Fourth Quarter 2025 Financial Highlights:
- Total net revenues of
$4.5 million . Net income of$1.3 million or$0.45 earnings per share basic and diluted. Adjusted net income1 for the period remained unchanged at$1.3 million or$0.45 per share basic and diluted. - Adjusted EBITDA1 was
$1.6 million . - An average of 2.5 vessels were owned and operated during the fourth quarter of 2025 earning an average time charter equivalent rate of
$18,778 per day. - Declared a quarterly dividend of
$0.14 per share for the fourth quarter of 2025, as in previous quarters, which is payable on or aboutMarch 17, 2026 , to shareholders of record onMarch 10, 2026 .
Twelve Months 2025 Financial Highlights:
- Total net revenues of
$13.2 million . Net income of$14.7 million or$5.25 earnings per share basic and diluted. Adjusted net income1 for the period was$4.5 million or$1.60 per share basic and diluted. - Adjusted EBITDA1 was
$4.7 million . - An average of 2.2 vessels were owned and operated during the twelve months of 2025 earning an average time charter equivalent rate of
$16,986 per day.
_________________
1Adjusted EBITDA, Adjusted net (loss) / income and Adjusted (loss) / income per share are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for Euroholdings 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.
Recent developments:
- On
November 18, 2025 , M/T Hellas Avatar, a medium-range (MR) product tanker vessel with capacity of 49,997 dwt, built in 2015 inSouth Korea , was delivered to the Company. The vessel was purchased for a price of$31.83 million from an affiliated party. An independent committee of disinterested directors was formed to evaluate and approve the transaction. A loan of$20.0 million was drawn from Piraeus Bank S.A. to partly finance the acquisition of the vessel.
“In line with our strategic repositioning, in
“Furthermore, we are pleased to declare our fourth quarterly dividend, representing an annualized yield of approximately 8%, supported by the strong earnings generated from our existing fleet. We remain firmly committed to positioning Euroholdings as a leading publicly listed owner and operator in the product tankers sector which we believe offers compelling structural fundamentals and growing relevance across both the global energy landscape and the capital markets. Through disciplined expansion and operational excellence, we aim to strengthen our competitive position, broaden our market presence, and establish a scalable platform for sustained expansion.”
Athina Atalioti, Chief Financial Officer of Euroholdings, commented: “Comparing our results for the fourth quarter of 2025 with the same period of 2024, our net revenues increased by about
“Total daily vessel operating expenses, including management fees, general and administrative expenses but excluding drydocking costs, averaged
“Adjusted EBITDA1 during the fourth quarter of 2025 was
Fourth Quarter 2025 Results:
For the fourth quarter of 2025, the Company reported total net revenues of
For the fourth quarter of 2025, voyage expenses amounted to
Vessel operating expenses decreased to
During the fourth quarter of 2025, one vessel commenced her special survey with dry-dock to complete it during the first quarter of 2026, for a total cost of
Vessel depreciation for the fourth quarter of 2025 increased to
Related party management fees for the period were
General and administrative expenses remained unchanged at
Interest and finance cost increased to
The Company reported net income for the fourth quarter of 2025 of
Adjusted EBITDA1 for the fourth quarter of 2025 was
Basic and diluted earnings per share for the fourth quarter of 2025 was
The adjusted earnings for the quarter ended
Twelve Months 2025 Results:
For the twelve months of 2025, the Company reported total net revenues of
In 2025, voyage expenses were
Vessel operating expenses were
Related party management fees for 2025 decreased to
General and administrative expenses for 2025 were
During 2025 one of our vessels completed its intermediate survey and another one entered dry-dock in order to pass its special survey that was completed in 2026, for a total cost of
Vessel depreciation for 2024 was
On
Interest and other financing costs for 2025 were
Interest income increased to
The Company reported net income for the period of
Adjusted EBITDA1 for 2025 was
Basic and diluted earnings per share for 2025 was
Excluding the effect on the earnings of the gain on sale of vessel, the adjusted earnings for the year ended
Fleet Profile:
| Type | Dwt | TEU | Year Built | Employment (*) | TCE Rate ($/day) | ||
| JOANNA (**) | Feeder | 22,301 | 1,732 | 1999 | TC until Mar-26 then until Sep-26, then until Nov-26 | ||
| AEGEAN EXPRESS (*) | Feeder | 18,581 | 1,439 | 1997 | TC until Nov-26 | ||
| Total Container Carriers | 2 | 40,882 | 3,171 | ||||
| HELLAS AVATAR | Product Tanker | 49,997 | 2015 | Spot | |||
| Total Tankers | 1 | 49,997 | |||||
| Grand Total | 3 | 90,879 | |||||
Note:
(*) TC denotes time charter. All dates listed are the earliest redelivery dates under each TC.
(**) Period to
Summary Fleet Data:
| 3 months, ended December 31, 2024 | 3 months, ended December 31, 2025 | 12 months ended December 31, 2024 | 12 months ended December 31, 2025 | |||||
| FLEET DATA | ||||||||
| Average number of vessels (1) | 3.0 | 2.5 | 3.0 | 2.2 | ||||
| Calendar days for fleet (2) | 276.0 | 227.4 | 1,098.0 | 787.8 | ||||
| Scheduled off-hire days incl. laid-up (3) | 47.7 | 11.7 | 58.7 | 19.0 | ||||
| Available days for fleet (4) = (2) - (3) | 228.3 | 215.7 | 1,039.3 | 768.8 | ||||
| Commercial off-hire days (5) | - | - | 3.3 | - | ||||
| Operational off-hire days (6) | 0.2 | 3.6 | 4.0 | 3.6 | ||||
| Voyage days for fleet (7) = (4) - (5) - (6) | 228.1 | 212.1 | 1,032.0 | 765.2 | ||||
| Fleet utilization (8) = (7) / (4) | 99.9 | % | 98.3 | % | 99.3 | % | 99.5 | % |
| Fleet utilization, commercial (9) = ((4) - (5)) / (4) | 100.0 | % | 100.0 | % | 99.9 | % | 100.0 | % |
| Fleet utilization, operational (10) = ((4) - (6)) / (4) | 99.9 | % | 98.3 | % | 99.6 | % | 99.5 | % |
| AVERAGE DAILY RESULTS | ||||||||
| Time charter equivalent rate (11) | 15,982 | 18,778 | 15,025 | 16,986 | ||||
| Vessel operating expenses excl. drydocking expenses (12) | 7,363 | 7,378 | 6,670 | 7,122 | ||||
| General and administrative expenses (13) | 725 | 994 | 744 | 1,850 | ||||
| Total vessel operating expenses (14) | 8,088 | 8,372 | 7,414 | 8,972 | ||||
| Drydocking expenses (15) | 7,888 | 1,149 | 2,383 | 797 | ||||
(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, vessels committed for sale or vessels that suffered unrepaired damages, are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up, or vessels that were committed for sale or suffered unrepaired damages.
(4) Available days. We define available days as the total number of Calendar days in a period net of scheduled off-hire days as defined above. 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. 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 number 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 measure 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, 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 measure 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: Tomorrow,
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “EuroHoldings” to the operator and/or conference ID 13758898. Click here for additional participant International Toll-Free access numbers.
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.euroholdings.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 fourth quarter ended
Unaudited Consolidated Condensed Statements of Operations (All amounts expressed in | ||||||||
| Three Months Ended 2024 | Three Months Ended 2025 | Twelve months Ended 2024 | Twelve months Ended 2025 | |||||
| (unaudited) | ||||||||
| Revenues | ||||||||
| Time charter revenue | 3,764,234 | 2,812,870 | 16,043,730 | 11,919,860 | ||||
| Voyage charter revenue | - | 1,892,232 | 473,055 | 1,892,232 | ||||
| Commissions | (179,617 | ) | (226,682 | ) | (876,154 | ) | (583,741 | ) |
| Net revenues | 3,584,617 | 4,478,420 | 15,640,631 | 13,228,351 | ||||
| Operating expenses / (income) | ||||||||
| Voyage expenses | 118,824 | 722,291 | 1,010,520 | 814,615 | ||||
| Vessel operating expenses | 1,788,920 | 1,412,008 | 6,351,471 | 4,730,334 | ||||
| Drydocking expenses | 2,177,237 | 261,348 | 2,616,834 | 628,216 | ||||
| Vessel depreciation | 10,266 | 249,473 | 43,070 | 302,962 | ||||
| Related party management fees | 243,402 | 265,849 | 971,346 | 880,359 | ||||
| General and administrative expenses | 200,095 | 226,081 | 817,098 | 1,457,535 | ||||
| Gain on sale of vessel | - | - | - | (10,230,210 | ) | |||
| Total Operating expenses / (income), net | 4,538,744 | 3,137,050 | 11,810,339 | (1,416,189 | ) | |||
| Operating (loss) / income | (954,127 | ) | 1,341,370 | 3,830,292 | 14,644,540 | |||
| Other income / (expenses) | ||||||||
| Interest and other financing costs | - | (137,787 | ) | (65,989 | ) | (137,787 | ) | |
| Foreign exchange gain/ (loss) | 6,200 | (2,391 | ) | 8,940 | (23,665 | ) | ||
| Interest income | - | 68,859 | - | 226,779 | ||||
| Other income / (expenses), net | 6,200 | (71,319 | ) | (57,049 | ) | 65,327 | ||
| Net (loss) / income | (947,927 | ) | 1,270,051 | 3,773,243 | 14,709,867 | |||
| (Loss) / earnings per share, basic and diluted | (0.34 | ) | 0.45 | 1.36 | 5.25 | |||
| Weighted average number of shares, basic and diluted | 2,780,855 | 2,816,615 | 2,780,855 | 2,799,666 | ||||
Unaudited Consolidated Condensed Balance Sheets (All amounts expressed in | ||
2024 | 2025 | |
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | 129,541 | 3,343,183 |
| Trade accounts receivable | 443,229 | 1,831,129 |
| Other receivables | 65,259 | 194,160 |
| Inventories | 647,879 | 611,039 |
| Prepaid expenses | 107,799 | 216,500 |
| Due from related company | 980,952 | 1,059,884 |
| Total current assets | 2,374,659 | 7,255,895 |
| Fixed assets: | ||
| Vessels, net | 6,238,768 | 35,168,249 |
| Long-term assets: | ||
| Restricted cash | - | 300,000 |
| Total assets | 8,613,427 | 42,724,144 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Long-term bank loan, current portion | - | 1,516,677 |
| Trade accounts payable | 1,510,281 | 802,229 |
| Accrued expenses | 710,587 | 567,356 |
| Deferred revenue | 153,791 | 1,440,012 |
| Total current liabilities | 2,374,659 | 4,326,274 |
| Long-term bank loan, net of current portion | - | 18,346,134 |
| Total long-term liabilities | - | 18,346,134 |
| Total liabilities | 2,374,659 | 22,672,408 |
| Shareholders' equity: | ||
| Share capital ( | - | 28,166 |
| Additional paid-in capital | - | 6,496,682 |
| Net former parent company investment | 6,238,768 | - |
| Retained earnings | - | 13,526,888 |
| Total shareholders’ equity | 6,238,768 | 20,051,736 |
| Total liabilities and shareholders’ equity | 8,613,427 | 42,724,144 |
Unaudited Consolidated Condensed Statements of Cash Flows (All amounts expressed in | ||||
| Twelve Months Ended | Twelve Months Ended | |||
| 2024 | 2025 | |||
| Cash flows from operating activities: | ||||
| Net income | 3,773,243 | 14,709,867 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Vessel depreciation | 43,070 | 302,962 | ||
| Share based compensation cost | - | 286,080 | ||
| Gain on sale of vessel | - | (10,230,210 | ) | |
| Amortization of deferred charges | 33,740 | 2,811 | ||
| Changes in operating assets and liabilities | 1,111,343 | (1,129,119 | ) | |
| Net cash provided by operating activities | 4,961,396 | 3,942,391 | ||
| Cash flows from investing activities: | ||||
| Cash paid for vessel acquisitions and vessel improvements | (208,134 | ) | (31,981,257 | ) |
| Net proceeds from sale of vessel | - | 12,875,487 | ||
| Net cash used in investing activities | (208,134 | ) | (19,105,770 | ) |
| Cash flows from financing activities: | ||||
| Proceeds from long- term debt | - | 20,000,000 | ||
| Repayment of long-term bank loan | (1,925,000 | ) | - | |
| Loan arrangement fees paid | - | (140,000 | ) | |
| Net transfers to former parent company | (3,192,108 | ) | - | |
| Dividends paid | - | (1,182,979 | ) | |
| Net cash (used in) / provided by financing activities | (5,117,108 | ) | 18,677,021 | |
| Net (decrease) / increase in cash, cash equivalents and restricted cash | (363,846 | ) | 3,513,642 | |
| Cash, cash equivalents and restricted cash at beginning of year | 493,387 | 129,541 | ||
| Cash, cash equivalents and restricted cash at end of year | 129,541 | 3,643,183 | ||
Reconciliation of Adjusted EBITDA to Net (loss) / income (All amounts expressed in | ||||||
| Three Months Ended 2024 | Three Months Ended 2025 | Twelve Months Ended 2024 | Twelve Months Ended 2025 | |||
| Net (loss) / income | (947,927 | ) | 1,270,051 | 3,773,243 | 14,709,867 | |
| Interest and other financing costs / (interest income) - net | - | 68,928 | 65,989 | (88,992 | ) | |
| Vessel depreciation | 10,266 | 249,473 | 43,070 | 302,962 | ||
| Gain on sale of vessel | - | - | - | (10,230,210 | ) | |
| Adjusted EBITDA1 | (937,661 | ) | 1,588,452 | 3,882,302 | 4,693,627 | |
Adjusted EBITDA1 Reconciliation:
Reconciliation of Adjusted net (loss) / income1 to Net (loss) / income (All amounts expressed in | ||||||
| Three Months Ended 2024 | Three Months Ended 2025 | Twelve Months Ended 2024 | Twelve Months Ended 2025 | |||
| Net (loss) / income | (947,927 | ) | 1,270,051 | 3,773,243 | 14,709,867 | |
| Gain on sale of vessel | - | - | - | (10,230,210 | ) | |
| Adjusted net (loss) / income | (947,927 | ) | 1,270,051 | 3,773,243 | 4,479,657 | |
| Adjusted (loss) / earnings per share, basic and diluted | (0.34 | ) | 0.45 | 1.36 | 1.60 | |
| Weighted average number of shares, basic and diluted | 2,780,855 | 2,816,615 | 2,780,855 | 2,799,666 | ||
Adjusted net (loss) / income1 and Adjusted (loss) / earnings per share Reconciliation:
Adjusted net (loss) / income and Adjusted (loss) / earnings per share do not represent and should not be considered as an alternative to net (loss) / income or earnings per share, as determined by GAAP, The Company's definition of Adjusted net (loss) / income and Adjusted (loss) / earnings per share may not be the same as that used by other companies in the shipping or other industries. Adjusted net (loss) / income and Adjusted (loss) / earnings per share are not adjusted for all non-cash income and expense items that are reflected in our statement of cash flows.
About
Euroholdings operates in the container shipping market. Euroholdings' operations are managed by
The Company has a fleet of 2 Feeder container carriers with a total carrying capacity of 3,171 TEU and a medium range (MR) product tanker with capacity of 49,997 dwt.
Forward Looking Statement
This press release contains forward-looking statements, including as defined under
Visit our website www.Euroholdings.gr
| Company Contact | Investor Relations / Financial Media |
Chief Strategy Officer & Treasurer Watchung, NJ07069 Tel. (908) 301-9091 E-mail: aha@Euroholdings.gr | Capital Tel. (212) 661-7566 E-mail: euroholdings@capitallink.com |
