Instructions] First question comes from Tate Sullivan with Maxim Group. Tate Sullivan: And just a couple for me. The first on the debt margin of 1.99%. I think that was your average margin in June. Might that, do you think that will change going forward if you do decide to add any debt with your new builds? Or do you have more recent indications of a lower spread to SOFR? Anastasios Aslidis: Most likely, if it changes, will go down. I think we are getting quotes from our banks well below 2%, closer to 1.5% lately. And I think, in fact, the latest loan that refinanced we did was much closer to 1.5%. So the average, if anything, will come down. Tate Sullivan: Okay. And then on, and it's great for the last couple of quarters, including the slide on the forward EBITDA sensitivity. And then I just noticed that the dry docking days estimates for the second half, you now have 17. And I think in the first quarter presentation, you had two. I'm sorry if I missed something, but did you move forward some dry dock days from 2027? Anastasios Aslidis: We might have, I think that involves our vessel, Alexandros, which is dry docking falls right on the third or the fourth quarter. So now we have the budgeted 20 something, 22, 23 days. Now we have 16 on Q4 and the remaining on Q1 '27. So, I mean, that changes based on operational plan. Tate Sullivan: Okay. I mean it's impressive with the fleet renewal and adding new builds, I mean, your off-hire days decreased from, I have 97 in 2025 now to what, maybe 36 this year. In 2027, we will probably the off-hire days increase a little bit just based on timing? Or is that not necessarily? Anastasios Aslidis: It depends on, I mean, we, that's why we make a distinction between commercial and operational hire, of course. We have off-hire days due to the dry dockings, which we don't count in these figures. But we hope that we're going to keep to minimum the operation of the commercial. Obviously, we have in 2027 a couple of dry docking, an additional dry docking schedule. I think it's the vessel Starlight that is coming due for dry dock and some in-water surveys. So there will be some off hire days on the basis of the dry dockings and the in-water surveys. Tate Sullivan: Okay. And last for me, I noticed you put the word, you put Indonesia in the market commentary slide and hearing from some other companies on more export restrictions or changes thereof from Indonesia. Do you think that's a more important consideration for your fleet going forward than anything going on in the Middle East in terms of exports? Anastasios Aslidis: I think by far, not only for us, for the whole market, anything going on in the Middle East is the overwhelming consideration because it has so many side effects either in the form of direct effects on trade or on inefficiencies introduced in the various routes. Operator: Next question from Mark Reichman with NOBLE Capital Markets. Mark La Reichman: I've got several questions here. The first is on the voyage expenses. So during the quarter, voyage expenses had a positive impact of $1.5 million on your operating expenses. And I understand that's related to the bunker fuel. But what would your expectations be for the, maybe if you could just maybe provide a little more color on that number and maybe expectations for the second half of the year. Anastasios Aslidis: I mean, as you have insinuated, this number typically has to be a small negative number because our vessels are chartered on a time charter basis. The fuel costs are paid generally by the charterer. So a little bit of voyage expenses is left for us for certain situations. However, we deliver our vessels with fuel in their tanks, and we buy back fuel when the vessels are delivered to us. So in an environment with increasing oil prices, you tend to make money on the fuel, what you take back at the pre-agreed price, if the price has increased in between while the charter was being performed and you resell to the next charter, you record the gain. So during the second quarter, the oil price was increasing, and we benefited from that trend. Obviously, if the oil price is stable, you would expect that number to be near zero, I mean, the gains. And if the oil price is dropping, you will probably have to give back some of those gains. Mark La Reichman: Okay. So just looking at the forward curve on crude oil, you might expect that maybe the second half, you'll have a little bit of an expense or stay relatively flat. Is that a good way to think about it? Anastasios Aslidis: A small negative number is expected because of the nature of the chartering we do. We do time charters, and we don't have major voyage expenses, but we do have some. And those should always be recorded as a negative number. So, if the number is positive, it is the situation that I mentioned. Mark La Reichman: Okay. And then second question is just that vessel operating expenses have remained well controlled despite inflation. So, would you expect daily operating expenses to remain near current levels? Or are there any cost pressures from labor maintenance or regulatory compliance? Anastasios Aslidis: I think we expect it to remain near our budget levels. I think we are doing well versus our budget. Our budget was slightly higher compared to last year, I think less than 3% overall. And we recently, comparing the results to our budget, we are just on budget or maybe a little less. I have no reason to feel that the second half would result in higher operating expenses. We cannot exclude that possibility, but we can take into account when we did our budget, the new levels of all the costs and inflationary pressures. Mark La Reichman: Okay. And then just on the chartering strategy, several vessels roll off charter between August and November, while others remain index linked. Are you inclined to lock in longer-term fixed rates or retain greater exposure to the spot market? I'm assuming kind of the latter based on the commentary. Anastasios Aslidis: I think when we discussed in our last Board meeting, the chartering strategy, the support was to put a few more vessels on one-year charters, let's say, if certain levels in the high teens or if we can find charters that start with a two for one year, then we might put a few more of our vessels on longer-term charters. So that's the approach. If we are in the mid-teens and below, we try to be on the spot market. If we're approaching the high teens and beyond that, we try to secure some of our tonnage on longer-term charters. Mark La Reichman: Okay. And then my last question is just more of a macro question. And that is with the earnings improvement, there's always the argument structural versus cyclical. And maybe it was a couple of weeks ago, the management of a Capesize vessel operator had made the comment that vessel supply rather than demand represented the critical driver of future market conditions, and they had cited their historically low Capesize order book together with the aging fleet is kind of an important structural support that might outweigh any economic or macroeconomic uncertainty. So you've got kind of a structural support there. Would you say the same is true for the vessel classes that you operate? Or do you think you're a little more exposed to cyclical? Maybe just a discussion on kind of the cyclical versus structural in terms of the market outlook. Anastasios Aslidis: I mean cyclicality comes both from demand and supply. For our sizes, the middle range of sizes, Ultramax and Panamax, the order book is a little higher than the Capesize order book, but the age profile of the segments is older. The average age is higher. So that counterbalances the lower order book, I guess, of the Capesize in some sense. And if anything, if regulations become stricter, it would have more of an effect on the, in an older vessel than on a newer one. So I believe that in our case, too, the order book is still a supporting factor. But it has been a supportive factor for the last three or four years, and the market did not do well in 2025, especially in late 2024. So demand was really the determining factor then. And I believe that's why we talk about the supply-demand balance, both sides of the equation are equally important. I think demand during this year has improved for all the reasons that we discussed, and it was supported by a good supply story. We feel that, that will continue in 2026, and we are hopeful that it will continue in 2027. Mark La Reichman: Was a very concise answer. I really appreciate that. Thank you. Operator: That concludes today's Q&A session. I will turn the call back over to the CFO for any closing comments. Anastasios Aslidis: I would like to thank everybody for attending our call. Wish you have a nice remaining summer and look forward to welcoming you to our November call. Thanks all. Operator: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines. Before you buy stock in EuroDry, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and EuroDry wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 14, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. EuroDry (EDRY) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

EuroDry (EDRY) appears an attractive pick given a noticeable improvement in the company's earnings outlook. The stock has been a strong performer lately, and the momentum might continue with analysts still raising their earnings estimates for the company. The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this company, should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- is principally built on this insight. The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008. For EuroDry, strong agreement among the covering analysts in revising earnings estimates upward has resulted in meaningful improvement in consensus estimates for the next quarter and full year. The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate: For the current quarter, the company is expected to earn $1.29 per share, which is a change of +660.9% from the year-ago reported number. Over the last 30 days, the Zacks Consensus Estimate for EuroDry has increased 5.74% because one estimate has moved higher compared to no negative revisions. The company is expected to earn $4.27 per share for the full year, which represents a change of +270.8% from the prior-year number. There has been an encouraging trend in estimate revisions for the current year as well. Over the past month, one estimate has moved up for EuroDry versus no negative revisions. This has pushed the consensus estimate 10.34% higher. Thanks to promising estimate revisions, EuroDry currently carries a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500. Investors have been betting on EuroDry because of its solid estimate revisions, as evident from the stock's 57.8% gain over the past four weeks. As its earnings growth prospects might push the stock higher, you may consider adding it to your portfolio right away. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EuroDry (EDRY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Star Bulk Carriers (SBLK) came out with quarterly earnings of $1.21 per share, beating the Zacks Consensus Estimate of $0.97 per share. This compares to earnings of $0.11 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +24.74%. A quarter ago, it was expected that this shipping company would post earnings of $0.45 per share when it actually produced earnings of $0.56, delivering a surprise of +24.44%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Star Bulk Carriers, which belongs to the Zacks Transportation - Shipping industry, posted revenues of $357.41 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 5.29%. This compares to year-ago revenues of $247.41 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Star Bulk Carriers shares have added about 46.8% since the beginning of the year versus the S&P 500's gain of 13%. While Star Bulk Carriers has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Star Bulk Carriers was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.48 on $398.37 million in revenues for the coming quarter and $4.47 on $1.43 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Shipping is currently in the top 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. EuroDry (EDRY), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This company is expected to post quarterly earnings of $1.44 per share in its upcoming report, which represents a year-over-year change of +230.9%. The consensus EPS estimate for the quarter has been revised 5.7% higher over the last 30 days to the current level. EuroDry's revenues are expected to be $17.41 million, up 54.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Star Bulk Carriers Corp. (SBLK) : Free Stock Analysis Report EuroDry (EDRY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in EuroDry? Here are five stocks we like better. EuroDry returned to profitability in Q2 2026 as net revenue rose 57% year over year to $17.7 million and net income reached $6.59 million, compared with a $3.1 million loss a year earlier. Time-charter-equivalent rates more than doubled to $20,398 per vessel per day, while utilization remained 100%. The company plans to expand its fleet from 11 to 15 vessels through four newbuildings scheduled for delivery in 2027 and 2028. It also signed a term sheet for a $19 million refinancing of the M/V Ekaterini, which could provide nearly $8 million in additional liquidity. Management sees supportive but uncertain dry-bulk fundamentals, citing stronger trade conditions, a historically low order book and resilient commodity demand, while warning that geopolitical developments could disrupt routes and rates. EuroDry will continue disciplined share repurchases alongside fleet investment and debt management. EuroDry (NASDAQ:EDRY) reported higher second-quarter revenue and a return to profitability as time charter rates more than doubled from the prior-year period, while the dry bulk shipowner outlined plans to expand its fleet and refinance debt tied to one of its Kamsarmax vessels. For the three months ended June 30, 2026, EuroDry reported total net revenues of $17.7 million, up 57% from $11.3 million a year earlier. Net income attributable to controlling shareholders was $6.59 million, or $2.32 per diluted share, compared with a $3.1 million loss in the second quarter of 2025. Adjusted net income was $6.95 million, or $2.44 per diluted share, and adjusted EBITDA was $11.71 million. → 3 Drone Stocks That Should Soar After the Summer Slump “The company reported a net income attributable to controlling shareholders of $6.6 million as compared to a net loss attributable to controlling shareholders of $3.1 million for the same period of 2025,” Finance Manager Athina Atalioti said during the company’s earnings call. EuroDry operated an average of 11 vessels in the second quarter, compared with 12 vessels in the year-earlier period. Its average time-charter-equivalent rate rose to $20,398 per vessel per day from $10,428 per day a year earlier. Both commercial and operational utilization reached 100% during the quarter. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Operating expenses, including management fees and general and administrative costs but excluding dry-docking expenses, declined slightly to $7,444 per vessel per day from $7,539. The company’s daily cash flow break-even rate was $11,858 per vessel per day, compared with $12,222 in the prior-year quarter. For the first half of 2026, revenue increased 49% to $30.5 million. Net income attributable to controlling shareholders was $6.8 million, compared with a $6.8 million loss in the first half of 2025. First-half adjusted EBITDA rose to $16.6 million from $850,000 a year earlier. → Jersey Mike's Serves Fresh Gains After IPO Stumble Atalioti said second-quarter financing costs declined to $1.5 million from $1.7 million, reflecting lower benchmark rates on the company’s loans and lower average debt. First-half financing costs declined to $3 million from $3.5 million. Chief Financial Officer and Treasurer Anastasios Aslidis said four of EuroDry’s vessels are currently on index-linked charters tied to the Baltic Supramax S10TC index. The remaining vessels are largely employed on fixed-rate time charters of one to three months, except for the M/V Christos K, which is fixed through November 2026. Fixed-rate coverage for the remainder of 2026 stood at roughly 28%, including about 50% coverage in the third quarter and 6% in the fourth quarter, according to Atalioti. The company estimated that a $1,000-per-day change in rates earned on open days would alter 2026 EBITDA by approximately $1.4 million and earnings per share by $0.50. EuroDry currently operates 11 vessels with aggregate carrying capacity of approximately 766,000 deadweight tons and an average age of about 13.8 years. It also has four newbuildings on order: two Ultramax vessels scheduled for delivery in the second and third quarters of 2027 and two Kamsarmax vessels scheduled for delivery in the first and second quarters of 2028. Upon delivery, the fleet is expected to expand to 15 vessels with total carrying capacity of approximately 1.06 million deadweight tons. Aslidis said the company has chosen to invest in newbuildings rather than buy secondhand vessels at what he described as elevated asset values. On July 28, EuroDry signed a term sheet to refinance the M/V Ekaterini with a $19 million loan facility. Aslidis said the proposed financing is nearly $8 million higher than the vessel’s existing loan balance and would boost liquidity, subject to customary closing documentation. The company’s debt outstanding was $98.1 million as of June 30, with an average margin of about 1.99%. Aslidis told analysts that more recent bank quotes have been below 2% and closer to 1.5%, meaning the company’s average margin could decline if financing changes are completed. Aslidis said Panamax rates averaged $17,969 per day during the second quarter and stood at $17,150 per day at the end of the prior week. One-year Panamax time-charter rates were approximately $17,175 per day as of July 31, according to Clarksons data cited by the company. The Baltic Dry Index and Baltic Panamax Index rose about 78% and 54%, respectively, year over year in the second quarter, reflecting improved dry bulk trade conditions, he said. EuroDry cited stable iron ore exports from Australia and Brazil, resilient Chinese imports, and durable grain and minor-bulk trades as demand supports. Management also pointed to geopolitical risks, including the Iran conflict, the Russia-Ukraine war, Red Sea routing patterns and U.S.-China trade relations. In response to an analyst question, Aslidis said developments in the Middle East were the “overwhelming consideration” for the broader market because of their potential effects on trade and vessel-routing inefficiencies. The dry bulk order book stood at 14.4% of the existing fleet as of July, according to the company. While above 2021 levels, Aslidis said it remained low by historical standards. He said EuroDry expects 2027 to be a more balanced and uncertain market, though fundamentals should remain supportive relative to historical norms. EuroDry has repurchased 358,130 common shares for $5.8 million since launching its repurchase program in August 2022. The board recently reapproved and extended the program for another year, and Aslidis said repurchases would continue in a disciplined manner based on market conditions and other capital-allocation priorities. EuroDry Limited is a Marshall Islands–incorporated shipping company, formed in 2005 and headquartered in Piraeus, Greece. The company is publicly traded on the NASDAQ under the symbol EDRY. Since its inception, EuroDry has focused exclusively on the marine transportation of drybulk commodities and has grown its fleet through a combination of newbuilding contracts and second-hand acquisitions. As of mid-2024, EuroDry's operating fleet comprises Capesize, Panamax and Supramax drybulk carriers, collectively providing over one million deadweight tons (dwt) of capacity. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "EuroDry Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

ATHENS, Greece, Aug. 06, 2026 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three- and six-month periods ended June 30, 2026. Second Quarter 2026 Highlights: Total net revenues for the quarter of $17.7 million. Net income attributable to controlling shareholders, of $6.6 million or $2.36 and $2.32 earnings per share attributable to controlling shareholders basic and diluted, respectively. Adjusted net income1 attributable to controlling shareholders for the quarter of $6.9 million or $2.49 and $2.44 adjusted earnings per share attributable to controlling shareholders basic and diluted, respectively. Adjusted EBITDA1 for the quarter was $11.7 million. An average of 11.0 vessels were owned and operated during the second quarter of 2026 earning an average time charter equivalent rate of $20,398 per day. Refer to a subsequent section of the Press Release for the definition and method of calculation of the time charter equivalent rate. To date, about $5.8 million has been used to repurchase 358,130 shares of the Company, under our share repurchase plan of up to $10 million, announced in August 2022. The Board approved the continuation of the share repurchase plan for a further year in August 2025 and 2026, respectively, and will review it again after a period of twelve months. Financing arrangements On July 28, 2026, the Company signed a term sheet with Alpha Bank S.A. in order to refinance the existing indebtedness of M/V “Ekaterini” with a loan of up to $19 million. The agreement is subject to customary documentation. First Half 2026 Highlights: Total net revenues of $30.5 million. Net income attributable to controlling shareholders was $6.8 million or $2.45 and $2.41 earnings per share attributable to controlling shareholders basic and diluted, respectively. Adjusted net income1 attributable to controlling shareholders for the period was $7.3 million or $2.61 and $2.57 adjusted earnings per share attributable to controlling shareholders basic and diluted1, respectively. Adjusted EBITDA1 of $16.6 million. An average of 11.0 vessels were owned and operated during the first half of 2026 earning an average time charter equivalent rate of $17,452 per day. Refer to a subsequent section of the Press Release for the definition and method of calculation of the time charter equivalent rate. ______________1Adjusted EBITDA, Adjusted net (loss) / income attributable to controlling shareholders and Adjusted (loss) / earnings per share attributable to controlling shareholders are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for EuroDry’s financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP. Aristides Pittas, Chairman and CEO of EuroDry commented: “We are pleased to report a highly profitable quarter, our strongest in four years. During the second quarter of 2026, the drybulk market strengthened significantly, with time charter rates reaching levels last seen in 2022. This positive momentum continued into July 2026 and is also reflected in Forward Freight Agreement ("FFA") rates for the remainder of 2026 and throughout 2027.” “As we have noted on several occasions, our financial performance is closely linked to prevailing market rates. Accordingly, the strong market conditions during the second quarter were fully reflected in our revenues and earnings. If the elevated rates currently implied by the FFA market materialize, they should be reflected in our financial performance during the respective future periods.” “The strength of the market primarily reflects increased demand for drybulk vessels, driven by higher overall drybulk trade, including stronger volumes of iron ore and bauxite, an even short term recovery in coal trade, longer average voyage distances, and transportation inefficiencies and trade dislocations stemming from ongoing geopolitical developments and uncertainty. At the same time, the industry orderbook continued to grow, reaching 14.4% of the existing fleet. We believe this remains a manageable level, considering the aging profile of the global fleet, increasingly stringent environmental regulations that are likely to raise the operating costs of older vessels, and the fact that the delivery schedule for vessels currently on order is spread over several years.” “We continue to monitor market developments closely and remain well positioned to capitalize on value-accretive investment opportunities to renew and expand our fleet for the long-term benefit of our shareholders.” Tasos Aslidis, Chief Financial Officer of EuroDry commented: “The net revenues of the second quarter of 2026 were stronger compared to the second quarter of 2025 as a result of the higher time charter equivalent rates our vessels earned during the second quarter of 2026 compared to the same period of 2025. The time charter equivalent rates for the second quarter of 2026 were higher by 95.6% on average compared to the time charter equivalent rates our vessels earned in the second quarter of 2025.” “Daily vessel operating expenses, including management fees, but excluding dry-docking costs, averaged $6,608 per vessel per day during the second quarter of 2026 as compared to $6,785 per vessel per day for the same quarter of last year, and $6,599 per vessel per day for the first half of 2026 as compared to $6,685 per vessel per day for the same period of 2025. General and administrative expenses averaged $836 per vessel per day during the second quarter of 2026 as compared to $754 per vessel per day for the same quarter of last year, and $863 per vessel per day for the first half of 2026 as compared to $734 per vessel per day for the same period of 2025. This increase is explained by the allocation of expenses of approximately the same levels in the respective three-month and six-month periods, to a decreased number of vessels in the three months and six months ended June 30, 2026.” “Adjusted EBITDA during the second quarter of 2026 was $11.7 million compared to $1.9 million in the second quarter of last year.” “As of June 30, 2026, our outstanding debt (excluding the unamortized loan fees) was $98.1 million, while unrestricted and restricted cash was $31.3 million. As of the same date, our scheduled debt repayments including balloon payments over the next 12 months amounted to about $22.0 million.” Second Quarter 2026 Results:For the second quarter of 2026, the Company reported total net revenues of $17.7 million representing a 57.0% increase over total net revenues of $11.3 million during the second quarter of 2025 which was the result of the higher time charter rates our vessels earned during the second quarter of 2026 compared to the same period of 2025 despite the lower average number of vessels. On average, 11.0 vessels were owned and operated during the second quarter of 2026 earning an average time charter equivalent rate of $20,398 per day compared to 12.0 vessels in the same period of 2025 earning on average $10,428 per day. For the second quarter of 2026, a gain on bunkers resulted in positive voyage expenses of $1.5 million, as compared to voyage expenses of $0.8 million that mainly related to vessels repositioning between charters and expenses during operational off-hire time in the same period of 2025. Vessel operating expenses decreased to $5.6 million for the second quarter of 2026 from $6.3 million in the same period of 2025. The decrease is mainly attributable to the decreased number of vessels operating in the second quarter of 2026 compared to the corresponding period in 2025. During the second quarter of 2026, one vessel completed its intermediate survey in water, for a total cost of $0.1 million. During the second quarter of 2025, one vessel completed its intermediate survey in water and another one commenced her special survey with dry-dock in order to complete it during the third quarter of 2025, for a total cost of $0.4 million. Vessel depreciation for the second quarter of 2026 was $2.9 million compared to $3.2 million for the same period of 2025 as a result of the lower number of vessels owned and operated in the second quarter of 2026. Related party management fees for the period were $1.0 million compared to $1.1 million for the same period of 2025, due to the lower number of vessels owned and operated in the second quarter of 2026, partly offset by the adjustment for inflation in the daily vessel management fee, effective from January 1, 2026, increasing it from 850 Euros to 875 Euros and the unfavorable movement of the euro/dollar exchange rate during the period. General and administrative expenses for the second quarter of 2026 were $0.8 million remaining at the same level as compared to the second quarter of 2025. Interest and other financing costs for the second quarter of 2026 amounted to $1.5 million compared to $1.7 million for the same period of 2025. Interest expense during the second quarter of 2026 was lower mainly due to the decreased benchmark rates of our loans and the decreased average debt during the second quarter of 2026, as compared to the same period of last year. For the three months ended June 30, 2026, the Company recognized a $0.36 million unrealized loss on forward freight agreement contracts. The results for the second quarter of 2025 include a $0.06 million unrealized loss and a $0.03 million realized gain on one interest rate swap. The Company reported net income for the period of $6.9 million and net income attributable to controlling shareholders of $6.6 million, as compared to a net loss of $3.1 million and a net loss attributable to controlling shareholders of $3.07 million for the same period of 2025. The net income attributable to the non-controlling interest of $0.3 million in the second quarter of 2026 represents the income attributable to the 39% ownership of the entities owning the M/V Christos K and M/V Maria represented by NRP Project Finance AS (“NRP investors”) (the “Partnership”). Adjusted EBITDA for the second quarter of 2026 was $11.7 million compared to $1.9 million achieved during the second quarter of 2025. Basic and diluted earnings per share attributable to controlling shareholders for the second quarter of 2026 was $2.36 and $2.32 calculated on 2,785,936 and 2,842,782 basic and diluted weighted average number of shares outstanding, respectively, compared to a loss per share attributable to controlling shareholders of $1.12 calculated on 2,737,297 basic and diluted weighted average number of shares outstanding for the second quarter of 2025. Excluding the effect on the net (loss) / income attributable to controlling shareholders for the quarter of the unrealized loss on derivatives, the adjusted earnings attributable to controlling shareholders for the quarter ended June 30, 2026 would have been $2.49 and $2.44 per share basic and diluted, respectively, compared to adjusted loss of $1.10 per share basic and diluted, for the quarter ended June 30, 2025. Usually, security analysts do not include the above item in their published estimates of earnings per share. First Half 2026 Results:For the first half of 2026, the Company reported total net revenues of $30.5 million representing a 48.8% increase over total net revenues of $20.5 million during the first half of 2025, which was mainly the result of the higher time charter rates our vessels earned during the first half of 2026 compared to the same period of 2025. On average, 11.0 vessels were owned and operated during the first half of 2026 earning an average time charter equivalent rate of $17,452 per day compared to 12.4 vessels in the same period of 2025 earning on average $8,761 per day. For the first half of 2026, a gain on bunkers resulted in positive voyage expenses of $1.8 million. For the same period of 2025, voyage expenses, net were $2.5 million and mainly relate to vessels repositioning between charters and expenses during operational off-hire time. Vessel operating expenses were $11.1 million for the first half of 2026, as compared to $12.8 million for the first half of 2025. The decrease is mainly attributable to the decreased number of vessels operating in the first half of 2026 compared to the corresponding period in 2025. During the first half of 2026 one of our vessels completed its special survey with drydock which commenced in the fourth quarter of 2025 and one of our vessels completed its intermediate survey in water, for a total cost of $0.8 million. During the first half of 2025 one vessel completed its intermediate survey in water and another one commenced her special survey with dry-dock in order to complete it during the third quarter of 2025, for a total cost of $0.4 million. Vessel depreciation for the first half of 2026 was $5.8 million compared to $6.4 million during the same period of 2025, mainly due to the lower number of vessels operating in the first half of 2026 compared to the same period of 2025. Related party management fees for the first half of 2026 were slightly decreased to $2.1 million from $2.2 million for the same period of 2025 due to the lower average number of vessels owned and operated in the six month period of 2026 partly offset by the adjustment for inflation in the daily vessel management fee, effective from January 1, 2026, increasing it from 850 Euros to 875 Euros, and the unfavorable movement of the euro/dollar exchange rate during the period. General and administrative expenses for the first half of 2026 were slightly increased to $1.7 million as compared to $1.6 million for the corresponding period in 2025. On January 29, 2025, the Company signed an agreement to sell M/V Tasos, a 75,100 dwt drybulk vessel, built in 2000, for demolition, for approximately $5 million. The vessel was delivered to its buyers, an unaffiliated third party, on March 17, 2025, resulting in a gain on sale of $2.1 million. No case of vessel sale exists within the first half of 2026. Interest and other financing costs for the first half of 2026 amounted to $3.0 million compared to $3.5 million for the same period of 2025. This decrease is mainly due to the decreased benchmark rates of our loans and the decreased average debt during the first half of 2026, as compared to the same period of last year. For the six months ended June 30, 2026, the Company recognized a $0.4 million unrealized loss and a $0.1 million realized loss on forward freight agreement contracts. For the six months ended June 30, 2025, the Company recognized a $0.1 million realized gain and a $0.2 million unrealized loss on one interest rate swap. The Company reported net income for the period of $7.4 million and net income attributable to controlling shareholders of $6.8 million, as compared to a net loss of $7.1 million and a net loss attributable to controlling shareholders of $6.8 million, for the first half of 2025. The net income attributable to the non-controlling interest of $0.5 million in the first half of 2026 represents the income attributable to the 39% ownership of the Partnership. Adjusted EBITDA for the first half of 2026 was $16.6 million compared to $0.9 million achieved during the first half of 2025. Basic and diluted earnings per share attributable to controlling shareholders for the first half of 2026 was $2.45 and $2.41, respectively, calculated on 2,791,262 and 2,837,146 basic and diluted weighted average number of shares outstanding, compared to a loss per share of $2.47 for the first half of 2025, calculated on 2,737,297 basic and diluted weighted average number of shares outstanding. Excluding the effect on the net (loss) / income attributable to controlling shareholders for the first half of the year of the unrealized loss on derivatives and the net gain on sale of vessel (if any), the adjusted earnings attributable to controlling shareholders for the six-month period ended June 30, 2026, would have been $2.61 and $2.57 per share basic and diluted, respectively, compared to adjusted loss of $3.17 per share basic and diluted, for the six-month period ended June 30, 2025. As previously mentioned, usually, security analysts do not include the above items in their published estimates of earnings per share. Fleet Profile: The EuroDry Ltd. fleet profile is as follows: Note:  (*) TC denotes time charter. Charter duration indicates the earliest redelivery date(**) The average Baltic Supramax S10TC Index is an index based on ten Supramax time charter routes.(***) The entity owning the vessel is 61% owned by EuroDry and 39% by NRP Investors. Summary Fleet Data: (1) Average number of vessels is the number of vessels that constituted the Company’s fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company’s fleet during the period divided by the number of calendar days in that period. (2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was owned by us including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period. (3) The scheduled off-hire days including vessels laid-up are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. (4) Available days. We define available days as the total number of Calendar days in a period net of scheduled off-hire days incl. laid up. We use available days to measure the number of days in a period during which vessels were available to generate revenues. (5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment. (6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels. (7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days, but including days our vessels were sailing for repositioning. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes. (8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. We use fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment. (9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period. (10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period. (11) Average time charter equivalent rate, or average TCE, is a metric of the average daily net revenue performance of our vessels. Our method of calculating average TCE is determined by dividing time charter revenue and voyage charter revenue, if any, net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract or are related to repositioning the vessel for the next charter. Average TCE provides additional meaningful information in conjunction with time charter revenue and voyage charter revenue, if any, the most directly comparable GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. Average TCE is a standard shipping industry performance metric used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters, pool agreements and bareboat charters) under which the vessels may be employed between the periods. Our definition of average TCE may not be comparable to that used by other companies in the shipping industry. (12) We calculate daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and related party management fees by dividing vessel operating expenses and related party management fees by fleet calendar days for the relevant time period. Drydocking expenses are reported separately. (13) Daily general and administrative expense is calculated by us by dividing general and administrative expenses by fleet calendar days for the relevant time period. (14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. We compute TVOE as the sum of vessel operating expenses, related party management fees and general and administrative expenses; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period. (15) Daily drydocking expenses is calculated by us by dividing drydocking expenses by the fleet calendar days for the relevant period. Drydocking expenses include expenses during drydockings that would have been capitalized and amortized under the deferral method. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period. The Company expenses drydocking expenses as incurred. Conference Call and Webcast:Today, August 6, 2026, at 9:30 a.m. Eastern Time, the Company's management will host a conference call and webcast to discuss the results. Conference Call details: Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 800- 717-1738 (US Toll-Free Dial In) or +1 646-307-1865 (US and Standard International Dial In). Please quote “EuroDry” to the operator and/or conference ID 13762074. Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option. Audio Webcast - Slides Presentation: There will be a live and then archived webcast of the conference call and accompanying slides, available on the Company’s website. To listen to the archived audio file, visit our website http://www.eurodry.gr and click on Company Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. The slide presentation for the second quarter ended June 30, 2026, will also be available in PDF format 10 minutes prior to the conference call and webcast, accessible on the company's website (www.eurodry.gr) on the webcast page. Participants to the webcast can download the PDF presentation. Adjusted EBITDA Reconciliation:EuroDry Ltd. considers Adjusted EBITDA to represent net (loss) / income before interest and other financing costs, income taxes, vessel depreciation, unrealized loss on Forward Freight Agreement derivatives (“FFAs”), loss on interest rate swap derivative and net gain on sale of vessel. Adjusted EBITDA does not represent and should not be considered as an alternative to net (loss) / income, as determined by United States generally accepted accounting principles, or GAAP. Adjusted EBITDA is included herein because it is a basis upon which the Company assesses its financial performance because the Company believes that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period by excluding the potentially disparate effects between periods of, financial costs, unrealized loss on FFAs, loss on interest rate swap derivative, vessel depreciation and net gain on sale of vessel. The Company's definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries. Adjusted net (loss) / income attributable to controlling shareholders and Adjusted (loss) / earnings per share attributable to controlling shareholders Reconciliation: EuroDry Ltd. considers Adjusted net (loss) / income attributable to controlling shareholders, to represent net (loss) / income before net gain on sale of vessel and unrealized loss on derivatives, which includes FFAs and interest rate swaps. Adjusted net (loss) / income attributable to controlling shareholders and Adjusted (loss) / earnings per share attributable to controlling shareholders are included herein because we believe they assist our management and investors by increasing the comparability of the Company's fundamental performance from period to period by excluding the potentially disparate effects between periods of unrealized loss on derivatives and net gain on sale of vessel, which may significantly affect results of operations between periods. Adjusted net (loss) /income attributable to controlling shareholders and Adjusted (loss) / earnings per share attributable to controlling shareholders do not represent and should not be considered as an alternative to net (loss) / income attributable to controlling shareholders or (loss) / earnings per share attributable to controlling shareholders, as determined by GAAP. The Company's definition of Adjusted net (loss) / income attributable to controlling shareholders and Adjusted (loss) / earnings per share attributable to controlling shareholders may not be the same as that used by other companies in the shipping or other industries. Adjusted net (loss) / income attributable to controlling shareholders and Adjusted (loss) / earnings per share attributable to controlling shareholders are not adjusted for all non-cash income and expense items that are reflected in our statement of cash flows. About EuroDry Ltd.EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry's operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters. The Company has a fleet of 11 vessels, including 3 Panamax drybulk carriers, 5 Ultramax drybulk carrier, 2 Kamsarmax drybulk carriers and 1 Supramax drybulk carrier. EuroDry’s 11 drybulk carriers have a total cargo capacity of 766,420 dwt. After the delivery of two Ultramax vessels in 2027 and the delivery of the two Kamsarmax vessels in 2028, the Company’s fleet will consist of 15 vessels with a total carrying capacity of 1,057,420 dwt. Forward Looking StatementThis press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Visit our website www.eurodry.gr

EuroDry (EDRY) came out with quarterly earnings of $2.44 per share, beating the Zacks Consensus Estimate of $1.44 per share. This compares to a loss of $1.1 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +69.44%. A quarter ago, it was expected that this company would post earnings of $0.24 per share when it actually produced earnings of $0.12, delivering a surprise of -50%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. EuroDry, which belongs to the Zacks Transportation - Shipping industry, posted revenues of $17.7 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.68%. This compares to year-ago revenues of $11.28 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. EuroDry shares have added about 108.6% since the beginning of the year versus the S&P 500's gain of 12.8%. While EuroDry has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for EuroDry was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.29 on $17.71 million in revenues for the coming quarter and $4.27 on $65.96 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Shipping is currently in the top 14% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Euroseas Ltd. (ESEA), another stock in the same industry, has yet to report results for the quarter ended June 2026. This company is expected to post quarterly earnings of $4.47 per share in its upcoming report, which represents a year-over-year change of +6.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Euroseas Ltd.'s revenues are expected to be $57.98 million, down 1.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EuroDry (EDRY) : Free Stock Analysis Report Euroseas Ltd. (ESEA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

ATHENS, Greece, July 31, 2026 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that it will release its financial results for the second quarter ended June 30, 2026, on August 6, 2026, before market opens in New York. On the same day, Thursday, August 6, 2026, at 9:30 a.m. Eastern Time, the Company's management will host a conference call and webcast to discuss the results. Conference Call details:Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 800-717-1738 (US Toll-Free Dial In) or +1 646-307-1865 (US and Standard International Dial In). Please quote “EuroDry” to the operator and/or conference ID 13762074. Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option. Audio Webcast-Slides Presentation:There will be a live and then archived webcast of the conference call and accompanying slides, available on the Company’s website. To listen to the archived audio file, visit our website http://www.eurodry.gr and click on Company Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. The slide presentation for the second quarter ended June 30, 2026, will also be available in PDF format 10 minutes prior to the conference call and webcast, accessible on the company's website (www.eurodry.gr) on the webcast page. Participants to the webcast can download the PDF presentation. About EuroDry Ltd.EuroDry Ltd. was formed on January 8, 2018, under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd into a separate listed public company. EuroDry was spun off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry's operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters. The Company has a fleet of 11 vessels, including 3 Panamax drybulk carriers, 5 Ultramax drybulk carriers, 2 Kamsarmax drybulk carriers and 1 Supramax drybulk carrier. EuroDry’s 12 drybulk carriers have a total cargo capacity of 766,420 dwt. After the delivery of two Ultramax vessels in 2027 and the delivery of the two Kamsarmax vessels in 2028, the Company’s fleet will consist of 15 vessels with a total carrying capacity of 1,050,420 dwt. Visit our website www.eurodry.gr

This article first appeared on GuruFocus. Release Date: May 20, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. EuroDry Ltd (NASDAQ:EDRY) reported a significant increase in total net revenues for Q1 2026, reaching $12.8 million, a 38.9% increase compared to the same period in 2025. The company achieved a net income attributable to controlling shareholders of $0.26 million, compared to a net loss in the same period of 2025. EuroDry Ltd (NASDAQ:EDRY) has successfully repurchased 348,000 shares in the open market for a total of $5.6 million under its share repurchase plan. The company is expanding its fleet with the addition of two new CancerMax vessels, complementing the two UltraMaxes already on order, which will modernize their fleet. The company maintained high utilization rates, with a commercial utilization rate of 100% and an operational utilization rate of 99.7% for Q1 2026. Despite the increase in revenues, the company's adjusted EBITDA for Q1 2026 was $4.9 million, which may not reflect a proportional increase compared to revenue growth. The company faces potential risks from global macroeconomic factors, including geopolitical tensions and trade uncertainties, which could impact dry bulk shipping demand. EuroDry Ltd (NASDAQ:EDRY) did not conduct any vessel sales in Q1 2026, missing potential gains from asset sales as seen in the previous year. The company's fleet has an average age of 13.8 years, which may require further modernization efforts to remain competitive. There is a significant discrepancy between the company's estimated net asset value and its current stock trading price, indicating potential undervaluation concerns. Warning! GuruFocus has detected 8 Warning Signs with EDRY. Is EDRY fairly valued? Test your thesis with our free DCF calculator. Q: Could you provide some additional detail regarding the financing strategy for the newly ordered CancerMax vessels and the expected impact on leverage levels? A: We don't intend to have pre-delivery financing. We will secure upon delivery financing of approximately 60%. There is ample supply of bank financing, and many banks are interested in providing this financing. We are confident that we will secure the modest level of financing required. Q: How does management evaluate the trade-off between continued share repurchases and funding fleet expansion opportunities in the current market environment? A: We are balancing both. We continue repurchasing stock due to its low price, but we also want to maintain liquidity in the stock. We are careful not to be too aggressive. We have decided to proceed with four new building vessels, which will help us in the future. Q: Are there additional opportunities for fleet renewal, vessel acquisitions, or selective asset sales if second-hand vessel prices remain elevated? A: Yes, our Panamax vessels, which are around 21 years old, are potential sale candidates. Currently, they are earning significant time equivalents of about $20,000 per day, which helps build cash reserves. We will decide later in Q3 if we will dispose of any. Q: Can you discuss your hedging strategy, especially regarding the equivalent of one dry bulker hedged in the second and third quarters? A: We hedged at $19,000 for Q2 and $17,000 for Q3, anticipating a weaker market. However, the market has been stronger, and FFA rates are higher. We evaluate the situation weekly and may take more cover through time chartering or further FFA. Q: Can you highlight your new build CapEx for 2026, 2027, and 2028? A: We can arrange to send this information separately as I don't have the numbers on hand. Q: There is a discrepancy between your estimated net asset value and where your stock is trading. What can you do to close that gap? A: The stock price increased substantially during the quarter. We have an active buyback program and have executed some purchases recently. However, we will not be extremely aggressive as we want to maintain liquidity in the stock. Q: Can you discuss your exposure to potential increases in bunker and insurance costs? A: Our ships are on time charter basis, so the charterer is responsible for bunker costs. As for insurance, increased war risk insurance in certain areas does not affect us as our vessels do not trade there. Q: Given global dynamics, do you think repositioning between charters will be a quarterly occurrence or was it specific to the first quarter? A: It was a special situation in the first quarter. On average, I expect repositioning to be more aligned with our usual advisories. For the complete transcript of the earnings call, please refer to the full earnings call transcript.