Costamare Bulkers Holdings Limited Reports Results for the Third Quarter and Nine-Month Period Ended September 30, 2026

Refinancing commitments would extend debt maturities and increase the number of vessels free of loan security from 3 to 11.

Rhea-AI Summary

Costamare Bulkers (NYSE: CMDB) reported third-quarter 2026 net income of $16.6 million, improving from the same period last year. Earnings per share rose to $0.68 from $0.30, while voyage revenue fell to $131.5 million from $222.9 million. Nine-month net income was $31.7 million, or $1.31 per share.

At September 30, liquidity totaled $358.2 million, including undrawn financing, and cash including margin deposits exceeded debt by $141.7 million. Signed refinancing commitments total $133 million, subject to final documentation. The company expects lower financing costs and maturities extending to Q4 2031–Q1 2032. The Q3 sale of Bermondi generated an approximately $2.5 million gain. Management estimates fixed-rate charter coverage of approximately 80% of owned-fleet available days in Q4 2026 and 52% in Q1 2027. Q3 owned-fleet utilization declined to 94.8% from 98.4%, and daily vessel operating expenses increased to $6,161 from $5,899.

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0 major · 6 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 2026 net income rose to $16.564 million from $7.354 million; EPS increased to $0.68 from $0.30.
• Moderate pointQ3 2026 adjusted net income rose to $12.434 million from $473,000; adjusted EPS increased to $0.51 from $0.02.
• Moderate pointSeptember 30 liquidity totaled $358.2 million, including $84.7 million of undrawn financing.
• Moderate pointCash including margin deposits exceeded debt by $141.7 million at September 30, 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Signed $133 million refinancing commitments are expected to lower financing costs and extend maturities to Q4 2031–Q1 2032. 28% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Management estimates fixed-rate owned-fleet coverage of approximately 80% in Q4 2026 and 52% in Q1 2027.

6 minor points

• Minor pointNine-month 2026 net income reached $31.667 million, or $1.31 per share.
• Minor pointNine-month 2026 adjusted net income was $34.646 million, or $1.43 per share.
• Minor point. Forward-looking: it has not happened yet and may not happen.Refinancing is expected to increase vessels free of loan security from 3 to 11.
• Minor pointBermondi's completed Q3 sale generated an approximately $2.5 million gain.
• Minor point12 owned vessels have index-linked charters generally offering conversion to fixed rates based on prevailing forward freight prices.
• Minor pointOperating-platform expense reductions contributed to the Q3 2026 net income improvement versus Q3 2025.

Negative

• Moderate pointQ3 2026 voyage revenue fell to $131.507 million from $222.874 million, partly reflecting operating-platform downsizing.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Refinancing commitments remain subject to final documentation and would secure loans with 18 existing vessels.
• Moderate pointQ3 owned-fleet utilization declined to 94.8% from 98.4% in Q3 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.Access to $84.7 million of undrawn financing remains subject to applicable facility terms.
• Minor pointQ3 daily owned-vessel operating expenses increased to $6,161 from $5,899 in Q3 2025.
• Minor pointOperating-platform realignment expenses totaled $5.782 million in 9M 2026, including $158,000 in Q3.

News Explained

Q3 adjusted net income was $12.4 million, versus GAAP net income of $16.6 million; the non-GAAP measure deducts unrealized derivative gains and adjusts for other listed items, so it is not a substitute for GAAP results.

Key Figures

Q3 net income: $16.564 million Q3 earnings per share: $0.68 per share Q3 adjusted net income: $12.434 million +5 more

Q3 net income

$16.564 million

Q3 2026

Q3 earnings per share

$0.68 per share

Q3 2026

Q3 adjusted net income

$12.434 million

Q3 2026; non-GAAP measure

Total voyage revenue

$131.507 million

Q3 2026, versus $222.874 million in Q3 2025

Nine-month net income

$31.667 million

9M 2026

Cash exceeding debt

$141.7 million

As of September 30, 2026

New loan facility commitments

$133 million

Signed commitments; subject to final documentation

New debt maturities

Q4 2031 to Q1 2032

Expected timing under the new loan arrangements

Previous Earnings Reports

2 past events · Latest: Aug 03

Same Type 2 events

1. Aug 03

   Q2 earnings

   24h Move

   +3.0%

   Reported Q2 net income of $5.2 million and adjusted net income of $9.8 million.

2. May 13

   Q1 earnings

   24h Move

   +1.1%

   Reported Q1 net income of $9.9 million and adjusted net income of $12.4 million.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap, gaap, mark-to-market, derivative instruments, +1 more

5 terms

non-gaap financial

"Adjusted Net Income and the respective per share figures are non-GAAP measures"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

gaap financial

"financial results presented in accordance with U.S. generally accepted accounting principles"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

mark-to-market financial

"Unrealized gain on derivative instruments (mark-to-market)"

"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.

derivative instruments financial

"Unrealized gain on derivative instruments (mark-to-market)"

Contracts whose value is tied to the price or performance of something else—like a stock, bond, commodity, currency or market index. Think of them as a bet or an insurance policy that lets investors gain exposure, hedge risk, or speculate without owning the asset itself; their use can amplify gains or losses and affect a portfolio’s risk profile, liquidity and potential returns.

time-charter agreements technical

"uniform comparison of voyage revenues generated under both voyage and time-charter agreements"

A time‑charter agreement is a contract in which the owner of a ship leases the vessel to a charterer for a specified period so the charterer can direct the vessel’s commercial use (which cargoes to carry and which voyages to run) while the owner retains responsibility for the ship’s crew, technical management and registration. The charterer pays periodic hire (rental) for the agreed time and typically bears voyage costs such as fuel (bunkers), port charges and canal dues, while the owner pays crew wages, routine maintenance and insurance; specific cost and liability allocations, off‑hire and redelivery conditions are set by the contract and can vary by deal.

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MONACO, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Costamare Bulkers Holdings Limited (“Costamare Bulkers” or the “Company”) (NYSE: CMDB) today reported unaudited financial results for the third quarter (“Q3 2026”) and nine-month period (“9M 2026”) ended September 30, 2026.

FINANCIAL AND OPERATING HIGHLIGHTS

Q3 2026 EARNINGS $16.6 million Net Income | $0.68 per share $12.4 million Adjusted Net Income1 | $0.51 per share		9M 2026 EARNINGS $31.7 million Net Income | $1.31 per share $34.6 million Adjusted Net Income1 | $1.43 per share
BALANCE SHEET STRENGTH2 $141.7 million Cash3 exceeding Debt4 $358.2 million Total Liquidity5 No significant loan maturities until Q4 2031 (post refinancing)6		FLEET PROFILE7 29 owned vessels 2.6 million DWT 32 chartered-in vessels

OPERATIONAL AND STRATEGIC UPDATES

• Owned-fleet employment and optionality⁷: 29 owned vessels, 24 of which are on period charters. Based on the current employment of the owned fleet, management estimates that approximately 80% and 52% of the available days for Q4 2026 and Q1 2027, respectively, will be covered by vessels on fixed rate charters (including those that were subsequently converted from an index linked rate). 12 vessels of our fleet are employed under index-linked charter agreements which generally provide the option to convert to a fixed rate based on the prevailing FFA curve. 5 vessels of our fleet are employed under short-term time charter trips.

• Operating platform: The dry bulk operating platform (“CBI”) comprises⁷ 32 third-party chartered-in dry bulk vessels, primarily Kamsarmax/Panamax, the majority of which are employed under fixed-rate charter-out agreements. The platform focuses on shorter-duration employment, retaining flexibility to adjust chartering strategy to the changing market conditions.

• Fleet renewal – sale of older tonnage: During Q3 2026, the Company completed the sale of the 2009-built Supramax Bermondi, recognizing a gain of approximately $2.5 million and releasing capital from older tonnage while preserving financial flexibility for future opportunities.

• Debt refinancing: The Company has signed commitments for new loan facilities⁸ totaling $133 million, secured by 18 vessels in its existing fleet, which will refinance all of its existing loan obligations. The new arrangements are expected to reduce financing costs through lower margins and extend debt maturities from Q4 2029 (at the earliest) to between Q4 2031 and Q1 2032. Upon completion of the refinancings, the Company’s unencumbered fleet is expected to increase from 3 to 11 vessels.

___________________
¹ Adjusted Net Income and the respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare Bulkers financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to “Non-GAAP Measures” and Exhibit I.
² As of September 30, 2026.
³ Cash denotes Cash and cash equivalents, including restricted cash, of $264.5 million plus margin deposits of $8.9 million relating mainly to FFAs, bunker swaps and EUA futures.
⁴ Debt denotes the carrying amount of long-term debt, including current and non-current portions, net of deferred financing costs.
⁵ Liquidity includes Cash (as defined in Footnote 3) and $84.7 million of undrawn funds available under one of our facilities as of September 30, 2026. Access to undrawn funds is subject to the applicable facility terms.
⁶ Please refer to Debt refinancing update under “Operational and Strategic Updates” section.
⁷ As of November 10, 2026.
⁸ Subject to final documentation.

MANAGEMENT COMMENTARY

Mr. Gregory Zikos, Chief Executive Officer of Costamare Bulkers Holdings Limited, commented:

“During the third quarter of the year Costamare Bulkers generated net income of about $17 million.

Following the transfer of the Company’s entire legacy trading portfolio to Cargill, we are now operating a Kamsarmax-focused trading platform, currently employing 32 vessels primarily chartered-in on short-term fixed rate charters, some of which include charterers’ extension options.

As part of our fleet renewal program, we recently completed the sale of the 2009-built Supramax Bermondi, recognizing a capital gain of about $2.5 million.

Regarding our balance sheet, we have signed commitments for new loan facilities totaling $133 million, essentially refinancing all our existing debt. The new arrangements are expected to reduce financing costs and extend our debt maturities from 2029 out to 2031-2032, while increasing our unencumbered fleet from 3 to 11 vessels.

With total cash exceeding debt by approximately $142 million, the Company is net cash positive, positioning us favorably to grow countercyclically in a low asset value environment.

The dry bulk market was characterized by heightened volatility during the quarter. In the Capesize segment, an active typhoon season tightened tonnage supply through vessel delays and congestion in China, and the upward market extended into September, supported by strong Guinean bauxite exports despite the rainy season.

The Panamax market remained relatively strong throughout the quarter, although rates briefly corrected in the second half of July as typhoon-related congestion in China eased, the corresponding Capesize market correction reduced support for the Panamax market, and Black Sea disruption weighed on grain flows.

Finally, the Supramax index continued its gradual upward trend, supported by vessel inefficiencies and the strong larger-segment market, notwithstanding a brief correction from late July to mid-August due to a corresponding Capesize correction and escalating Black Sea disruptions.”

FINANCIAL SUMMARY⁹ 

Expressed in thousands of U.S. dollars, except per-share data	Q3 2026		Q3 2025		9M 2026
Total voyage revenue*	$131,507		$222,874		$354,625
Net Income*	$16,564		$7,354		$31,667
Weighted average number of shares		24,302,148		24,241,640		24,242,311
Earnings per share	$0.68		$0.30		$1.31
Adjusted Net Income10	$12,434		$473		$34,646
Adjusted Earnings per Share10	$0.51		$0.02		$1.43

* The decrease in Total voyage revenue and the improvement in Net Income in Q3 2026 vs Q3 2025 reflect, among other factors, the significant downsizing of the operating platform fleet following the agreement of the previously announced transaction (signed in the end of Q3 2025) with Cargill International S.A. (“Cargill”), together with actions taken to reduce the operating platform’s operating expenses.

___________________
⁹ Costamare Bulkers became an independent publicly traded company upon its spin-off from Costamare Inc. on May 6, 2025, prior to which it did not operate as a separate legal entity. Accordingly, the results for the nine-month period ended September 30, 2026 are not comparable to the corresponding period of 2025, and respective comparative figures are not presented.
¹⁰ Adjusted Net Income and Adjusted Earnings per Share are non-GAAP measures. Refer to “Non-GAAP Measures” and Exhibit I for the definitions and reconciliations.

NON-GAAP MEASURES

The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they exclude certain items that affect comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance.

The non-GAAP measures presented herein include Adjusted Net Income, Adjusted Earnings per Share, TCE Revenue, TCE Revenue allocated to the owned dry bulk fleet and Owned-Fleet TCE per Day. These measures should be viewed in addition to, and not as alternatives for, Total voyage revenue, Net Income / (Loss), Earnings / (loss) per share or other measures determined in accordance with GAAP, and may not be comparable with similarly titled measures used by other companies. Supplemental financial data and corresponding reconciliations to the most directly comparable GAAP measures for the relevant period are included in Exhibits I and II.

EXHIBIT I - ADJUSTED NET INCOME AND EPS RECONCILIATIONS

Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share

Expressed in thousands of U.S. dollars, except share and per-share data	Q3 2026			Q3 2025			9M 2026
Net Income	$16,564			$7,354			$31,667
Accrued charter revenue		10			1			10
Deferred charter-in expense		(539)			91			(1,392)
Amortization of time-charter assumed		(383)			-			(691)
General and administrative expenses - non-cash component		1,320			869			3,319
Non-recurring, non-cash write-off of loan deferred financing costs		34			157			200
Non-recurring expenses for realignment of operating platform		158			-			5,782
Unrealized gain on derivative instruments (mark-to-market)11		(4,730)			(7,999)			(4,249)
Adjusted Net Income	$12,434			$473			$34,646
Weighted average number of shares		24,302,148			24,241,640			24,242,311
Adjusted Earnings per Share*	$0.51			$0.02			$1.43

* Per-share amounts are calculated using the weighted average number of shares shown above. Amounts may not recalculate precisely due to rounding.

Adjusted Net Income and Adjusted Earnings per Share adjust Net Income for non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, deferred charter-in expense, amortization of time-charter assumed, the non-cash component of general and administrative expenses, non-recurring, non-cash write-offs of loan deferred financing costs, non-recurring operating-platform realignment expenses and unrealized gains or losses on derivative instruments, as detailed below. “Accrued charter revenue” represents the difference between cash received during the period and revenue recognized during the period on a straight-line basis at the charter’s average rate. However, Adjusted Net Income and Adjusted Earnings per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income and Adjusted Earnings per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income and Adjusted Earnings per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income and Adjusted Earnings per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income and Adjusted Earnings per Share generally eliminates the effects of the accounting, effects of certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income and Adjusted Earnings per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income and Adjusted Earnings per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Previously, the Company’s calculation of Adjusted Net Income / (Loss) and Adjusted Earnings / (Loss) per Share included adjustments for any gain/loss incurred in connection with the sale of vessels and for any loss on vessels held for sale. As the Company’s fleet management activities may, subject to market and other conditions, periodically include the sale of dry bulk vessels, the Company no longer includes such adjustments in its calculation of these non-GAAP measures beginning with the results for the quarter ended March 31, 2026. Accordingly, the previously reported figures for the quarter ended September 30, 2025 have been recast to account for this change. We believe this updated methodology provides a more meaningful view of the Company’s operating performance.

___________________
¹¹ The mark-to-market adjustment reflects the change in the fair value of each derivative instrument being the unrealized component of the gain or loss on derivative instruments recognized in the consolidated Net Income. Such unrealized losses are added back and such unrealized gains are deducted; realized derivative gains and losses remain included in Adjusted Net Income. This relabeling does not change the adjustment methodology. It does not imply that associated collateral or margin movements have no cash-flow effect.

EXHIBIT II - OWNED-FLEET OPERATING DATA AND TCE CALCULATION

Owned-Fleet Operating Data

Metric	Q3 2026			Q3 2025			9M 2026
Average owned vessels		29.5			35.5			29.9
Ownership days - owned fleet		2,716			3,270			8,173
Available days - owned fleet		2,594			3,259			7,851
Owned-fleet utilization(1)		94.8%			98.4%			97.1%
Daily vessel operating expenses - owned fleet(2)	$6,161			$5,899			$6,097
Vessels completing dry-docking / special survey		4			—			7

⁽¹⁾ We calculate utilization of our owned dry bulk fleet (including owned vessels chartered-in by CBI) by dividing (i) the aggregate number of our on-hire days and ballast days (excluding dry dock ballast days) in a period of our owned dry bulk fleet by (ii) the number of our available days (owned dry bulk fleet) during such period. We use the following definitions in our calculation of utilization of owned dry bulk fleet:

• On-hire days. We define on-hire days as the total days that a vessel was on-hire during a period.
  
  
• Ballast days (excluding dry dock ballast days). We define ballast days (excluding dry dock ballast days) during a period, as the total number of days that a vessel is not on-hire, but is conducting ordinary ship operations (other than dry dock ballast days) which include repositioning from a discharging port to a loading port, sailing to a port for the conclusion of a prospective sale of a vessel or a change of the technical manager of a vessel.
  
  
• Available days. We define available days as the number of our ownership days of our owned dry bulk fleet during a period less the aggregate number of dry dock days and dry dock ballast days during such period. We use the following definitions in our calculation of available days (owned dry bulk fleet):
  
  
  • Dry dock days. We define dry dock days as the days during a period that a vessel underwent scheduled repairs or repairs under guarantee, vessel upgrades, scheduled dry-docking or special surveys.
    
    
  • Dry dock ballast days. We define dry dock ballast days as the total days during a period that a vessel spends sailing to and from a shipyard for scheduled repairs or repairs under guarantee, vessel upgrades, scheduled dry-docking or special surveys.
    

⁽²⁾ We calculate daily vessel operating expenses as vessels’ operating expenses for the period over the ownership days of the period.

Reconciliation of Total Voyage Revenue to TCE Revenue and Owned-Fleet TCE per Day

Expressed in thousands of U.S. dollars, except days and per-day data	Q3 2026			Q3 2025			9M 2026
Total Voyage Revenue*	$131,507			$222,874			$354,625
Less: Voyage Expenses*		(34,617)			(65,781)			(87,834)
Less: Voyage Expenses – Related Parties*		(831)			(3,009)			(2,622)
TCE Revenue	$96,059			$154,084			$264,169
Less: TCE Revenue allocated to CBI		(50,534)			(117,247)			(136,728)
Add: TCE Revenue earned by the owned fleet from chartering-out owned vessels to CBI		-		$8,842			$364
TCE Revenue allocated to the owned dry bulk fleet	$45,525			$45,679			$127,805
Owned-fleet available days		2,594			3,259			7,851
Owned-Fleet TCE per Day	$17,550			$14,016			$16,279

* The decrease in Total Voyage Revenue, Voyage Expenses and Voyage Expenses – Related Parties in Q3 2026 versus Q3 2025 reflects, among other factors, the significant downsizing of the operating platform fleet following the agreement of the previously announced transaction with Cargill (signed in the end of Q3 2025).

TCE Revenue is calculated as Total Voyage Revenue from the employment of our owned fleet and third-party chartered-in vessels, less Voyage Expenses and Voyage Expenses - Related Parties. Voyage expenses primarily consist of port and canal charges, fuel costs, EUAs and FuelEU Maritime expenses and commissions to counterparties, third parties or related parties that are unique to a particular charter. We believe that the presentation of TCE revenue is useful to investors because it allows for a uniform comparison of voyage revenues generated under both voyage and time-charter agreements. Charter-in hire expenses are not deducted in TCE Revenue; TCE is therefore not a measure of the CBI operating platform's net profit.

TCE Revenue allocated to the owned dry bulk fleet is calculated by deducting TCE Revenue allocated to CBI from the total TCE Revenue, and adding any TCE Revenue earned by our owned dry bulk vessels that are chartered out to CBI. Owned-Fleet TCE per Day is TCE Revenue allocated to the owned dry bulk fleet divided by the corresponding number of available days during the relevant period.

TCE rate per day 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., voyage charters, time charters, bareboat charters and pool arrangements) under which its vessels may be employed between the periods. We believe that the presentation of our Owned-Fleet TCE per day is useful to investors because it shows only the performance of our owned fleet, which is more directly comparable from period to period than our chartered-in fleet because the composition of our chartered-in fleet changes more significantly from period to period.

RESULTS OF OPERATIONS

Three-month and nine-month periods ended September 30, 2026¹²

During the three-month periods ended September 30, 2026 and 2025, the Company had an average of 29.5 and 35.5 vessels in its owned fleet and chartered in an average of 28.1 and 44.7 third-party owned dry bulk vessels, respectively. During the nine-month period ended September 30, 2026, the corresponding averages were 29.9 owned vessels and 25.0 chartered-in vessels.

During the three-month period ended September 30, 2026, we sold the dry bulk vessel Bermondi with a DWT capacity of 55,469. During the three-month period ended September 30, 2025, we acquired and accepted delivery of the secondhand dry bulk vessels Imperator and Gorgo with an aggregate DWT capacity of 252,885, and we sold the dry bulk vessels Acuity, Verity, Bernis, Equity, Pythias and Gorgo with an aggregate DWT capacity of 281,897. During the nine-month period ended September 30, 2026, we took delivery of the dry bulk vessel Astros with a DWT capacity of 60,297 and we sold the dry bulk vessels Clara, Miracle and Bermondi with an aggregate DWT capacity of 292,669.

During the three-month periods ended September 30, 2026 and 2025, owned-fleet ownership days totaled 2,716 and 3,270, respectively. During the nine-month period ended September 30, 2026, our owned-fleet ownership days totaled 8,173. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.

___________________
¹² Costamare Bulkers became an independent publicly traded company upon its spin-off from Costamare Inc. on May 6, 2025, prior to which it did not operate as a separate legal entity. Accordingly, the results for the nine-month period ended September 30, 2026 are not comparable to the corresponding period of 2025, and respective comparative figures are not presented.

Consolidated Financial Results

Expressed in millions of U.S. dollars	Q3 2026			Q3 2025			9M 2026
	(Unaudited)
Voyage revenue	$125.2			$158.8			$329.6
Voyage revenue - related parties		6.3			64.1			25.0
Total voyage revenue		131.5			222.9			354.6
Voyage expenses		(34.6)			(65.8)			(87.8)
Charter-in hire expenses		(54.6)			(117.4)			(139.5)
Voyage expenses - related parties		(0.8)			(3.0)			(2.6)
Vessels’ operating expenses		(16.7)			(19.3)			(49.8)
General and administrative expenses		(2.0)			(3.3)			(6.7)
Management and agency fees - related parties		(3.9)			(6.5)			(13.0)
General and administrative expenses - non-cash component		(1.3)			(0.9)			(3.3)
Amortization of dry-docking and special survey costs		(2.0)			(1.7)			(5.5)
Depreciation		(8.8)			(9.3)			(26.3)
Gain / (loss) on sale of vessels		2.5			(3.8)			10.2
Loss on vessels held for sale		-			(1.1)			-
Foreign exchange losses		-			(0.2)			(0.1)
Interest income		1.9			1.0			5.2
Interest and finance costs		(2.1)			(3.2)			(6.8)
Other, net		(0.2)			0.5			(6.2)
Gain on derivative instruments, net		7.7			18.5			9.3
Net Income	$16.6			$7.4			$31.7

Q3 2026 Net Income includes the approximately $2.5 million gain on the sale of the dry-bulk vessel Bermondi and a net gain of $7.7 million on derivative instruments, comprising realized gains of $3.0 million and unrealized mark-to-market gains of $4.7 million.

The decrease in Total voyage revenue and the improvement in Net Income in Q3 2026 vs Q3 2025 reflect, among other factors, the significant downsizing of the operating platform fleet following the agreement of the previously announced transaction (signed in the end of Q3 2025) with Cargill International S.A. (“Cargill”), together with actions taken to reduce the operating platform’s operating expenses.

CONDENSED CONSOLIDATED BALANCE SHEETS

Expressed in thousands of U.S. dollars	September 30, 2026		December 31, 2025
ASSETS	(Unaudited)		(Audited)
Cash and cash equivalents and margin deposits	$268,752		$222,670
Other current assets		79,387		70,979
Total current assets	$348,139		$293,649
Vessels and advances, net		521,481		565,547
Operating lease right-of-use assets		25,566		41,667
Restricted cash, non-current portion		4,700		3,650
Other non-current assets		31,832		24,910
Total assets	$931,718		$929,423
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of long-term debt, net of deferred financing costs	$11,872		$14,995
Operating lease liabilities, current portion		9,061		39,155
Other current liabilities		73,966		69,026
Total current liabilities	$94,899		$123,176
Long-term debt, net of current portion and deferred financing costs		119,895		140,599
Operating lease liabilities, non-current portion		16,290		—
Total liabilities	$231,084		$263,775
Stockholders’ equity	$700,634		$665,648
Total liabilities and stockholders’ equity	$931,718		$929,423

Certain line items have been combined for presentation purposes.

CONDENSED CASH FLOWS¹³

Expressed in millions of U.S. dollars	Q3 2026			Q3 2025			9M 2026
	(Unaudited)
Net cash provided by operating activities	$21.3			$31.9			$41.5
Net cash provided by investing activities	$14.8			$29.3			$32.0
Net cash used in financing activities	$(6.3)			$(7.8)			$(24.5)

Net cash provided by operating activities during the three- and nine-month periods ended September 30, 2026 were $21.3 million and $41.5 million, respectively, and were principally affected by operating results, working-capital movements, dry-docking and special-survey expenditures, and interest payments.

Net cash provided by investing activities during the three-month period ended September 30, 2026 was $14.8 million, principally reflecting the net proceeds from the sale of dry bulk vessel Bermondi and payments for vessels’ upgrades. Net cash provided by investing activities during the nine-month period ended September 30, 2026 was $32.0 million, which mainly include the net proceeds from the sales of the dry bulk vessels Clara, Miracle and Bermondi and payments for the acquisition of the dry bulk vessel Astros.

Net cash used in financing activities during the three-month period ended September 30, 2026 was $6.3 million, reflecting scheduled debt repayments and debt prepayment due to the sale of dry bulk vessel Bermondi. Net cash used in financing activities during the nine-month period ended September 30, 2026 was $24.5 million, reflecting scheduled debt repayments and debt prepayment due to the sale of the dry bulk vessels Clara, Miracle and Bermondi.

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¹³ Costamare Bulkers became an independent publicly traded company upon its spin-off from Costamare Inc. on May 6, 2025, prior to which it did not operate as a separate legal entity. Accordingly, the results for the nine-month period ended September 30, 2026 are not comparable to the corresponding period of 2025, and respective comparative figures are not presented.

SUPPLEMENTAL LIQUIDITY AND DEBT INFORMATION

Expressed in millions of U.S. dollars	September 30, 2026		June 30, 2026
Cash and cash equivalents and margin deposits (incl. restricted cash)	$273.5		$246.8
Available undrawn funds	$84.7		$84.7
Total liquidity(1)	$358.2		$331.5
Long-term debt (current and non-current portion), net of deferred financing costs	$131.8		$137.9

⁽¹⁾ Restricted cash and margin deposits are not all freely available for general corporate purposes; facility drawdowns remain subject to applicable terms.

Debt-Free Vessels

As of September 30, 2026, the Company had three debt-free vessels with an aggregate carrying capacity of 182,477 DWT. These unencumbered vessels, combined with the Company’s net cash position and the absence of near-term debt maturities, even prior to the completion of the refinancing of our existing indebtedness, provide additional financial flexibility.

Vessel	Year Built	DWT
Alwine	2014	61,090
August	2015	61,090
Astros	2018	60,297
Total		182,477

ABOUT COSTAMARE BULKERS HOLDINGS LIMITED

Costamare Bulkers Holdings Limited is an international owner and operator of dry bulk vessels. As of November 10, 2026, Costamare Bulkers’ owned dry bulk fleet consisted of 29 vessels with a total carrying capacity of approximately 2.6 million DWT. Costamare Bulkers also owns a dry bulk operating platform, CBI, which charters in and charters out dry bulk vessels, enters into contracts of affreightment and forward freight agreements and may utilize other hedging solutions. Costamare Bulkers’ common stock trades on the New York Stock Exchange under the symbol “CMDB.”

FORWARD-LOOKING STATEMENTS

This earnings release contains “forward-looking statements.” In some cases, you can identify these statements by forward-looking words such as “believe,” “intend,” “anticipate,” “estimate,” “project,” “forecast,” “plan,” “potential,” “may,” “should,” “could,” “expect” and similar expressions. You should not place undue reliance on these statements. These statements are not historical facts but instead represent only the Company’s beliefs regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Although the Company believes that its expectations stated in this earnings release are based on reasonable assumptions, it is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Annual Report on Form 20-F (File No. 001-42581) under the caption “Risk Factors”. All forward-looking statements reflect management’s current views with respect to certain future events, and the Company expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in the Company’s views or expectations, or otherwise.

COMPANY CONTACTS

Gregory Zikos – Chief Executive Officer
Dimitris Pagratis – Chief Financial Officer
Konstantinos Tsakalidis – Business Development

Costamare Bulkers Holdings Limited, Monaco | Tel: (+377) 92 00 1745 | Email: ir@costamarebulkers.com

OWNED VESSELS FLEET LIST

No.	Vessel Name	Year Built	Capacity (DWT)
1	FRONTIER	2012	181,415
2	PROSPER	2012	179,895
3	DORADO	2011	179,842
4	MAGNES	2011	179,546
5	IMPERATOR	2012	176,387
6	ENNA	2011	175,975
7	AEOLIAN	2012	83,478
8	GRENETA	2010	82,166
9	HYDRUS	2011	81,601
10	PHOENIX	2012	81,569
11	BUILDER	2012	81,541
12	FARMER	2012	81,541
13	SAUVAN	2010	79,700
14	MERCHIA	2015	63,585
15	DAWN	2018	63,561
16	SEABIRD	2016	63,553
17	ORION	2015	63,473
18	DAMON	2012	63,301
19	ARYA	2013	61,424
20	ALWINE	2014	61,090
21	AUGUST	2015	61,090
22	ASTROS	2018	60,297
23	ATHENA	2012	58,018
24	ERACLE	2012	58,018
25	NORMA	2010	58,018
26	CURACAO	2011	57,937
27	URUGUAY	2011	57,937
28	SERENA	2010	57,266
29	LIBRA	2010	56,701

CHARTERED-IN VESSELS FLEET LIST¹⁴

No.	Vessel Name	Year Built	Capacity (DWT)	Earliest Redelivery to Owners
1	CAPE PROTEUS (i)	2011	180,585	April 2027
2	GW DELTA	2010	83,476	TC Trip
3	GRAMPUS CHARM	2013	82,937	February 2027
4	GRAND OCEAN	2023	82,698	TC Trip
5	APJ PRITI 2	2006	82,574	November 2026
6	AQUAPRIMA	2022	82,270	TC Trip
7	ITQAAN	2010	82,174	December 2026
8	NEW ERA	2011	82,153	November 2026
9	PELLA	2010	82,114	TC Trip
10	XANTHI	2026	82,108	April 2027
11	STAR NADZIYE	2019	82,083	TC Trip
12	VERACITY	2025	82,066	TC Trip
13	ADMIRAL JIMMU	2020	82,024	February 2027
14	BBG ENDEAVOR	2013	82,023	TC Trip
15	LORIENT	2026	81,998	TC Trip
16	STAR BELLA	2026	81,979	TC Trip
17	EVER RADIANCE	2022	81,951	November 2026
18	EVER MAJESTY	2021	81,936	February 2027
19	HERMES CENTURY	2026	81,800	February 2031
20	PRINCESS A	2020	81,793	TC Trip
21	PISTI	2021	81,737	November 2026
22	KYNOURIA	2012	81,354	December 2026
23	GEORGITSI (i)	2012	81,309	November 2026
24	PERSEUS	2015	81,210	January 2027
25	PLATANOS	2011	81,123	TC Trip
26	JY OCEAN	2018	81,118	TC Trip
27	SEA UNITY	2016	81,112	May 2027
28	RB JAKE	2016	81,039	TC Trip
29	GEMINI OCEAN	2017	80,982	November 2026 + TC Trip
30	NORD TITAN	2014	77,095	July 2027
31	FEDERAL SW	2011	76,483	February 2027
32	STAHLA	2012	76,049	TC Trip

(i) Time-chartered out for the whole remaining charter-in period.

CHARTERED-IN NEWBUILDING VESSEL

No.	Vessel	Capacity (DWT)	Estimated Delivery
1	Newbuilding	82,400	Q2 2027 – Q1 2028

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¹⁴ Excluding one vessel already sub-chartered out to Cargill on back to back terms pursuant to the Strategic Cooperation Agreement.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Costamare Bulkers' Q3 2026 earnings and revenue?

Costamare Bulkers earned $16.564 million, or $0.68 per share, on voyage revenue of $131.507 million. In Q3 2025, net income was $7.354 million, or $0.30 per share, and voyage revenue was $222.874 million.

What are the terms of Costamare Bulkers' planned debt refinancing?

Signed commitments total $133 million, secured by 18 vessels, to refinance all existing loan obligations, subject to final documentation. The company expects lower financing costs and maturities extending from Q4 2029 at the earliest to between Q4 2031 and Q1 2032.

How did Costamare Bulkers change its adjusted earnings calculation?

Beginning with Q1 2026 results, Costamare Bulkers stopped excluding vessel-sale gains and losses and losses on vessels held for sale from adjusted earnings. Q3 2025 adjusted figures were recast using this methodology. Adjusted earnings remain non-GAAP measures rather than substitutes for GAAP results.

Why does Costamare Bulkers not provide comparable nine-month 2025 earnings?

Costamare Bulkers became an independent publicly traded company on May 6, 2025, following its spin-off from Costamare. Before that date, it did not operate as a separate legal entity, so nine-month 2026 results are not comparable with the corresponding 2025 period.