Euroholdings Ltd Reports Results for the Quarter and Six-Month Period, Ended June 30, 2025 and Announces Decision to Focus on the Tanker Sector
Euroholdings Ltd (NASDAQ: EHLD) reported its Q2 and H1 2025 financial results and announced a strategic shift to focus on the tanker sector. In Q2 2025, the company generated total net revenues of $2.9 million and net income of $0.8 million ($0.30 per share). For H1 2025, net revenues were $5.8 million with net income of $11.9 million ($4.28 per share), including a $10.23 million gain from vessel sale.
The company operated an average of 2.0 vessels during Q2 2025, earning an average time charter rate of $16,528 per day. The Board declared a quarterly dividend of $0.14 per share. Notably, Marla Investments Inc. acquired a 51.04% stake in the company, strengthening its shareholder base. The company plans to pursue investments in modern medium range product tankers as part of its new strategic focus.
Euroholdings Ltd (NASDAQ: EHLD) ha pubblicato i risultati finanziari del Q2 e del primo semestre 2025 e ha annunciato un cambio strategico per concentrarsi sul settore delle petroliere. Nel Q2 2025 la società ha registrato ricavi netti totali di $2.9 million e un utile netto di $0.8 million ($0.30 per azione). Per il primo semestre 2025 i ricavi netti sono stati $5.8 million con un utile netto di $11.9 million ($4.28 per azione), comprensivo di una plusvalenza di $10.23 million derivante dalla vendita di una nave.
La società ha operato in media 2.0 navi durante il Q2 2025, ottenendo una tariffa media in time charter di $16,528 al giorno. Il Consiglio ha dichiarato un dividendo trimestrale di $0.14 per azione. Da notare che Marla Investments Inc. ha acquisito una partecipazione del 51.04% nell'azienda, rafforzandone la base azionaria. La società intende indirizzare i propri investimenti verso moderne petroliere product di media portata nell'ambito della nuova strategia.
Euroholdings Ltd (NASDAQ: EHLD) publicó sus resultados financieros del 2T y del 1S 2025 y anunció un giro estratégico para enfocarse en el sector de tankers. En el 2T 2025 la compañía registró ingresos netos totales de $2.9 million y un beneficio neto de $0.8 million ($0.30 por acción). En el 1S 2025 los ingresos netos fueron de $5.8 million con un beneficio neto de $11.9 million ($4.28 por acción), que incluye una ganancia de $10.23 million por la venta de un buque.
La compañía operó un promedio de 2.0 buques durante el 2T 2025, obteniendo una tarifa media de time charter de $16,528 por día. El Consejo declaró un dividendo trimestral de $0.14 por acción. Cabe destacar que Marla Investments Inc. adquirió una participación del 51.04% en la compañía, reforzando su base accionarial. La empresa planea invertir en modernos product tankers de alcance medio como parte de su nueva estrategia.
Euroholdings Ltd (NASDAQ: EHLD)는 2025년 2분기 및 상반기 실적을 발표하고 탱커(유조선) 부문에 주력하는 전략적 전환을 발표했습니다. 2025년 2분기 회사는 총 순매출 $2.9 million과 $0.8 million(주당 $0.30)의 순이익을 기록했습니다. 2025년 상반기에는 순매출이 $5.8 million, 순이익이 $11.9 million(주당 $4.28)였으며, 여기에는 선박 매각으로 인한 $10.23 million의 이익이 포함되어 있습니다.
회사는 2025년 2분기 동안 평균 2.0척을 운영했으며, 평균 타임차터 운임은 $16,528/일이었습니다. 이사회는 주당 $0.14의 분기 배당을 선언했습니다. 특히 Marla Investments Inc.가 회사 지분의 51.04%를 취득해 주주 구성이 강화되었습니다. 회사는 새로운 전략의 일환으로 최신형 중형 프로덕트 탱커에 대한 투자를 추진할 계획입니다.
Euroholdings Ltd (NASDAQ: EHLD) a publié ses résultats financiers du T2 et du 1er semestre 2025 et a annoncé une réorientation stratégique vers le secteur des tankers. Au T2 2025, la société a dégagé des revenus nets totaux de $2.9 million et un résultat net de $0.8 million (0,30 $ par action). Pour le 1er semestre 2025, les revenus nets se sont élevés à $5.8 million avec un résultat net de $11.9 million (4,28 $ par action), incluant une plus-value de $10.23 million liée à la vente d'un navire.
La société a exploité en moyenne 2.0 navires au T2 2025, réalisant un taux moyen de time charter de $16,528 par jour. Le conseil d'administration a déclaré un dividende trimestriel de $0.14 par action. Notamment, Marla Investments Inc. a acquis une participation de 51.04% dans la société, renforçant sa base d'actionnaires. La société prévoit d'investir dans des product tankers modernes de taille moyenne dans le cadre de sa nouvelle stratégie.
Euroholdings Ltd (NASDAQ: EHLD) veröffentlichte die Finanzergebnisse für Q2 und H1 2025 und kündigte eine strategische Neuausrichtung mit Fokus auf den Tankersektor an. Im Q2 2025 erzielte das Unternehmen Gesamtnettoumsätze von $2.9 million und einen Nettogewinn von $0.8 million ($0.30 je Aktie). Für H1 2025 beliefen sich die Nettoumsätze auf $5.8 million bei einem Nettogewinn von $11.9 million ($4.28 je Aktie), einschließlich eines $10.23 million Gewinns aus dem Verkauf eines Schiffs.
Im Q2 2025 betrieb das Unternehmen durchschnittlich 2.0 Schiffe und erzielte eine durchschnittliche Time-Charter-Rate von $16,528 pro Tag. Der Vorstand hat eine quartalsweise Dividende von $0.14 je Aktie beschlossen. Bemerkenswert ist, dass Marla Investments Inc. einen 51.04% Anteil an dem Unternehmen erworben hat, wodurch die Aktionärsstruktur gestärkt wurde. Das Unternehmen plant, im Rahmen der neuen Strategie in moderne mittelgroße Product-Tanker zu investieren.
- Net income of $11.9 million in H1 2025, significantly higher than $3.8 million in H1 2024
- Successful vessel sale of M/V Diamantis P generating $10.23 million gain
- Higher average time charter rates of $16,528/day in Q2 2025, up 7.1% year-over-year
- Strong shareholder base with Marla Investments (Latsis family) acquiring 51.04% stake
- Maintained 100% fleet utilization in Q2 2025
- Quarterly dividend of $0.14 per share, representing ~7.5% annualized yield
- Total net revenues decreased 27.8% to $2.9 million in Q2 2025 vs Q2 2024
- Fleet size reduced to 2 vessels from 3 vessels year-over-year
- Daily vessel operating expenses increased to $11,296 from $6,349 year-over-year
- Higher general and administrative expenses due to spin-off and public company costs
Insights
Euroholdings reports profitable Q2 results while strategically pivoting from containers to tankers with strong shareholder backing.
Euroholdings Ltd (EHLD) has delivered solid Q2 2025 results with
Most notably, Euroholdings has announced a strategic pivot to the tanker sector, initially targeting modern medium-range product tankers. This transition comes after the company's recent spinoff from Euroseas (ESEA) in March 2025 and the significant ownership change where Marla Investments (associated with Greece's Latsis family) acquired
The company declared a quarterly dividend of
The company's operating expenses increased on a per-vessel basis to
The company's shift from containers to tankers represents a significant strategic redirection. With the backing of major shareholders with substantial financial resources (the Latsis family and Pittas family), Euroholdings appears positioned to execute its growth strategy in the product tanker sector while potentially benefiting from continued strength in containership markets.
ATHENS, Greece, Aug. 12, 2025 (GLOBE NEWSWIRE) -- Euroholdings Ltd (NASDAQ: EHLD, the “Company” or “Euroholdings”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today its results for the three- and six-month periods ended June 30, 2025. The Company was incorporated by Euroseas Ltd. (NASDAQ: ESEA, or "Euroseas") to serve as the holding company of three subsidiaries that were contributed by Euroseas to Euroholdings effective January 1, 2025; Euroseas spun-off Euroholdings on March 17, 2025, which has since been operated as an independent company. The results below refer to Euroholdings and its subsidiaries for the periods presented. Historical comparative periods reflect the results of the carve-out operations of the three vessels that were contributed to the Company.
Second Quarter 2025 Financial Highlights:
- Total net revenues of
$2.9 million . Net income of$0.8 million ; or$0.30 earnings per share basic and diluted. Adjusted net income for the period remained unchanged at$0.8 million or$0.30 per share basic and diluted. - Adjusted EBITDA1 was
$0.8 million . - An average of 2.0 vessels were owned and operated during the second quarter of 2025 earning an average time charter equivalent rate of
$16,528 per day. - Declared a quarterly dividend of
$0.14 per share for the second quarter of 2025, payable on or about September 16, 2025, to shareholders of record on September 9, 2025.
First Half 2025 Financial Highlights:
- Total net revenues of
$5.8 million . Net income of$11.9 million ; or$4.28 earnings per share basic and diluted. Adjusted net income for the period was$1.7 million or$0.60 per share basic and diluted. - Adjusted EBITDA1 was
$1.7 million . - An average of 2.08 vessels were owned and operated during the first quarter of 2025 earning an average time charter equivalent rate of
$16,158 per day.
Recent Developments:
- Our Board of Directors decided to focus on the tanker sector and, initially, pursue a modern medium range product tanker investment.
Aristides Pittas, Chaiman, President and CEO of Euroholdings commented: “We are pleased to report the results for the first half of 2025 of Euroholdings, a company spun-off from Euroseas Ltd., in March 2025, containing 2 elder containerships and the proceeds from the sale of a third one. As both our vessels have been profitably chartered, we are pleased to report profitable results according to our expectations and happy to announce the declaration of the second quarterly dividend representing an annualized yield of about
“We are also happy to report that as announced in late June 2025, our shareholder base has been further strengthened as Marla Investments Inc., a company associated with the Latsis family of Greece, has acquired
“In that context, our Board decided to focus our growth in the tanker sector and, initially, the medium range (“MR”) product tankers. Over the next several months, we will be gradually implementing this growth strategy targeting modern vessels.
“In parallel, as the containership markets have remained strong, our feeder vessels may be rechartered beyond their current contracts contributing further earnings and value to our shareholders and further enabling the execution of our growth plan in the product tanker sector.”
Athina Atalioti, Chief Financial Officer of Euroholdings commented: “In the second quarter of 2025, on a per-vessel-per-day basis, our vessels earned an average charter rate of
“Total daily vessel operating expenses, including management fees, general and administrative expenses but excluding drydocking costs, averaged
“Adjusted EBITDA during the second quarter of 2025 was
Second Quarter 2025 Results:
For the second quarter of 2025, the Company reported total net revenues of
For the second quarter of 2025, voyage expenses amounted to
Related party management fees for the period were
The Company reported net income for the second quarter of 2025 of
Adjusted EBITDA for the second quarter of 2025 was
Basic and diluted earnings per share for the second quarter of 2025 was
The adjusted net earnings for the quarter ended June 30, 2025, decreased to
First Half 2025 Results:
For the first half of 2025, the Company reported total net revenues of
For the first half of 2025, Voyage expenses, net, were
Vessel operating expenses were
Related party management fees for the first half of 2025 decreased to
General and administrative expenses for the first half of 2025 were
During the first half of 2025 one of our vessels completed its intermediate survey for a total cost of
On January 10, 2025, the Company signed an agreement to sell M/V Diamantis P, a 2,008 teu container carrier, built in 1998, for further trading, for approximately
Interest and other financing costs for the first half of 2025 were nil. For the same period of 2024 interest and other financing costs amounted to
The Company reported net income for the period of
Adjusted EBITDA for the first half of 2025 was
Basic and diluted earnings per share for the first half of 2025 was
Excluding the effect on the earnings for the first half of the year of the net gain of sale of vessel, the adjusted net earnings for the six-month period ended June 30, 2025, would have been
Fleet Profile:
The Euroholdings Ltd. fleet profile is as follows:
| Name | Type | Dwt | TEU | Year Built | Employment(*) | TCE Rate ($/day) | |
| JOANNA(**) | Feeder | 22,301 | 1,732 | 1999 | TC until Mar-26 then until Sep-26, then until Nov-26 | ||
| AEGEAN EXPRESS(*) | Feeder | 18,581 | 1,439 | 1997 | TC until Nov-25 | ||
| Total Container Carriers | 2 | 40,882 | 3,171 | ||||
Note:
(*) TC denotes time charter. All dates listed are the earliest redelivery dates under each TC.
(**) Period to November 2026 is at the option of the charterer
Summary Fleet Data:
| 3 months, ended June 30, 2024 | 3 months, ended June 30, 2025 | 6 months ended June 30, 2024 | 6 months ended June 30, 2025 | |||||
| FLEET DATA | ||||||||
| Average number of vessels (1) | 3.0 | 2.0 | 3.0 | 2.08 | ||||
| Calendar days for fleet (2) | 273.0 | 182.0 | 546.0 | 376.4 | ||||
| Scheduled off-hire days incl. laid-up (3) | 0.0 | - | - | 7.3 | ||||
| Available days for fleet (4) = (2) - (3) | 273.0 | 182.0 | 546.0 | 369.1 | ||||
| Commercial off-hire days (5) | - | - | 3.7 | - | ||||
| Operational off-hire days (6) | - | - | 1.2 | - | ||||
| Voyage days for fleet (7) = (4) - (5) - (6) | 273.0 | 182.0 | 541.1 | 369.1 | ||||
| Fleet utilization (8) = (7) / (4) | ||||||||
| Fleet utilization, commercial (9) = ((4) - (5)) / (4) | ||||||||
| Fleet utilization, operational (10) = ((4) - (6)) / (4) | ||||||||
| AVERAGE DAILY RESULTS | ||||||||
| Time charter equivalent rate (11) | 15,435 | 16,528 | 15,084 | 16,158 | ||||
| Vessel operating expenses excl. drydocking expenses (12) | 5,723 | 7,184 | 6,424 | 7,159 | ||||
| General and administrative expenses (13) | 626 | 4,112 | 639 | 2,699 | ||||
| Total vessel operating expenses (14) | 6,349 | 11,296 | 7,063 | 9,858 | ||||
| Drydocking expenses (15) | - | 67 | - | 904 | ||||
(1) Average number of vessels is the number of vessels that constituted the Company’s fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company’s fleet during the period divided by the number of calendar days in that period.
(2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was owned by us including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period.
(3) The scheduled off-hire days including vessels laid-up, vessels committed for sale or vessels that suffered unrepaired damages, are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up, or vessels that were committed for sale or suffered unrepaired damages.
(4) Available days. We define available days as the total number of Calendar days in a period net of scheduled off-hire days incl. laid up. We use available days to measure the number of days in a period during which vessels were available to generate revenues.
(5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment.
(6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels.
(7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes.
(8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. We use fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment.
(9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period.
(10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period.
(11) Time charter equivalent rate, or TCE, is a measure of the average daily net revenue performance of our vessels. Our method of calculating TCE is determined by dividing time charter revenue and voyage charter revenue, if any, net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract or are related to repositioning the vessel for the next charter. TCE provides additional meaningful information in conjunction with time charter revenue and voyage charter revenue, if any, the most directly comparable GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters, pool agreements and bareboat charters) under which the vessels may be employed between the periods. Our definition of TCE may not be comparable to that used by other companies in the shipping industry.
(12) We calculate daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and related party management fees by dividing vessel operating expenses and related party management fees by fleet calendar days for the relevant time period. Drydocking expenses are reported separately.
(13) Daily general and administrative expense is calculated by us by dividing general and administrative expenses by fleet calendar days for the relevant time period.
(14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. We compute TVOE as the sum of vessel operating expenses, related party management fees and general and administrative expenses; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.
(15) Daily drydocking expenses is calculated by us by dividing drydocking expenses by the fleet calendar days for the relevant period. Drydocking expenses include expenses during drydockings that would have been capitalized and amortized under the deferral method. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period. The Company expenses drydocking expenses as incurred.
Conference Call and Webcast:
Today, August 12, 2025 at 10:00 a.m. Eastern Time, the Company's management will host a conference call and webcast to discuss the results.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “EuroHoldings” to the operator and/or conference ID 13755324. Click here for additional participant International Toll-Free access numbers.
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
Audio Webcast ‐ Slides Presentation:
There will be a live and then archived webcast of the conference call and accompanying slides, available on the Company’s website. To listen to the archived audio file, visit our website http://www.euroholdings.gr and click on Company Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
The slide presentation for the second quarter ended June 30, 2025, will also be available in PDF format minutes prior to the conference call and webcast, accessible on the company's website (www.euroholdings.gr) on the webcast page. Participants to the webcast can download the PDF presentation.
| Euroholdings Ltd. Unaudited Consolidated Condensed Statements of Operations (All amounts expressed in U.S. Dollars – except number of shares) |
| Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | Six months ended June 30, 2024 | Six months ended June 30, 2025 | |||||||||||
| (unaudited) | ||||||||||||||
| Revenues | ||||||||||||||
| Time charter revenue | 4,265,110 | 3,034,295 | 8,320,061 | 6,024,147 | ||||||||||
| Commissions | (227,793 | ) | (119,210 | ) | (457,105 | ) | (236,553 | ) | ||||||
Net revenues | 4,037,317 | 2,915,085 | 7,862,956 | 5,787,594 | ||||||||||
| Operating expenses / (income) | ||||||||||||||
| Voyage expenses | 51,129 | 26,115 | 158,323 | 60,244 | ||||||||||
| Vessel operating expenses | 1,321,941 | 1,118,180 | 3,026,067 | 2,262,211 | ||||||||||
| Drydocking expenses | - | 12,147 | - | 340,097 | ||||||||||
| Vessel depreciation | - | 21,390 | 16,019 | 31,390 | ||||||||||
| Related party management fees | 240,408 | 189,343 | 481,542 | 432,352 | ||||||||||
| General and administrative expenses | 170,916 | 748,298 | 348,957 | 1,015,762 | ||||||||||
| Net gain on sale of vessel | - | - | - | (10,230,210 | ) | |||||||||
| Total Operating expenses / (income), net | 1,784,394 | 2,115,473 | 4,030,908 | (6,088,154 | ) | |||||||||
| Operating income | 2,252,923 | 799,612 | 3,832,048 | 11,875,748 | ||||||||||
| Other income / (expenses) | ||||||||||||||
| Interest and other financing costs | - | - | (65,989 | ) | - | |||||||||
| Foreign exchange gain / (loss) | 3,983 | (12,971 | ) | 4,122 | (9,822 | ) | ||||||||
| Interest income | - | 35,897 | - | 38,414 | ||||||||||
| Other income / (expenses), net | 3,983 | 22,927 | (61,867 | ) | 28,593 | |||||||||
| Net income | 2,256,906 | 822,538 | 3,770,181 | 11,904,340 | ||||||||||
| Earnings per share, basic and diluted | 0.81 | 0.30 | 1.36 | 4.28 | ||||||||||
| Weighted average number of shares, basic and diluted | 2,780,855 | 2,783,999 | 2,780,855 | 2,782,436 | ||||||||||
| Euroholdings Ltd. Unaudited Consolidated Condensed Balance Sheets (All amounts expressed in U.S. Dollars – except number of shares) | |||
| December 31, 2024 | June 30, 2025 | ||
| ASSETS | (unaudited) | ||
| Current Assets: | |||
| Cash and cash equivalents | 129,541 | 15,108,477 | |
| Trade accounts receivable | 443,229 | 251,758 | |
| Other receivables, net | 65,259 | 48,950 | |
| Inventories | 647,879 | 184,983 | |
| Prepaid expenses | 107,799 | 211,434 | |
| Due from related company | 980,952 | 992,336 | |
| Total current assets | 2,374,659 | 16,797,938 | |
| Fixed assets: | |||
| Vessels, net | 6,238,768 | 3,611,001 | |
| Total assets | 8,613,427 | 20,408,939 | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||
| Current liabilities: | |||
| Trade accounts payable | 1,510,281 | 475,736 | |
| Accrued expenses | 710,587 | 625,850 | |
| Dividends payable | - | 394,326 | |
| Deferred revenue | 153,791 | 878,165 | |
| Total current liabilities | 2,374,659 | 2,374,077 | |
| Total liabilities | 2,374,659 | 2,374,077 | |
| Shareholders' equity: | |||
| Share capital ( | - | 28,166 | |
| Additional paid-in capital | - | 6,496,682 | |
| Net former parent company investment | 6,238,768 | - | |
| Retained earnings | - | 11,510,014 | |
| Total shareholders’ equity | 6,238,768 | 18,034,862 | |
| Total liabilities and shareholders’ equity | 8,613,427 | 20,408,939 | |
| Euroholdings Ltd. Unaudited Consolidated Condensed Statements of Cash Flows (All amounts expressed in U.S. Dollars) | |||||
| Six Months Ended June 30, | Six Months Ended June 30, | ||||
| 2024 | 2025 | ||||
| Cash flows from operating activities: | |||||
| Net income | 3,770,181 | 11,904,340 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||
| Vessel depreciation | 16,019 | 31,390 | |||
| Share based compensation cost | - | 286,080 | |||
| Gain on sale of vessel | - | (10,230,210 | ) | ||
| Amortization of deferred charges | 33,740 | - | |||
| Changes in operating assets and liabilities | 456,401 | 230,652 | |||
| Net cash provided by operating activities | 4,276,341 | 2,222,252 | |||
| Cash flows from investing activities: | |||||
| Cash paid for vessel improvements | (126,052 | ) | (118,803 | ) | |
| Net proceeds from sale of vessel | - | 12,875,487 | |||
| Net cash (used in) / provided by investing activities | (126,052 | ) | 12,756,684 | ||
| Cash flows from financing activities: | |||||
| Repayment of long-term bank loan | (1,925,000 | ) | - | ||
| Net transfers to former parent company | (2,624,048 | ) | - | ||
| Net cash used in financing activities | (4,549,048 | ) | - | ||
| Net (decrease) / increase in cash and cash equivalents | (398,759 | ) | 14,978,936 | ||
| Cash and cash equivalents at beginning of period | 493,387 | 129,541 | |||
| Cash and cash equivalents at end of period | 94,628 | 15,108,477 | |||
| Euroholdings Ltd. Reconciliation of Adjusted EBITDA to Net income (All amounts expressed in U.S. Dollars) |
| Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | |||
| Net income | 2,256,906 | 822,538 | 3,770,181 | 11,904,340 | ||
| Interest and other financing costs / (interest income) - net | - | (35,897 | ) | 65,989 | (38,414 | ) |
| Vessel depreciation | - | 21,390 | 16,019 | 31,390 | ||
| Net gain on sale of vessel | - | - | - | (10,230,210 | ) | |
| Adjusted EBITDA | 2,256,906 | 808,031 | 3,852,189 | 1,667,106 | ||
Adjusted EBITDA Reconciliation:
Euroholdings Ltd. considers Adjusted EBITDA to represent net income before interest and other financing costs, income taxes, depreciation and gain on sale of vessel. Adjusted EBITDA does not represent and should not be considered as an alternative to net income, as determined by United States generally accepted accounting principles, or GAAP. Adjusted EBITDA is included herein because as a supplemental basis upon which the Company assesses its financial performance and because the Company believes that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period by excluding the potentially disparate effects between periods of financial costs, gain on sale of vessel and depreciation. The Company's definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.
| Euroholdings Ltd. Reconciliation of Adjusted net income to Net income (All amounts expressed in U.S. Dollars – except share data and number of shares) |
| Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | ||
| Net income | 2,256,906 | 822,538 | 3,770,181 | 11,904,340 | |
| Net gain on sale of vessel | - | - | - | (10,230,210 | ) |
| Adjusted net income | 2,256,906 | 822,538 | 3,770,181 | 1,674,130 | |
| Adjusted earnings per share, basic and diluted | 0.81 | 0.30 | 1.36 | 0.60 | |
| Weighted average number of shares, basic and diluted | 2,780,855 | 2,783,999 | 2,780,855 | 2,782,436 | |
Adjusted net income and Adjusted earnings per share Reconciliation:
Euroholdings Ltd. considers Adjusted net income to represent net income before gain on sale of vessel. Adjusted net income and Adjusted earnings per share are included herein because we believe they assist our management and investors by increasing the comparability of the Company's fundamental performance from period to period by increasing the comparability of the Company's fundamental performance from period to period by excluding the potentially disparate effects between periods of gain on sale of vessel, which may significantly affect results of operations between periods.
Adjusted net income and Adjusted earnings per share do not represent and should not be considered as an alternative to net income or earnings per share, as determined by GAAP, The Company's definition of Adjusted net income and Adjusted earnings per share may not be the same as that used by other companies in the shipping or other industries. Adjusted net income and Adjusted earnings per share are not adjusted for all non-cash income and expense items that are reflected in our statement of cash flows.
About Euroholdings Ltd.
Euroholdings Ltd. was formed on March 20, 2024, under the laws of the Republic of the Marshall Islands. The Company was incorporated by Euroseas Ltd. (NASDAQ: ESEA, or "Euroseas") to serve as the holding company of three subsidiaries that were contributed by Euroseas effective January 1,2025. On March 17, 2025, Euroseas distributed all the shares of Euroholdings to its shareholders thereby spinning off Euroholdings. Euroholdings began trading on NASDAQ Capital Market under the ticker EHLD on March 18, 2025.
Euroholdings operates in the container shipping market. Euroholdings' operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroholdings employs its vessels on period charters.
The Company has a fleet of 2 Feeder container carriers with a total carrying capacity of 3,171 TEU.
Forward Looking Statement
This press release contains forward-looking statements, including as defined under U.S. federal securities laws, concerning future events. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words such as “anticipates,” “may,” “potential,” “predicts,” “projects,” “should,” "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission (the “SEC”). Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the SEC, which can be obtained free of charge on the SEC’s website at www.sec.gov.
Visit our website www.Euroholdings.gr
| Company Contact | Investor Relations / Financial Media |
| Tasos Aslidis Chief Strategy Officer & Treasurer Euroholdings Ltd. 11 Canterbury Lane, Watchung, NJ07069 Tel. (908) 301-9091 E-mail: aha@Euroholdings.gr | Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com |
1Adjusted EBITDA, Adjusted net income and Adjusted income per share are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for Euroholdings financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP.
FAQ
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