Thank you for standing by, ladies and gentlemen, and welcome to the Euro Holdings Conference call on the second quarter 2026 financial results. We have with us Mr. Aristides Pittas, Chairman and Chief Executive Officer, and Mr. Athias Aslidis, Chief Strategy Officer. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session. At which time, if you wish to ask a question, please press star 1 on your telephone keypad and wait for the message advising that your line is open. I must advise you that this conference is being recorded today. Please be reminded that the company announced their results with a press release that has been publicly distributed. Before passing the floor to Mr. Pittas, I would like to remind everyone that in today's presentation, your holdings 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 number two of the webcast presentation which has the full forward-looking statement and the same statement 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. Pittas. Please go ahead, sir.

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Athias Aslidis, our Chief Strategy Officer and President. The purpose of today's call is to discuss our financial results for the three- and six-month period ended June 30, 2026. Let's turn to slide three. We remind our listeners that Euroholdings was far north from Euroseas on March 17, 2025, and began trading on the Nasdaq under the symbol EHRD the following day. We started off with two debt-free container vessels, the MV Aegean Express and MV Joanna, along with $14 million in cash. Euro-C shareholders received one euro holding share for every 2.5 shares they held. Since our listing, performance has been strong. While our share price averaged below $7 during our first year of trading, it has traded consistently above $8 since mid-April 2026, frequently reaching approximately $8.5 towards this last quarter. We've returned capital to shareholders through all five quarters with dividends of 14 cents per share. And we've now declared our sixth consecutive dividend at the same level. On June 23, 2025, Marla Investments, affiliated with the Lattis family, acquired a 51% stake from the Pittas family, becoming our major shareholder. My family retains approximately 8% ownership. In August 2025, we announced our strategic decision to focus on the tanker sector. We successfully acquired our first medium-range product tanker, the Alas Avatar, in November 2025. We also agreed to acquire a sister vessel, the Alas Fighter, which is expected to be delivered by September 2026. Going forward, we will continue operating our two legacy feeder container ships throughout their useful commercial life, while we gradually transition to a banker-focused operating model. Please turn to slide 4 of the presentation, which presents our main financial highlights during the second quarter of 2026. Tasos will go through these in more detail in the second half of the presentation. For the second quarter of 2026, we reported total net revenues of $8.6 million and a net income of $4.29 million, or $1.52 earnings per basic and diluted share. Adjusted EBITDA for the quarter amounted to $5.04 million. Please refer to the press release for a reconciliation between net income and adjusted EBITDA. As mentioned earlier, our board declared a sixth consecutive quarterly dividend, which represents an annualized yield of approximately 6.7% based on recent trading levels. Please turn to slide 5 for an overview of our fleet. After the delivery of the Hellas fighter, our fleet will comprise of two containers and two product Our product tanker segment will be represented by the two MR tankers which are built in 2015, with a carrying capacity of about 100,000 deadweight tons and average age of approximately 11 years. Let's go to slide 6. Our two feeder containment ships remain fully employed. under profitable time charters generating stable cash flows that support our growth initiatives. Both vessels are employed through November 2026, but we are already discussing possibly rechartering them for an additional one to two years at an improved rate. Turning to our tanker fleet, Mototanker Alas Avatar is employed in the spot market, giving us the flexibility to capitalise on current market conditions. We are actively pursuing follow-on employment for the vessel and remain confident we can secure attractive charter rates. While the MOA tanker rates have moderated from early this year, they still remain above long-term averages. Similarly, we plan to employ the Hellas fighter on the spot market too, once we get delivery offers. Please turn to slide 7, which displays a 6-12 month time charter rate for 1,700 UGH feeder container ships over the past decade. As of August 7, the prevailing market rate stands at approximately $31,750 per day, well above the 10-year average of approximately $18,500 per day. and nearly three times the 10-year median of $11,720 per day. This underscores the exceptional strength of the current charter market. Our strategy to recharter these vessels rather than sell them or scrap them is well supported by these market dynamics. Despite the age of our container ships, We are confident that we will secure profitable employment at levels well above historical norms. I will now continue with an overview of the product tanker market. Please turn to slide 9, which illustrates MR tanker time start rates for both one- and three-year terms. Current rates stand at $29,000 per day, above the five-year average of about $26,000, and a five-year median of $27,500. For three-year starters, rates are at $23,500 per day, above the five-year average of $22,000 per day, and in line with a five-year median of $23,250 per day. Moving on to slide 10, we can see the development of new building and second-hand values. Second-hand asset values have historically, obviously, responded more directly to changes in trade market conditions as they depend primarily on sales in demand-supply conditions. On the other hand, new building prices depend significantly also and Labor Availability and Costs. With new building costs rising significantly over the last few years, second-hand prices are finding a higher level as well. As of August 7, MR new building prices stood at $52 million per day, compared to five-year second-hand values of $48,000 per day, . These valuations reflect the current strength of the market and provide confidence in our asset base. Let's now move into slide 11, which examines the MR tanker fleet data profile and order book. The global MR fleet exhibits a relatively old data profile. with approximately 47% of the fleet over 15 years of age, while only about 15% of the fleet is less than 5 years old. This aging fleet will require increasing replacement over the medium term as more vessels are approaching special surveys and facing higher maintenance and inefficiency These dynamics underscore the need for continued fleet renewal across the sector. Looking at the scheduled deliveries for 2026, these are projected to be lower than in 2025, indicating a moderating pace of fleet additions. At the same time, VMR orders will currently stand at approximately 16.5% of the existing well below historical-physical peaks. The combination of an aging fleet, measured new supply, and the historically lean order book creates a constructive medium-term supply backdrop for the MR product anchor market. Let's now turn to slide 12, which highlights the trade demand outlook for product anchors. People on trade in refined petroleum products has expanded significantly over the past decade, and so, growing from 19.4 million barrels per day in 2010 to around 23 million barrels per day in 2025. Works volumes are expected to soften moderately during 2026. They remain at historically elevated levels, More importantly, ton-mile demand has grown even faster, from approximately 2.6 trillion ton-miles in 2010 to nearly 3.7 trillion ton-miles in 2025. This reflects a structural shift towards longer voyage distances, which supports product anchor demand beyond simple volume growth. Global oil consumption has demonstrated remarkable resilience, growing from 79 million barrels per day in 2013 to more than 110 million barrels per day during the first half of 2026, despite the temporary disruption experienced during the pandemic. This sustained demand provides a stable foundation for refinery Finally, global refining capacity has broadly kept the pace, expanding from 92 million barrels per day in 2010 to around 103 million barrels per day today, and is projected to reach approximately 105 million barrels per day by 2028. Together, these fundamentals also provide support for constructive outlook for product tanker demand. Let's move now to slide 13 to summarize the current broad tanker outlook. MR tanker fundamentals remain constructive despite a weaker microeconomic backdrop. While global clean petroleum product rate is expected to contract by about 5.9% in 2026 by collections, freight demand is supported by structurally longer-haul craving patterns The Middle East supply shock has fundamentally reshaped trade flows. Reduced Middle East Gulf exports have increased reliance on Atlantic-based suppliers. They use Gulf Northwest Europe, creating longer voyages and stronger MR utilization. Russian sanctions have reinforced this dynamic further, redirecting demand to all the Atlantic suppliers. Diesel and gasoline account for over 70% of MR cargo volumes, and while refining activity has shortened, these headwinds have largely been offset by historical inefficiencies across global supply chains. Trade rates have normalized from their peaks, but remain well above long-term averages. Low global inventories represent a meaningful upside catalyst. The 2027 and 2028 global inventory rebuild cycle could generate transportation demand in excess of normal consumption levels. On the supply side, as discussed earlier, fleet fundamentals are healthier than the headline model suggests. While the MR order book is around 16.5% of the existing fleet, more than 27% of today's fleet will be over 20 years old by 2028. As a result, scheduled deliveries will largely replace aging tonnage. Collectively, we expect trade markets to remain structurally former but considerably more volatile. While the extraordinary freight errands experienced during the initial phase of the State of Kodomou disruption are unlikely to be repeated, geopolitical fragmentation, Atlantic-Basin growth, inventory rebuilding, and longer voyage distances should keep rates above historical norms. I will now pass the call over to Tasos, who will go over the financial highlights in more detail.

Thank you very much, Arreterios. Good morning from me as well, ladies and gentlemen. To review our financials, let's turn to slide 15 to look at the second quarter and first half of 2026 figures. Starting first with the second quarter of 2026, the company reported total net revenues of 8.6 million, representing an almost 200% increase over total net revenues of 2.9 million during the second quarter of last year. This was really the result of the increased average number of vessels we operated in the second quarter compared to last year, and of course the increased average charter, prime charter equivalent earnings our vessels earned in this period. We reported net income for the second quarter of 2026 of 4.3 million as compared to net income of 0.8 million for the second quarter of 2025. Interest and other financing costs for the second quarter of 2026 amounted to 0.3 million as a result of the loan drawn to finance the acquisition of motor vessel Elash Avatar in the fourth quarter of last year. Interest expense during the second quarter of last year was nearly. for the second quarter of 2026 was $5 million, compared to $0.8 million during the second quarter of 2025. Basic and diluted earnings per share for the second quarter of 2026 was $1.52, calculated on 2.8 million shares basically diluted, compared to $0.3 for the second quarter of 2025, calculated again on approximately 2.8 million basic diluted weighted average number of shares outstanding. The adjusted earnings per share for both quarters remained unchanged, as no adjustments were required. $1.52 per share for the second quarter of 2026, and $0.3 per share for the same quarter of last year. Let's now look at the corresponding six-month period ended June 30, 2026, and compare it to the same period of last year. So, for the first half of 2026, the company reported total net revenues of $16.2 million, representing a 101% increase over total net revenues of $5.8 million during the first quarter, the first half of 2025. and that again was the result of the higher average number of vessels we operated and the increased average time charter equivalent rates of vessels earned. We reported total net income for the period of 6.7 million as compared to net income of 11 million for the first half of 2025. Interest and other financing costs for the first half of 2026 amounted to 0.5 million as a result of the loan drawn into finance last Saturday. Interest for the first half of 2025 was also zero. Adjusted EBITDA for the first half of 2026 was 8.2 million, compared to 1.7 million for the first half of last year. Basic direct earnings per share for the first half of 2026 was $2.37, again calculated on about 2.8 million shares, compared to $4.28 for the first half of 2025, calculated again on about 2.8 million basic diluted weighted average number of shares outstanding. for the six-month period ended June 3, 2026, remain unchanged at $2.37 per share. But for the previous period, we had a capital gain on sale of a vessel, and if we adjust for that, the earnings per share for the first six months of 2035 would have been $0.6 per share based on the tables. Let's turn now to slide 16, where we review our fleet operating metrics for the second quarter of 2026. During the second quarter of 2026, we maintained a 100 percent utilization rate across the fleet, consistent with the corresponding period in 2025. On average, we owned and operated three vessels during the second quarter of this year. earning another time-charter equivalent rate of $28,039 per day, compared to two vessels we operated in the same period of last year, earning an average of $16,528 per day. Our total operating expenses were $8,042 per vessel per day during the second quarter of 2026, compared to Our break-even rate for the second quarter of this year was $10,440 per vessel per day as compared to $11,363 for the second quarter of 2025. In the second quarter of this year, we also paid dividends equivalent to $1,444 per vessel per day versus declared dividends of $2,167 per vessel per day for the second quarter of 2025. Really, the difference between this is that in 2025 we had two vessels, and this year we have three. Let's look at the first half figures, starting in 2026, where, again, we only operated three vessels and earned an average time chart recovery rate of 28,240 Our total operating expenses for the first half of this year were $8,605 per day per vessel, compared to $9,858 per vessel per day in the first half of 2025. Our break-even rate for the first half of 2026 was about $12,600 per day, compared to $10,762 per day in the first half of 2025. Again, we pay dividends here that translate to $1,452 per version per day in the first half of 2026 versus $1,083 per version per day declared in the first half of 2025. Let's now turn to slide 17 and let's review our cash flow breakeven profile for the next 12 months across each of our operating segments broken down by their key components. Starting with our container ship fleet, the cash breakeven stands at approximately $8,300 per vessel per day, with vessels earning 16,700 and 9,500 per day, respectively, the two container ships. Another that is about $13,000 per day. This is well above the return threshold, as we mentioned at the bottom of the table, of $9,200 per day, which is really the break-even rate grossed up for commissions and some assumed off-hire days. Product Tanker, the one vessel, provides an EBITDA break-even rate of $9,700 per day. If we raise interest and schedule debt repayments, the total cost break-even becomes approximately $16,600 per day. Grossing up this figure for the charter commissions and assumed off-hire days, we get an $18,450 per day rate required generate positive cash flow for the vessels. Overall, these figures demonstrate the flexibility of the Euroholdings business model as we pivot towards the product-tanker market, with the container ship vessels generating a meaningful cash flow cushion above our break-even levels, and the tanker vessels and shunt vessels, as I previously mentioned, providing the upside to our results when they are exported to the product market. Let's now move to slide 18 to conclude our brief review of our financial presentation and review some highlights on our balances as of June 30, 2026. As of that day, total assets stood at $47.9 million, comprising of $13.7 million of cash and cash equivalents, and a book value of our vessels of $34.2 million. and very few in asset side. On the balance side, we take bank debt, inclusive of deferred charges, of totaling 19.2 million, or about 40 percent of the total book value of our assets. Various other liabilities account for about 5.6 percent of the book value of our assets, resulting in book shareholder's equity in excess of 26 million. However, here it is important to highlight that the market value of our fleet is substantially higher than its book value. Based on our own estimates, as of June 30, the charter-adjusted market value for our vessels is estimated at around $54-55 million, implying a net asset value of around $46-47 million, or about 16.65 dollars per share. Significantly above even the elevated recent trading dates of our stock, thus providing appreciation opportunities for our shareholders and investors. And with that I'd like to pass the floor back to Aristides to run the Q&A session of our presentation.

Thank you Tasso. I'm opening up the floor for any questions that you may have.

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Thank you. Our first question comes from the line of Poe Fratt with Alliance Global Partners. Please proceed with your question.

Hello. I'd like to focus on the fleet employment, if you will. First of all, could you highlight the factors that pushed The market has been extremely volatile due to the developments in Hormuzo. You've seen

Charter rates jumping to close to $100,000 and then dropping to $10,000, depending on your position and the timing. And this is the situation which still prevails. I mean, the extremely high levels, we can't see them anymore. There is this huge volatility which makes prediction extremely difficult. I would say, you know, if you try to normalize your prediction, a number around 25,000, 30,000 would be what I would currently use in my projections. Okay.

And then I see the Aegean Express, you know, January had a dry dock. Was that a special survey or was that an intermediate survey? And then could you highlight the next intermediate or special survey on the Joanna?

Sure.

The Aegean did not have a dialogue. It had some preventive repairs before it commenced the charter extension. So the next dialogue of it is in two years, I think.

Sorry, Tassos, was that on the Aegean Express or the Joanna? That was on the Aegean Express.

The Aegean Express is in about two years, and the Joanna is two and a half years. Okay.

And then, you know, as you look... Sorry. As you look at, you know, both... Sorry. Sorry. Go ahead, go ahead. I'm sorry. And then as you look to pivot and build up the tanker fleet, can you just talk about the prospects for the Joanna and the Aegean Express as far as either a sale or potentially a scrapping situation? When might the timing of those events happen?

On the container sector, the initial idea was indeed that the market would have corrected and that the vessels would be sold or scrapped. But the market continues to be strong and both ships will be resorted for a period of minimum one year. We might be able to do two years or more. We will see, but the market is still strong and we expect within the next month or two months we will have fixed them for a further period of minimum one year each.

Okay. And then if you can talk about the, you know, prospects for adding MRs or tankers beyond the fighter, you know, which is going to join the fleet I guess in September. Can you just talk about sort of the tone of the market, looking at acquisition possibilities in the tanker market?

Well, mostly we should talk about the prospects of, you know, holdings being able to grow. This is what is the thing that we are always thinking about and is challenging us. We have the expertise through the Latsis family to run these vessels. We are committed to building the product tanker fleet. So we are looking at various ways that we can effect that. Obviously, our own equity currently is not sufficient to grow maybe more than one additional ship. So we need to find ways of going further, and we will.

Great. That's helpful. Thank you so much. Thanks, Paul.

As a reminder, if you would like to ask a question, press star 1 on your telephone keypad. Our next question comes from the line of Alex Darok, a private investor. Please proceed with your question.

Thank you and thanks for the call. My question follows on the last question you mentioned about growth. There's obviously a big discount to the NAV that you've just put forward and that discount is growing. What ways do you think might help to close it so that you can grow and how do you all think about We would also be worried at these low levels, Alex.

So we are shareholders ourselves. I mean, my family is a shareholder as well. So, we want and we need to find the creative ways of growing. It's not easy for a small company, but I think it will come. And I do believe that our share price should continue rising. We will continue with the dividends, so all our shareholders could feel, you know, We have no further questions at this time. Mr. Pittas, I'd like to turn the floor back over to you for closing comments. Thank you all for listening to our quarterly results. We will be back to you in three months' time. Thank you, everybody, for attending.

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.