Costamare Inc. Reports Results for the Third Quarter and Nine-Month Period Ended September 30, 2026

Refinancing provides interest savings and longer maturities, while quarterly revenue and earnings declined year over year.

Rhea-AI Summary

Costamare (NYSE: CMRE) reported third-quarter 2026 net income from continuing operations available to common shareholders of $88.5 million. Earnings per share fell to $0.73 from $0.77 a year earlier, while voyage revenue declined to $212.1 million from $215.9 million. Adjusted earnings were $89.4 million, or $0.74 per share. Nine-month common-shareholder income from continuing operations fell to $241.2 million from $298.4 million.

Liquidity totaled $733.1 million. Costamare drew $1.3 billion to refinance debt across 39 vessels and signed a separate $92 million loan, with drawdown expected in Q4. The company said refinancing reduces interest costs and extends maturities. As of October 27, contracted containership revenue was approximately $6.0 billion, with a capacity-weighted duration of 5.8 years. Fleet employment coverage was 100% for 2026 and 99% for 2027, subject to the stated fleet exclusions.

9 points · 2 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 11 points

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

Positive

• Major pointRefinancing of $1.3 billion was drawn since Q2 ended, covering existing debt across 39 vessels. 75% of market cap
• Major pointContracted containership revenue totals approximately $6.0 billion, with a capacity-weighted duration of 5.8 years. 3.5× market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Signed $92 million loan provides financing for two existing vessels, with drawdown expected in Q4 2026. 5.3% of market cap
• Moderate pointLiquidity totaled $733.1 million, including restricted cash and $19.8 million in short-term U.S. Treasury bills.
• Moderate pointNeptune Maritime Leasing investments and commitments exceed $650 million, covering 47 funded or committed shipping assets. 37% of market cap

4 minor points

• Minor pointNew financing arrangements provide interest cost savings and extend debt maturities.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fleet coverage is 100% for 2026 and 99% for 2027, including agreed secondhand acquisitions, excluding newbuilds and agreed sales.
• Minor pointUnencumbered fleet now comprises 23 vessels.
• Minor pointNine-month leaseback-vessel investment income rose to $26.256 million from $21.952 million a year earlier.

Negative

• Moderate pointQ3 voyage revenue declined to $212.063 million from $215.898 million a year earlier.
• Moderate pointQ3 continuing-operations common income fell to $88.526 million from $92.621 million; EPS fell to $0.73 from $0.77.
• Moderate pointNine-month voyage revenue declined to $614.374 million from $643.976 million a year earlier.
• Moderate pointNine-month continuing-operations common income fell to $241.173 million from $298.375 million; EPS fell to $2.00 from $2.48.
• Minor pointQ3 adjusted continuing-operations common income fell to $89.391 million from $98.024 million; adjusted EPS fell to $0.74 from $0.81.

6 minor points

• Minor pointQ3 cash-basis voyage revenue fell to $208.775 million from $219.127 million a year earlier.
• Minor pointQ3 leaseback-vessel investment income declined to $8.324 million from $9.270 million a year earlier.
• Minor pointNine-month adjusted continuing-operations common income fell to $240.537 million from $290.838 million; adjusted EPS fell to $1.99 from $2.42.
• Minor pointNine-month cash-basis voyage revenue fell to $604.270 million from $645.475 million a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Additional $92 million loan drawdown remains expected in Q4 2026, rather than completed.
• Minor pointLoan deferred-financing-cost write-off was $939,000 in Q3 2026, a non-recurring, non-cash charge.

News Explained

Because the stated $650 million-plus total combines investments and commitments, it is not a funded-only figure.

Costamare says its completed refinancing arrangements leave no debt maturity until 2030.

As of October 27, 2026, Costamare held a controlling interest in NML, whose leasing platform had 47 shipping assets funded or on a commitment-status basis and total investments and commitments exceeding $650 million.

Key Figures

Adjusted net income: $89.4 million Net income: $88.5 million Liquidity: $733.1 million +5 more

Adjusted net income

$89.4 million

Q3 2026; available to common stockholders

Net income

$88.5 million

Q3 2026 continuing operations; available to common stockholders

Liquidity

$733.1 million

Q3 2026

Bilateral financing agreements

$1.4 billion

Includes new and previously announced transactions

Financing drawn

$1.3 billion

Since the end of Q2 2026; refinancing existing debt across 39 vessels

Loan agreement

$92 million

For two vessels; drawdown expected in Q4 2026

Containership fleet fixed

100% for 2026; 99% for 2027

Fleet employment as of October 27, 2026

TEU-weighted duration

5.8 years

Containership fleet contracted revenues

Previous Earnings Reports

1 past event · Latest: Jul 27

Same Type 1 event

1. Jul 27

   Q2 earnings report

   24h Move

   -0.6%

   Reported continuing-operations profitability and refinancing alongside weaker voyage revenue.

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, teu, time-charter

4 terms

non-gaap financial

"are non-GAAP measures and should not be used in isolation"

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

"Costamare’s 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

teu technical

"with a TEU-weighted duration of 5.8 years"

TEU stands for twenty-foot equivalent unit, a standard measure of containerized cargo capacity equal to one 20-foot long shipping container. Investors use TEUs to compare the size, throughput and utilization of ships, ports and logistics networks—think of it as counting parking spots for containers—which affects revenue potential, shipping costs and the flow of goods that influence supply chains and company earnings.

time-charter technical

"Amortization of time-charter assumed"

A time-charter is a contract in which a shipowner rents a vessel to a charterer for a set period, with the owner providing the crew and maintaining the ship while the charterer directs where and how it operates. Think of it like leasing a truck with a driver for a few months: the renter controls the work and earns revenue from cargo moves, while the owner gets steady payments. For investors, time-charters give predictable cash flow, reduce short-term exposure to volatile spot rates, and affect a shipping company’s revenue stability and asset utilization.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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MONACO, Oct. 28, 2026 (GLOBE NEWSWIRE) -- Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported unaudited financial results for the third quarter and nine-month period ended September 30, 2026.

I.    PROFITABILITY AND LIQUIDITY

• Q3 2026 Adjusted Net Income from Continuing operations¹ available to common stockholders² of $89.4 million ($0.74 per share).
• Q3 2026 Net Income from Continuing operations¹ available to common stockholders of $88.5 million ($0.73 per share).
• Q3 2026 liquidity of $733.1 million³.
  
  

II.    ENTRY INTO BILATERAL FINANCING AGREEMENTS OF $1.4 BILLION, INCLUDING NEW AND PREVIOUSLY ANNOUNCED TRANSACTIONS, WITH LEADING US, EUROPEAN AND ASIAN BANKS

• Concluded previously announced financing agreements and drew $1.3 billion since the end of Q2 2026, refinancing existing debt obligations across 39 vessels.
• Signed a $92 million loan agreement with an Asian bank for two vessels, with drawdown expected in Q4 2026.
  • All new financing agreements relate to vessels in our existing fleet.
  • The new arrangements provide interest cost savings and extend debt maturities.
  • The Company’s unencumbered fleet now comprises 23 vessels.
    
    

III.    FLEET EMPLOYMENT⁴

• 100% and 99% of the containership fleet⁵ was fixed for 2026 and 2027, respectively.
• Contracted revenues for the containership fleet were approximately $6.0 billion⁶ with a TEU-weighted duration of 5.8 years⁷.
  
  

IV.    LEASE FINANCING PLATFORM

• Controlling interest in Neptune Maritime Leasing Limited (“NML”).
• Leasing platform with 47 shipping assets funded or on a commitment status basis, representing total investments and commitments of more than $650 million⁸.
  
  

V.    DIVIDEND ANNOUNCEMENTS

• On October 1, 2026, the Company declared a dividend of $0.125 per share on the common stock, which is payable on November 5, 2026, to holders of record of common stock as of October 20, 2026.
• On October 1, 2026, the Company declared a dividend of $0.476563 per share on the Series B Preferred Stock, $0.531250 per share on the Series C Preferred Stock and $0.546875 per share on the Series D Preferred Stock, which were all paid on October 15, 2026, to holders of record as of October 14, 2026.
  

_________________
¹ Discontinued operations - Costamare Bulkers Holdings Limited Spin-Off: On May 6, 2025, Costamare completed the spin-off of its dry bulk business (consisting of its dry bulk owned fleet and its dry bulk operating platform, Costamare Bulkers Inc. (“CBI”)) into a standalone public company, Costamare Bulkers Holdings Limited (NYSE: CMDB). Accordingly, the results of the dry bulk business are presented as discontinued operations in the Company’s consolidated financial statements for all relevant periods presented. Discontinued operations for the nine-month period ended September 30, 2025 include the results of the dry bulk business through May 6, 2025. There are no results of discontinued operations for the three-month periods ended September 30, 2026 and 2025 or the nine-month period ended September 30, 2026. Accordingly, results of discontinued operations are not comparable between the respective nine-month periods.
² Adjusted Net Income from Continuing operations available to common stockholders and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare’s financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I.
³ Liquidity includes cash and cash equivalents (including restricted cash) and short-term investments in U.S. Treasury Bills amounting to $19.8 million.
⁴ As of October 27, 2026. Please refer to the Containership Fleet List table for additional information on vessel employment details for our containership fleet.
⁵ Calculated on a TEU basis. Includes two secondhand containerships agreed to be acquired, but excludes the 22 vessels under
construction and the two vessels we have agreed to sell.
⁶ For 16 of our vessels under construction the related post-delivery time charter rates are denominated in a currency other than US dollars. US dollar amounts presented herein have been translated at the closing exchange rate on October 27, 2026, and are shown for presentation purposes only.
⁷ Includes the contracted revenues of 22 vessels under construction and the two secondhand containerships agreed to be acquired.
⁸ Includes assets funded and contractual commitments as of October 27, 2026.

Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:

“During the third quarter of the year, the Company generated Net Income of approximately $88 million. Total liquidity amounted to $733 million.

We have finalized the previously announced bilateral debt refinancing agreements for a total of $1.3 bn and we expect to finalize an additional financing arrangement of c. $90 million during Q4. With that, we will have concluded the refinancing program of our existing fleet. The new agreements provide interest cost savings with no debt maturity till 2030.

Regarding the market, the number of idle ships remains at low levels of below 1%, indicating a fully employed market. Tight supply and demand economics are the result of both the shortage of prompt ships and robust cargo demand, which show no signs of fading. The fast-rising number of shipping services returning to the Suez Canal has not yet affected market fundamentals.

On our charter coverage, 100% and 99% of our containership fleet is fixed for 2026 and 2027, respectively, while contracted revenues have reached approximately $6.0 billion with a TEU-weighted duration of 5.8 years.

Finally, with respect to Neptune Maritime Leasing, where we hold a controlling interest, 47 shipping assets have been funded or are on a commitment status basis and total investments and commitments are exceeding $650 million.”

Financial Summary – Continuing Operations
		Nine-month period ended September 30,						Three-month period ended September 30,
(Expressed in thousands of U.S. dollars, except share and per share data)		2025			2026			2025			2026
Voyage revenue		$643,976			$614,374			$215,898			$212,063
Accrued charter revenue (1)		$2,212			$(307)			$3,975			$31
Amortization of time-charter assumed		$82			$74			$49			$7
Amortization of deferred revenue		$(795)			$(9,871)			$(795)			$(3,326)
Voyage revenue adjusted on a cash basis (2)		$645,475			$604,270			$219,127			$208,775
Income from investments in leaseback vessels		$21,952			$26,256			$9,270			$8,324
Adjusted Net Income available to common stockholders from Continuing operations (3)		$290,838			$240,537			$98,024			$89,391
Weighted Average number of shares		120,119,317			120,744,583			120,276,106			120,897,256
Adjusted Earnings per share from Continuing operations (3)		$2.42			$1.99			$0.81			$0.74
Net Income from Continuing operations		$317,397			$260,760			$99,351			$94,959
Net Income from Continuing operations available to common stockholders		$298,375			$241,173			$92,621			$88,526
Weighted Average number of shares		120,119,317			120,744,583			120,276,106			120,897,256
Earnings per share from Continuing operations		$2.48			$2.00			$0.77			$0.73

(1) Accrued charter revenue represents the difference between cash received during the period and voyage revenue recognized on a straight-line basis. In the early years of a charter with escalating charter rates, voyage revenue will exceed cash received during the period and during the last years of such charter cash received will exceed voyage revenue recognized on a straight-line basis. The reverse is true for charters with descending rates.

(2) Voyage revenue adjusted on a cash basis represents Voyage revenue after adjusting for (i) non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, (ii) amortization of time charter assumed and (iii) amortization of deferred revenue. However, Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. GAAP. We believe that the presentation of Voyage revenue adjusted on a cash basis is useful to investors because it presents the charter revenue for the relevant period based on the then current daily charter rates.

(3) Adjusted Net Income from Continuing operations available to common stockholders and Adjusted Earnings per Share from Continuing operations are non-GAAP measures. Refer to the reconciliation of Net Income from Continuing operations to Adjusted Net Income from Continuing operations and Adjusted Earnings per Share from Continuing operations.

Non-GAAP Measures

The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the relevant periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue, net income or other measures as determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income from Continuing operations available to common stockholders and (iii) Adjusted Earnings per Share from Continuing operations.

Exhibit I

Reconciliation of Net Income from Continuing Operations to Adjusted Net Income from Continuing Operations available to common stockholders and Adjusted Earnings per Share from Continuing Operations

		Nine-month period ended September 30,						Three-month period ended September 30,
(Expressed in thousands of U.S. dollars, except share and per share data)		2025			2026			2025			2026
Net Income from Continuing operations	$	317,397		$	260,760		$	99,351		$	94,959
Earnings allocated to Preferred Stock		(15,690)			(15,690)			(5,288)			(5,288)
Non-Controlling Interest		(3,332)			(3,897)			(1,442)			(1,145)
Net Income from Continuing operations available to common stockholders		298,375			241,173			92,621			88,526
Accrued charter revenue		2,212			(307)			3,975			31
General and administrative expenses - non-cash component		4,617			6,823			1,782			2,197
Amortization of time-charter assumed		82			74			49			7
Amortization of deferred revenue		(795)			(9,871)			(795)			(3,326)
Realized (gain) / loss on Euro/USD forward contracts		(1,051)			107			(773)			75
Non-recurring, non-cash write-off of loan deferred financing costs		-			939			-			939
(Gain) / Loss on derivative instruments, excluding realized (gain) / loss on derivative instruments (1)		(12,602)			1,599			1,165			942
Adjusted Net Income from Continuing operations available to common stockholders	$	290,838		$	240,537		$	98,024		$	89,391
Adjusted Earnings per Share from Continuing operations	$	2.42		$	1.99		$	0.81		$	0.74
Weighted average number of shares		120,119,317			120,744,583			120,276,106			120,897,256

Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations represent Net Income from continuing operations after earnings from continuing operations allocated to preferred stock and Non-Controlling Interest, but before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, amortization of time-charter assumed, amortization of deferred revenue, realized (gain)/loss on Euro/USD forward contracts, general and administrative expenses - non-cash component, non-recurring, non-cash write-off of loan deferred financing costs and (gain)/loss on derivative instruments, excluding realized (gain)/loss on derivative instruments. “Accrued charter revenue” is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations generally eliminates the accounting effects of certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

	(1)	Items to consider for comparability include gains and charges. Gains positively impacting Net Income from continuing operations available to common stockholders are reflected as deductions to Adjusted Net Income from continuing operations available to common stockholders. Charges negatively impacting Net Income from continuing operations available to common stockholders are reflected as increases to Adjusted Net Income from continuing operations available to common stockholders.

Results of Continuing Operations⁹

Three-month period ended September 30, 2026 compared to the three-month period ended September 30, 2025

During the three-month periods ended September 30, 2026 and 2025, we had an average of 69.0 and 68.2 container vessels, respectively, in our owned fleet.

During the three-month period ended September 30, 2025, we acquired and accepted delivery of the secondhand container vessel Maersk Puelo with a capacity of 6,541 TEU.

As of September 30, 2026, we have invested in Neptune Maritime Leasing Limited (“NML”) the amount of $182.2 million. 

In the three-month periods ended September 30, 2026 and 2025, our fleet ownership days totaled 6,348 and 6,278 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.

_________________
⁹ Following the spin-off of the dry bulk business (consisting of Costamare’s dry bulk owned fleet and CBI) on May 6, 2025, the results of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the results from continuing operations.

Consolidated Financial Results from Continuing operations and Vessels’ Operational Data^(I),(II)

(Expressed in millions of U.S. dollars, except percentages)		Three-month period ended September 30,						Change		Percentage Change
		2025		2026
Voyage revenue	$	215.9		$	212.1		$	(3.8)		(1.8%)
Income from investments in leaseback vessels		9.3			8.3			(1.0)		(10.8%)
Voyage expenses		(14.4)			(18.1)			3.7		25.7%
Voyage expenses – related parties		(2.8)			(2.6)			(0.2)		(7.1%)
Vessels’ operating expenses		(40.9)			(44.9)			4.0		9.8%
General and administrative expenses		(2.2)			(6.8)			4.6		n.m.
Management fees – related parties		(7.3)			(7.5)			0.2		2.7%
General and administrative expenses - non-cash component		(1.8)			(2.2)			0.4		22.2%
Amortization of dry-docking and special survey costs		(5.0)			(6.3)			1.3		26.0%
Depreciation		(32.6)			(31.8)			(0.8)		(2.5%)
Foreign exchange losses		(0.4)			(1.2)			0.8		n.m.
Interest income		3.7			3.3			(0.4)		(10.8%)
Interest and finance costs		(21.6)			(18.8)			(2.8)		(13.0%)
Other		0.7			0.2			(0.5)		(71.4%)
Gain / (Loss) on derivative instruments, net		(1.2)			11.3			12.5		n.m.
Net Income from Continuing operations	$	99.4		$	95.0
(Expressed in millions of U.S. dollars, except percentages)		Three-month period ended September 30,						Change		Percentage Change
		2025			2026
Voyage revenue	$	215.9		$	212.1			(3.8)		(1.8%)
Accrued charter revenue		4.0			-			(4.0)		n.m.
Amortization of time-charter assumed		-			-			-		n.m.
Amortization of deferred revenue		(0.8)			(3.3)			(2.5)		n.m.
Voyage revenue adjusted on a cash basis (I)	$	219.1		$	208.8			(10.3)		(4.7%)
Vessels’ operational data (II)		Three-month period ended  September 30,								Percentage Change
		2025			2026			Change
Average number of vessels	68.2				69.0			0.8		1.2%
Ownership days	6,278				6,348			70		1.1%
Number of vessels under dry-docking and special survey	3				2			(1)

^(I) Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). Refer to “Consolidated Financial Results from Continuing operations and Vessels’ Operational Data” above for the reconciliation of Voyage revenue adjusted on a cash basis.
^(II) Vessels that are part of continuing operations.

Voyage Revenue

Voyage revenue decreased by 1.8%, or $3.8 million, to $212.1 million during the three-month period ended September 30, 2026, from $215.9 million during the three-month period ended September 30, 2025. The decrease period over period is mainly attributable to (i) the net decreased charter rates in certain of our vessels and (ii) the increased off-hire days of our fleet (mainly due to scheduled dry-dockings) during the three-month period ended September 30, 2026 compared to the three-month period ended September 30, 2025; partly offset by (i) the net contractual reimbursements from certain of our charterers for EU Emissions Allowances (“EUAs”) and Fuel EU Maritime penalties and (ii) the revenue earned by one container vessel acquired during the third quarter of 2025.

Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”, amortization of time-charter assumed and amortization of deferred revenue) decreased by 4.7%, or $10.3 million, to $208.8 million during the three-month period ended September 30, 2026, from $219.1 million during the three-month period ended September 30, 2025.

Income from investments in leaseback vessels

Income from investments in leaseback vessels was $8.3 million and $9.3 million for the three-month periods ended September 30, 2026 and 2025, respectively. Income from investments in leaseback vessels decreased, period over period, as the impact of certain matured investments exceeded contributions from new investments during the three-month period ended September 30, 2026 compared to the three-month period ended September 30, 2025. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries.

Voyage Expenses

Voyage expenses were $18.1 million and $14.4 million for the three-month periods ended September 30, 2026 and 2025, respectively. Voyage expenses increased period over period, mainly due to the recognition of increased costs associated with EUAs and an increase in relevant expenses. However, a significant portion of these costs are contractually reimbursed by the charterers, as discussed in “Voyage Revenue”, mitigating the net expenses impact. Voyage expenses mainly include (i) off-hire expenses of our vessels, primarily related to fuel consumption, (ii) third-party commissions and (iii) EUAs and Fuel EU Maritime expenses.

Voyage Expenses – related parties

Voyage expenses – related parties were $2.6 million and $2.8 million for the three-month periods ended September 30, 2026 and 2025, respectively. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider and (ii) charter brokerage fees payable to one and two related charter brokerage companies for an amount of approximately $0.2 million and $0.3 million, in the aggregate, for the three-month periods ended September 30, 2026 and 2025, respectively.

Vessels’ Operating Expenses

Vessels’ operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $44.9 million and $40.9 million during the three-month periods ended September 30, 2026 and 2025, respectively. Daily vessels’ operating expenses were $7,075 and $6,520 for the three-month periods ended September 30, 2026 and 2025, respectively. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period.

General and Administrative Expenses

General and administrative expenses were $6.8 million and $2.2 million during the three-month periods ended September 30, 2026 and 2025, respectively. The increase was due mainly to non-recurring expenses incurred during the three-month period ended September 30, 2026. Furthermore, General and administrative expenses include amounts of $0.67 million and $0.67 million, respectively, that were paid to a related service provider.

Management Fees – related parties

Management fees charged by our related party managers were $7.5 million and $7.3 million during the three-month periods ended September 30, 2026 and 2025, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $1.3 million and $1.4 million for the three-month periods ended September 30, 2026 and 2025, respectively.

General and Administrative Expenses - non-cash component

General and administrative expenses - non-cash component for the three-month period ended September 30, 2026 amounted to $2.2 million, representing the value of the shares issued to a related service provider on September 30, 2026. General and administrative expenses - non-cash component for the three-month period ended September 30, 2025 amounted to $1.8 million, representing the value of the shares issued to a related service provider on September 30, 2025.

Amortization of Dry-Docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs was $6.3 million and $5.0 million during the three-month periods ended September 30, 2026 and 2025, respectively. During the three-month period ended September 30, 2026, two vessels underwent and completed their special surveys. During the three-month period ended September 30, 2025, three vessels underwent and completed their dry-docking and special surveys.

Depreciation

Depreciation expense for the three-month periods ended September 30, 2026 and 2025 was $31.8 million and $32.6 million, respectively.

Vessels held for sale

As of September 30, 2026, the container vessels Porto Kagio and Porto Germeno (initially classified as vessels held for sale during the second quarter of 2026) continue to be classified as vessels held for sale. No loss on vessels held for sale was recorded since each vessel’s estimated fair value less costs to sell exceeded each vessel’s carrying value.

Interest Income

Interest income amounted to $3.3 million and $3.7 million for the three-month periods ended September 30, 2026 and 2025, respectively.

Interest and Finance Costs

Interest and finance costs were $18.8 million and $21.6 million during the three-month periods ended September 30, 2026 and 2025, respectively. The decrease is mainly attributable to the decreased interest expense due to reduced SOFR rates during the period and to the capitalized interest in relation to our newbuilding program during the three-month period ended September 30, 2026, compared to the three-month period ended September 30, 2025.

Gain / (loss) on Derivative Instruments, net

As of September 30, 2026, we hold derivative financial instruments that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that qualifies for hedge accounting is recorded in “Other Comprehensive Income” (“OCI”). The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income.

As of September 30, 2026, the fair value of these instruments, in aggregate, amounted to a net asset of $4.8 million. During the three-month period ended September 30, 2026, the change in the fair value (fair value as of September 30, 2026 compared to the fair value as of June 30, 2026) of the derivative instruments that qualify for hedge accounting resulted in a net gain of $1.8 million, which has been included in OCI. Furthermore, during the three-month period ended September 30, 2026 the change in the fair value (fair value as of September 30, 2026 compared to the fair value as of June 30, 2026) of the derivative instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the quarter, resulted in a net gain of $11.3 million, which has been included in Gain / (loss) on Derivative Instruments, net.

Cash Flows from Continuing Operations¹⁰

Three-month periods ended September 30, 2026 and 2025

Condensed cash flows from continuing operations		Three-month period ended September 30,
(Expressed in millions of U.S. dollars)			2025				2026
Net Cash Provided by Operating Activities		$135.6				$113.9
Net Cash Used in Investing Activities		$(44.5		)		$(82.8		)
Net Cash Provided by / (Used in) Financing Activities		$(27.1		)		$278.9

Net Cash Provided by Operating Activities

Net cash flows provided by operating activities for the three-month period ended September 30, 2026 decreased by $21.7 million to $113.9 million, from $135.6 million for the three-month period ended September 30, 2025. The decrease is mainly attributable to (i) the decreased net cash from operations, (ii) the increased special survey costs and (iii) the unfavorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (as described above) during the three-month period ended September 30, 2026 compared to the three-month period ended September 30, 2025; partly offset by the decrease in interest payments (including interest derivatives net receipts) during the three-month period ended September 30, 2026 compared to the three-month period ended September 30, 2025.

_________________
¹⁰ Following the spin-off of the dry bulk business on May 6, 2025, the cash flows of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the cash flows from continuing operations.

Net Cash Used in Investing Activities

Net cash used in investing activities was $82.8 million in the three-month period ended September 30, 2026, which mainly consisted of (i) advance payments for the construction of five newbuild container vessels, (ii) net payments for net investments into which NML entered and (iii) payments for upgrades for certain of our container vessels.

Net cash used in investing activities was $44.5 million in the three-month period ended September 30, 2025, which mainly consisted of (i) advance payments for the construction of four newbuild container vessels, (ii) the payment for the acquisition of the secondhand container vessel Maersk Puelo, (iii) payments for upgrades for certain of our container vessels and (iv) payments for net investments into which NML entered; partly offset by proceeds we received from our short-term investments in US Treasury Bills.

Net Cash Provided by / (Used in) Financing Activities

Net cash provided by financing activities was $278.9 million in the three-month period ended September 30, 2026, which mainly consisted of (i) $306.0 million of net receipts relating to our debt financing agreements (including proceeds of $1,248.1 million we received from eight debt financing agreements), (ii) $15.0 million we paid for dividends to holders of our common stock for the second quarter of 2026 and (iii) $0.9 million we paid for dividends to holders of our 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”), $2.1 million we paid for dividends to holders of our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock (“Series C Preferred Stock”) and $2.2 million we paid for dividends to holders of our 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (“Series D Preferred Stock”) for the period from April 15, 2026 to July 14, 2026.

Net cash used in financing activities was $27.1 million in the three-month period ended September 30, 2025, which mainly consisted of (i) $7.0 million of net payments relating to our debt financing agreements (including proceeds of $80.1 million we received from one debt financing agreement), (ii) $13.7 million we paid for dividends to holders of our common stock for the second quarter of 2025 and (iii) $0.9 million we paid for dividends to holders of our Series B Preferred Stock, $2.1 million we paid for dividends to holders of our Series C Preferred Stock and $2.2 million we paid for dividends to holders of our Series D Preferred Stock for the period from April 15, 2025 to July 14, 2025.

Results of Continuing Operations¹¹

Nine-month period ended September 30, 2026 compared to the nine-month period ended September 30, 2025

During the nine-month periods ended September 30, 2026 and 2025, we had an average of 69.0 and 68.1 container vessels, respectively, in our owned fleet.

During the nine-month period ended September 30, 2025, we acquired and accepted delivery of the secondhand container vessel Maersk Puelo with a capacity of 6,541 TEU.

As of September 30, 2026, we have invested in NML the amount of $182.2 million. 

In the nine-month periods ended September 30, 2026 and 2025, our fleet ownership days totaled 18,837 and 18,586 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.

_________________
¹¹ Following the spin-off of the dry bulk business (consisting of Costamare’s dry bulk owned fleet and CBI) on May 6, 2025, the results of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the results from continuing operations.

Consolidated Financial Results from Continuing operations and Vessels’ Operational Data^(I),(II)

(Expressed in millions of U.S. dollars, except percentages)		Nine-month period ended September 30,					Change		Percentage Change
		2025			2026
Voyage revenue	$	644.0		$	614.4		(29.6)		(4.6%)
Income from investments in leaseback vessels		22.0			26.3		4.3		19.5%
Voyage expenses		(37.8)			(48.9)		11.1		29.4%
Voyage expenses – related parties		(8.6)			(7.6)		(1.0)		(11.6%)
Vessels’ operating expenses		(120.1)			(129.0)		8.9		7.4%
General and administrative expenses		(9.4)			(15.1)		5.7		60.6%
Management fees – related parties		(21.5)			(22.3)		0.8		3.7%
General and administrative expenses - non-cash component		(4.6)			(6.8)		2.2		47.8%
Amortization of dry-docking and special survey costs		(14.5)			(17.4)		2.9		20.0%
Depreciation		(96.1)			(97.2)		1.1		1.1%
Foreign exchange gains / (losses)		2.1			(2.2)		(4.3)		n.m.
Interest income		15.5			9.9		(5.6)		(36.1%)
Interest and finance costs		(66.8)			(55.3)		(11.5)		(17.2%)
Other		0.7			0.4		(0.3)		(42.9%)
Gain on derivative instruments, net		12.5			11.6		(0.9)		(7.2%)
Net Income from Continuing operations	$	317.4		$	260.8

(Expressed in millions of U.S. dollars, except percentages)			Nine-month period ended September 30,					Change		Percentage Change
			2025			2026
Voyage revenue		$	644.0		$	614.4		(29.6)		(4.6%)
Accrued charter revenue			2.2			(0.3)		(2.5)		n.m.
Amortization of time-charter assumed			0.1			0.1		-		n.m.
Amortization of deferred revenue			(0.8)			(9.9)		(9.1)		n.m.
Voyage revenue adjusted on a cash basis (I)		$	645.5		$	604.3		(41.2)		(6.4%)
Vessels’ operational data(II)			Nine-month period ended September 30,							Percentage Change
			2025		2026			Change
Average number of vessels			68.1		69.0			0.9		1.3%
Ownership days			18,586		18,837			251		1.4%
Number of vessels under dry-docking and special survey			8		17			9

^(I) Voyage revenue adjusted on a cash basis is not a recognized measurement under GAAP. Refer to “Consolidated Financial Results from Continuing operations and Vessels’ Operational Data” above for the reconciliation of Voyage revenue adjusted on a cash basis.

^(II) Vessels that are part of continuing operations.

Voyage Revenue

Voyage revenue decreased by 4.6%, or $29.6 million, to $614.4 million during the nine-month period ended September 30, 2026, from $644.0 million during the nine-month period ended September 30, 2025. The decrease period over period is mainly attributable to (i) the net decreased charter rates in certain of our vessels, (ii) the increased idle and off-hire days of our fleet (mainly due to scheduled dry-dockings) during the nine-month period ended September 30, 2026 compared to the nine-month period ended September 30, 2025 and (iii) the lower accounting revenue recorded for two of our vessels classified as sale type leases; partly offset by (i) the contractual reimbursements from certain of our charterers for EUAs and Fuel EU Maritime penalties and (ii) the revenue earned by one container vessel acquired during the third quarter of 2025.

Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”, amortization of time-charter assumed and amortization of deferred revenue) decreased by 6.4%, or $41.2 million, to $604.3 million during the nine-month period ended September 30, 2026, from $645.5 million during the nine-month period ended September 30, 2025.

Income from investments in leaseback vessels

Income from investments in leaseback vessels was $26.3 million and $22.0 million for the nine-month periods ended September 30, 2026 and 2025, respectively. Income from investments in leaseback vessels increased, period over period, primarily due to contributions from investments commenced during 2025 and 2026, which more than offset the impact of investments that matured during the nine-month period ended September 30, 2026. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries.

Voyage Expenses

Voyage expenses were $48.9 million and $37.8 million for the nine-month periods ended September 30, 2026 and 2025, respectively. Voyage expenses increased period over period, mainly due to the recognition of costs associated with EUAs and an increase in relevant expenses. However, a significant portion of these costs are contractually reimbursed by the charterers, as discussed in “Voyage Revenue”, mitigating the net expenses impact. Voyage expenses mainly include (i) off-hire expenses of our vessels, primarily related to fuel consumption, (ii) third-party commissions and (iii) EUAs and Fuel EU Maritime expenses.

Voyage Expenses – related parties

Voyage expenses – related parties were $7.6 million and $8.6 million for the nine-month periods ended September 30, 2026 and 2025, respectively. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider and (ii) charter brokerage fees payable to one and two related charter brokerage companies for an amount of approximately $0.6 million and $1.0 million, in the aggregate, for the nine-month periods ended September 30, 2026 and 2025, respectively.

Vessels’ Operating Expenses

Vessels’ operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $129.0 million and $120.1 million during the nine-month periods ended September 30, 2026 and 2025, respectively. Daily vessels’ operating expenses were $6,848 and $6,462 for the nine-month periods ended September 30, 2026 and 2025, respectively. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period.

General and Administrative Expenses

General and administrative expenses were $15.1 million and $9.4 million during the nine-month periods ended September 30, 2026 and 2025, respectively. The increase was due mainly to non-recurring expenses incurred during the nine-month period ended September 30, 2026. Furthermore, General and administrative expenses include amounts of $2.0 million and $2.0 million, respectively, that were paid to a related service provider.

Management Fees – related parties

Management fees charged by our related party managers were $22.3 million and $21.5 million during the nine-month periods ended September 30, 2026 and 2025, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $4.2 million and $4.2 million for the nine-month periods ended September 30, 2026 and 2025, respectively.

General and Administrative Expenses - non-cash component

General and administrative expenses - non-cash component for the nine-month period ended September 30, 2026 amounted to $6.8 million, representing the value of the shares issued to a related service provider on March 30, 2026, on June 30, 2026 and on September 30, 2026. General and administrative expenses - non-cash component for the nine-month period ended September 30, 2025 amounted to $4.6 million, representing the value of the shares issued to a related service provider on March 31, 2025, on June 30, 2025 and on September 30, 2025.

Amortization of Dry-Docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs was $17.4 million and $14.5 million during the nine-month periods ended September 30, 2026 and 2025, respectively. During the nine-month period ended September 30, 2026, 17 vessels underwent and completed their special surveys. During the nine-month period ended September 30, 2025, eight vessels underwent and completed their dry-docking and special surveys.

Depreciation

Depreciation expense for the nine-month periods ended September 30, 2026 and 2025 was $97.2 million and $96.1 million, respectively.

Vessels held for sale

During the nine-month period ended September 30, 2026, the container vessels Porto Kagio and Porto Germeno were classified as vessels held for sale. No loss on vessels held for sale was recorded since each vessel’s estimated fair value less costs to sell exceeded each vessel’s carrying value.

Interest Income

Interest income amounted to $9.9 million and $15.5 million for the nine-month periods ended September 30, 2026 and 2025, respectively. The decrease was mainly due to lower average SOFR rates and lower average cash balances over the nine-month period ended September 30, 2026, compared to the corresponding period in 2025.

Interest and Finance Costs

Interest and finance costs were $55.3 million and $66.8 million during the nine-month periods ended September 30, 2026 and 2025, respectively. The decrease is mainly attributable to the decreased interest expense due to reduced SOFR rates during the period and to the capitalized interest in relation to our newbuilding program during the nine-month period ended September 30, 2026, compared to the nine-month period ended September 30, 2025.

Gain on Derivative Instruments, net

As of September 30, 2026, we hold derivative financial instruments that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that qualifies for hedge accounting is recorded in OCI. The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income.

As of September 30, 2026, the fair value of these instruments, in aggregate, amounted to a net asset of $4.8 million. During the nine-month period ended September 30, 2026, the change in the fair value (fair value as of September 30, 2026 compared to the fair value as of December 31, 2025) of the derivative instruments that qualify for hedge accounting resulted in a gain of $4.3 million, which has been included in OCI. Furthermore, during the nine-month period ended September 30, 2026, the change in the fair value (fair value as of September 30, 2026 compared to the fair value as of December 31, 2025) of the derivative instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the period, resulted in a net gain of $11.6 million, which has been included in Gain on Derivative Instruments, net.

Cash Flows from Continuing Operations¹²

Nine-month periods ended September 30, 2026 and 2025

Condensed cash flows from continuing operations		Nine-month period ended September 30,
(Expressed in millions of U.S. dollars)			2025				2026
Net Cash Provided by Operating Activities		$418.8				$328.0
Net Cash Used in Investing Activities		$(152.3		)		$(410.2		)
Net Cash Provided by / (Used in) Financing Activities		$(416.9		)		$225.2

_________________
¹² Following the spin-off of the dry bulk business on May 6, 2025, the cash flows of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the cash flows from continuing operations.

Net Cash Provided by Operating Activities 

Net cash flows provided by operating activities for the nine-month period ended September 30, 2026 decreased by $90.8 million to $328.0 million, from $418.8 million for the nine-month period ended September 30, 2025. The decrease is mainly attributable to (i) the decreased net cash from operations and (ii) the increased special survey costs during the nine-month period ended September 30, 2026 compared to the nine-month period ended September 30, 2025; partly offset by (i) the favorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (as described above) and (ii) the decrease in interest payments (including interest derivatives net receipts) during the nine-month period ended September 30, 2026 compared to the nine-month period ended September 30, 2025.

Net Cash Used in Investing Activities

Net cash used in investing activities was $410.2 million in the nine-month period ended September 30, 2026, which mainly consisted of (i) advance payments for the construction of 20 newbuild container vessels, (ii) advance payments for the acquisition of two secondhand container vessels, (iii) net payments for net investments into which NML entered and (iv) payments for upgrades for certain of our container vessels.

Net cash used in investing activities was $152.3 million in the nine-month period ended September 30, 2025, which mainly consisted of (i) advance payments for the construction of four newbuild container vessels, (ii) the payment for the acquisition of the secondhand container vessel Maersk Puelo, (iii) payments for upgrades for certain of our container vessels and (iv) payments for net investments into which NML entered; partly offset by net proceeds we received from our short-term investments in US Treasury Bills.

Net Cash Provided by / (Used in) Financing Activities

Net cash provided by financing activities was $225.2 million in the nine-month period ended September 30, 2026, which mainly consisted of (i) $295.0 million of net receipts relating to our debt financing agreements (including proceeds of $1,543.7 million we received from 14 debt financing agreements), (ii) $42.6 million we paid for dividends to holders of our common stock for the fourth quarter of 2025, the first quarter of 2026 and the second quarter of 2026 and (iii) $2.8 million we paid for dividends to holders of our Series B Preferred Stock, $6.3 million we paid for dividends to holders of our Series C Preferred Stock and $6.6 million we paid for dividends to holders of our Series D Preferred Stock for the periods from October 15, 2025 to January 14, 2026, January 15, 2026 to April 14, 2026 and April 15, 2026 to July 14, 2026.

Net cash used in financing activities was $416.9 million in the nine-month period ended September 30, 2025, which mainly consisted of (i) $262.7 million of net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $135.2 million we received from four debt financing agreements), (ii) $100.0 million transferred to the spun-off entities, (iii) $41.2 million we paid for dividends to holders of our common stock for the fourth quarter of 2024, the first quarter of 2025 and the second quarter of 2025 and (iv) $2.8 million we paid for dividends to holders of our Series B Preferred Stock, $6.3 million we paid for dividends to holders of our Series C Preferred Stock and $6.6 million we paid for dividends to holders of our Series D Preferred Stock for the periods from October 15, 2024 to January 14, 2025, January 15, 2025 to April 14, 2025 and April 15, 2025 to July 14, 2025.

Liquidity and Unencumbered Vessels

Cash and cash equivalents

As of September 30, 2026, we had Cash and cash equivalents (including restricted cash) of $713.3 million and $19.8 million invested in short-dated U.S. Treasury Bills (short-term investments).

Debt-free vessels

As of October 27, 2026, the following 23 vessels were free of debt.

Unencumbered Vessels (Refer to Fleet list for full details)
Vessel Name	Year Built		TEU Capacity
TRITON	2016		14,424
MSC AMALFI	2014		9,403
VANTAGE	2013		8,827
KOWLOON	2005		7,471
KURE	1996		7,403
ZIM VIETNAM	2003		6,644
ZIM AMERICA	2003		6,644
MAERSK PUELO	2006		6,541
ARIES	2004		6,492
ARGUS	2004		6,492
GLEN CANYON	2006		5,642
GIALOVA	2009		4,578
DYROS	2008		4,578
NORFOLK	2009		4,259
VULPECULA	2010		4,258
VOLANS	2010		4,258
VIRGO	2009		4,258
ANDROUSA	2010		4,256
SCORPIUS	2007		2,572
ETOILE	2005		2,556
ARKADIA	2001		1,550
MICHIGAN	2008		1,300
LUEBECK	2001		1,078

About Costamare Inc.

Costamare Inc. is one of the world’s leading owners and providers of containerships for charter. The Company has 52 years of history in the international shipping industry and a fleet of 69 containerships in the water (including two vessels we have agreed to sell), with a total capacity of approximately 520,000 TEU. The Company also has 22 newbuild containerships under construction and has agreed to acquire two secondhand containerships, which together represent a total capacity of approximately 152,600 TEU. The Company participates in a lease financing business. The Company’s common stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock trade on the New York Stock Exchange under the symbols “CMRE”, “CMRE PR B”, “CMRE PR C” and “CMRE PR D”, respectively.

Forward-Looking Statements

This earnings release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could”, “expect” and similar expressions. These statements are not historical facts but instead represent only Costamare’s belief regarding future results, many of which, by their nature, are inherently uncertain and outside of Costamare’s control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Annual Report on Form 20-F (File No. 001-34934) under the caption “Risk Factors”.

Company Contacts:

Gregory Zikos – Chief Financial Officer
Konstantinos Tsakalidis – Business Development

Costamare Inc., Monaco
Tel: (+377) 93 25 09 40
Email: ir@costamare.com

Containership Fleet List

The tables below provide additional information, as of October 27, 2026, about our fleet of containerships, including the vessels under construction, and those vessels subject to sale and leaseback agreements. Each vessel is a cellular containership, meaning it is a dedicated container vessel.

	Vessel Name	Charterer	Year Built	Capacity (TEU)	Average Daily Charter Rate(1) (U.S. dollars)	TEU-weighted duration(2) (in years)	Expiration of Charter(3)
1	TRITON	Evergreen/(*)	2016	14,424	40,948	6.2	March 2036
2	TITAN	Evergreen/(*)	2016	14,424			April 2036
3	TALOS	Evergreen/(*)	2016	14,424			July 2036
4	TAURUS	Evergreen/(*)	2016	14,424			August 2036
5	THESEUS	Evergreen/(*)	2016	14,424			August 2036
6	YM TRIUMPH	Yang Ming	2020	12,690			May 2030
7	YM TRUTH	Yang Ming	2020	12,690			May 2030
8	YM TOTALITY(i)	Yang Ming	2020	12,690			July 2030
9	YM TARGET(i)	Yang Ming	2021	12,690			November 2030
10	YM TIPTOP(i)	Yang Ming	2021	12,690			March 2031
11	CAPE AKRITAS	MSC	2016	11,010			August 2031
12	CAPE TAINARO	MSC	2017	11,010			April 2031
13	CAPE KORTIA	MSC	2017	11,010			August 2031
14	CAPE SOUNIO	MSC	2017	11,010			April 2031
15	CAPE ARTEMISIO	MSC	2017	11,010			September 2030
16	SHANGHAI	COSCO	2006	9,469	34,888	2.6	August 2028
17	YANTIAN I	COSCO	2006	9,469			July 2028
18	YANTIAN	COSCO	2006	9,469			May 2028
19	COSCO HELLAS	COSCO	2006	9,469			August 2028
20	BEIJING	COSCO	2006	9,469			July 2028
21	MSC AZOV	MSC/(*)	2014	9,403			December 2029
22	MSC AMALFI	MSC/(*)	2014	9,403			January 2030
23	MSC AJACCIO	MSC/(*)	2014	9,403			December 2029
24	MSC ATHENS	MSC	2013	8,827			January 2029
25	MSC ATHOS	MSC	2013	8,827			February 2029
26	VALOR	MSC	2013	8,827			May 2030
27	VALUE	MSC	2013	8,827			June 2030
28	VALIANT	MSC	2013	8,827			August 2030
29	VALENCE	MSC	2013	8,827			August 2030
30	VANTAGE	MSC	2013	8,827			November 2030
31	NAVARINO	MSC	2010	8,531			March 2029
32	KLEVEN	MSC/(*)	1996	8,044			April 2028
33	KOTKA	MSC/(*)	1996	8,044			September 2028
34	KOWLOON	MSC	2005	7,471			January 2029
35	KURE	MSC	1996	7,403			August 2028
36	METHONI	Maersk/(*)	2003	6,724	31,539	2.3	October 2029
37	PORTO CHELI	Maersk/(*)	2001	6,712			October 2029
38	TAMPA I	COSCO	2000	6,648			September 2028
39	ZIM VIETNAM	ZIM	2003	6,644			December 2028
40	ZIM AMERICA	ZIM	2003	6,644			December 2028
41	MAERSK PUELO	Maersk	2006	6,541			January 2027(4)
42	ARIES	ONE	2004	6,492			March 2029
43	ARGUS	ONE	2004	6,492			May 2029
44	PORTO KAGIO(ii)	Maersk	2002	5,908			November 2026
45	GLEN CANYON	OOCL	2006	5,642			September 2028
46	NEW ACQUISITION No1 (iii)	(*)	2001	5,610			May 2030(5)
47	NEW ACQUISITION No2 (iii)	(*)	2001	5,610			June 2030(6)
48	PORTO GERMENO(ii)	Maersk	2002	5,570			December 2026
49	LEONIDIO	Maersk/(*)	2014	4,957			October 2029
50	KYPARISSIA	Maersk/(*)	2014	4,957			October 2029
51	MEGALOPOLIS	Maersk/(*)	2013	4,957			May 2030
52	MARATHOPOLIS	Maersk/(*)	2013	4,957			May 2030
53	GIALOVA	ONE	2009	4,578	27,804	2.5	April 2029
54	DYROS	Maersk/(*)	2008	4,578			April 2030
55	NORFOLK	OOCL	2009	4,259			March 2028
56	VULPECULA	ZIM	2010	4,258			May 2028
57	VOLANS	COSCO/(*)	2010	4,258			August 2030
58	VIRGO	Maersk/(*)	2009	4,258			April 2030
59	VELA	ZIM	2009	4,258			April 2028
60	ANDROUSA	OOCL	2010	4,256			April 2029
61	NEOKASTRO	ANL Singapore	2011	4,178	21,967	2.2	April 2030
62	ULSAN	COSCO	2002	4,132			June 2029
63	POLAR BRASIL	Maersk	2018	3,800			March 2028
64	LAKONIA	COSCO/(*)	2004	2,586			April 2029
65	SCORPIUS	Maersk	2007	2,572			March 2028
66	ETOILE	MSC	2005	2,556			July 2028
67	AREOPOLIS	COSCO/(*)	2000	2,474			May 2029
68	ARKADIA	Evergreen/(*)	2001	1,550			November 2028
69	MICHIGAN	MSC	2008	1,300			October 2027
70	TRADER	MSC/(*)	2008	1,300			October 2028
71	LUEBECK	MSC	2001	1,078			April 2028

Containerships under construction

	Vessel	Charterer	Capacity (TEU)	Estimated Delivery(7)	Employment
1	Newbuilding 1	COSCO	9,200	Q3 2028	Long Term Employment upon delivery from shipyard
2	Newbuilding 2	COSCO	9,200	Q3 2028	Long Term Employment upon delivery from shipyard
3	Newbuilding 3	COSCO	9,200	Q4 2028	Long Term Employment upon delivery from shipyard
4	Newbuilding 4	COSCO	9,200	Q4 2028	Long Term Employment upon delivery from shipyard
5	Newbuilding 5	COSCO	9,200	Q1 2029	Long Term Employment upon delivery from shipyard
6	Newbuilding 6	COSCO	9,200	Q2 2029	Long Term Employment upon delivery from shipyard
7	Newbuilding 7	COSCO	9,200	Q2 2029	Long Term Employment upon delivery from shipyard
8	Newbuilding 8	COSCO	9,200	Q2 2029	Long Term Employment upon delivery from shipyard
9	Newbuilding 9	COSCO	9,200	Q3 2029	Long Term Employment upon delivery from shipyard
10	Newbuilding 10	COSCO	9,200	Q3 2029	Long Term Employment upon delivery from shipyard
11	Newbuilding 11	COSCO	9,200	Q1 2030	Long Term Employment upon delivery from shipyard
12	Newbuilding 12	COSCO	9,200	Q2 2030	Long Term Employment upon delivery from shipyard
13	Newbuilding 13	(*)	3,100	Q2 2027	Long Term Employment upon delivery from shipyard
14	Newbuilding 14	(*)	3,100	Q2 2027	Long Term Employment upon delivery from shipyard
15	Newbuilding 15	COSCO	3,100	Q2 2027	Long Term Employment upon delivery from shipyard
16	Newbuilding 16	(*)	3,100	Q3 2027	Long Term Employment upon delivery from shipyard
17	Newbuilding 17	(*)	3,100	Q3 2027	Long Term Employment upon delivery from shipyard
18	Newbuilding 18	(*)	3,100	Q3 2027	Long Term Employment upon delivery from shipyard
19	Newbuilding 19	(*)	3,100	Q4 2027	Long Term Employment upon delivery from shipyard
20	Newbuilding 20	COSCO	3,100	Q2 2028	Long Term Employment upon delivery from shipyard
21	Newbuilding 21	COSCO	3,100	Q3 2028	Long Term Employment upon delivery from shipyard
22	Newbuilding 22	COSCO	3,100	Q3 2028	Long Term Employment upon delivery from shipyard

1. Average Daily Charter Rate is calculated by dividing the total contracted revenues by the remaining employment days per capacity-group of vessels.
2. TEU-weighted duration reflects the average remaining duration per capacity-group of vessels weighted on a TEU basis.
3. Expiration dates are based on the earliest date charters (unless otherwise noted) could expire.
4. Maersk Puelo is currently chartered to Maersk until January 2027 (earliest redelivery) - September 2031 (latest redelivery).
5. Assuming delivery of the vessel in November 2026.
6. Assuming delivery of the vessel in December 2026.
7. Based on the latest estimated delivery schedule, subject to change.

1. Denotes vessels subject to a sale and leaseback transaction.
2. Denotes vessels we have agreed to sell.
3. Denotes vessels we have agreed to acquire.

     ^(*)  Denotes charterer’s identity, which is treated as confidential.

COSTAMARE INC. Consolidated Statements of Income
		Nine-months ended September 30,								Three-months ended September 30,
(Expressed in thousands of U.S. dollars, except share and per share amounts)		2025				2026				2025				2026
		(Unaudited)								(Unaudited)
REVENUES:
Voyage revenue	$	643,976			$	614,374			$	215,898			$	212,063
Income from investments in leaseback vessels		21,952				26,256				9,270				8,324
Total revenues	$	665,928			$	640,630			$	225,168			$	220,387
EXPENSES:
Voyage expenses		(37,767	)			(48,921	)			(14,384	)			(18,062	)
Voyage expenses – related parties		(8,647	)			(7,615	)			(2,828	)			(2,583	)
Vessels’ operating expenses		(120,102	)			(129,002	)			(40,931	)			(44,913	)
General and administrative expenses		(9,417	)			(15,072	)			(2,177	)			(6,771	)
Management fees – related parties		(21,516	)			(22,317	)			(7,338	)			(7,533	)
General and administrative expenses – non-cash component		(4,617	)			(6,823	)			(1,782	)			(2,197	)
Amortization of dry-docking and special survey costs		(14,530	)			(17,421	)			(5,000	)			(6,313	)
Depreciation		(96,112	)			(97,245	)			(32,620	)			(31,831	)
Foreign exchange gains / (losses)		2,233				(2,188	)			(338	)			(1,212	)
Operating income	$	355,453			$	294,026			$	117,770			$	98,972
OTHER INCOME / (EXPENSES):
Interest income	$	15,520			$	9,947			$	3,741			$	3,295
Interest and finance costs		(66,813	)			(55,277	)			(21,603	)			(18,768	)
Other		700				435				673				157
Gain / (loss) on derivative instruments, net		12,537				11,629				(1,230	)			11,303
Total other expenses, net	$	(38,056	)		$	(33,266	)		$	(18,419	)		$	(4,013	)
Net Income from continuing operations	$	317,397			$	260,760			$	99,351			$	94,959
Net Loss from discontinued operations		(27,547	)			-				-				-
Net Income	$	289,850			$	260,760			$	99,351			$	94,959
Earnings allocated to Preferred Stock		(15,690	)			(15,690	)			(5,288	)			(5,288	)
Net Income attributable to the non-controlling interest		(3,119	)			(3,897	)			(1,442	)			(1,145	)
Net Income available to common stockholders	$	271,041			$	241,173			$	92,621			$	88,526
Earnings per common share, basic and diluted - Total	$	2.26			$	2.00			$	0.77			$	0.73
Earnings per common share, basic and diluted – Continuing operations	$	2.48			$	2.00			$	0.77			$	0.73
Losses per common share, basic and diluted – Discontinued operations	$	(0.23	)		$	-			$	-			$	-
Weighted average number of shares, basic and diluted		120,119,317				120,744,583				120,276,106				120,897,256

COSTAMARE INC. Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars)		As of December 31, 2025				As of September 30, 2026
ASSETS		(Audited)				(Unaudited)
CURRENT ASSETS:
Cash and Cash equivalents	$	519,847			$	653,138
Restricted cash		8,123				6,193
Short-term investments		19,276				19,753
Investment in leaseback vessels, current		55,075				63,445
Due from related parties, current		-				75
Accounts receivable		11,580				12,717
Inventories		14,121				16,389
Fair value of derivatives		5,349				2,470
Insurance claims receivable		7,005				12,903
Time-charter assumed		74				-
Vessels held for sale		-				45,494
Accrued charter revenue		5,576				5,156
Prepayments and other		44,642				52,637
Total current assets	$	690,668			$	890,370
FIXED ASSETS, NET:
Vessels and advances, net		2,738,982				2,987,019
Total fixed assets, net	$	2,738,982			$	2,987,019
NON-CURRENT ASSETS:
Investment in leaseback vessels, non-current	$	309,515			$	327,548
Deferred charges, net		53,792				74,712
Net investment in sales type lease (Vessels), non-current		11,282				21,619
Accounts receivable, non-current		2,025				1,500
Due from related parties, non-current		1,125				1,500
Restricted cash		42,307				53,998
Fair value of derivatives, non-current		9,294				2,408
Accrued charter revenue, non-current		3,672				3,191
Total assets	$	3,862,662			$	4,363,865
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	268,131			$	203,165
Accounts payable		11,267				13,200
Due to related parties		7,224				9,857
Accrued liabilities		22,620				23,963
Unearned revenue		42,627				55,210
Fair value of derivatives		24				112
Other current liabilities		46,675				47,771
Total current liabilities	$	398,568			$	353,278
NON-CURRENT LIABILITIES
Long-term debt, net of current portion	$	1,246,707			$	1,604,433
Fair value of derivatives, net of current portion		45				-
Unearned revenue, net of current portion		43,161				32,443
Other non-current liabilities		15,225				14,872
Total non-current liabilities	$	1,305,138			$	1,651,748
COMMITMENTS AND CONTINGENCIES		-				-
STOCKHOLDERS’ EQUITY:
Preferred stock	$	-			$	-
Common stock		13				13
Treasury stock		(120,095	)			(120,095	)
Additional paid-in capital		1,333,223				1,340,272
Retained earnings		868,733				1,067,041
Accumulated other comprehensive income / (loss)		4,320				(1,035	)
Total Costamare Inc. stockholders’ equity	$	2,086,194			$	2,286,196
Non-controlling interest		72,762				72,643
Total stockholders’ equity		2,158,956				2,358,839
Total liabilities and stockholders’ equity	$	3,862,662			$	4,363,865

FAQ

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

What were Costamare's third-quarter 2026 earnings?

Costamare earned $88.5 million, or $0.73 per share, from continuing operations available to common shareholders. Adjusted earnings, a non-GAAP measure, were $89.4 million, or $0.74 per share, compared with $98.024 million, or $0.81 per share, a year earlier.

How much debt financing did Costamare arrange?

Costamare drew $1.3 billion under completed refinancing agreements and signed a separate $92 million loan agreement with an Asian bank. The completed refinancing covers 39 vessels; the additional loan covers two vessels, with drawdown expected in Q4 2026.

When will Costamare pay its declared common dividend?

Costamare's declared common dividend of $0.125 per share is payable on November 5, 2026, to shareholders of record on October 20, 2026. The dividend was declared on October 1, 2026.

How does the Costamare Bulkers spin-off affect Costamare's earnings comparisons?

The dry bulk business is presented as discontinued operations following its May 6, 2025 spin-off into Costamare Bulkers Holdings (NYSE: CMDB). Nine-month 2025 discontinued results include that business through the spin-off date, while nine-month 2026 has none, making those discontinued-operation periods noncomparable.

What fleet and currency assumptions apply to Costamare's charter coverage?

Employment coverage is measured by container capacity and includes two secondhand containerships agreed to be acquired, but excludes 22 vessels under construction and two agreed sales. Contracted revenue and duration include the newbuilds and agreed acquisitions. Charter rates for 16 newbuilds are in another currency and were translated using October 27, 2026 exchange rates.