EarningsQ2 2026 Earnings Report

Euroseas (ESEAN) Q2 2026 Earnings Report

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Previous Report: Q1 2026

MX:ESEAN Q2 2026 EPS Results

Actual EPS$85.14

Consensus EPS$73.47

Beat/MissBeat by +$11.68

One Year Ago EPS$77.06

MX:ESEAN Q2 2026 Revenue Results

Actual Revenue$1.01B

Expected Revenue$1.01B

Beat/MissBeat by +$9.34M

YoY Revenue Growth-1.28%

Earnings Announcement Details

QuarterQ2 2026

Date08/13/2026

TimeBefore Open

Conference CallThursday, August 13, 2026

MX:ESEAN Upcoming Earnings

Euroseas's next earnings date is estimated for November 17, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:ESEAN Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Aug 13, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presents a predominantly positive near‑term operational and financial picture: strong Q2 profitability and EPS gains, improved adjusted EBITDA, very high fleet utilization, attractive forward contract coverage at elevated rates, disciplined capital returns (dividend + buybacks), and a solid liquidity/asset position with NAV upside. Key risks flagged include modest revenue declines tied to a temporarily smaller owned fleet, higher operating/drydocking costs, substantial future equity needs to fund the $560M newbuilding program (~$230M equity required), upcoming balloon debt maturities that may require refinancing, and the potential for market normalization in 2027 as deliveries ramp up. On balance, the highlights noticeably outweigh the lowlights, but investors should monitor capital allocation execution and 2027 supply/demand dynamics.

Company Guidance

Euroseas guided that near‑term earnings are well insulated by strong forward cover and a disciplined capital plan: charter coverage of ~96% for 2026, ~81% for 2027 and ~47% for 2028 at average contracted rates of roughly $30.9k/day (2026), $31.7k/day (2027) and $32.3k/day (2028); the company expects to grow from 21 vessels (~61k TEU, avg age 13) to 33 vessels (~97k TEU) after 12 newbuilds (total program ≈ $560M, financed ~60–65% debt, equity need ≈ $230M with $74M paid), while current trading delivers avg TCE ~$30.3k/day (Q2/H1), Q2 net revenues $56.5M, Q2 net income $33.2M ($4.74 diluted), adjusted EBITDA $40.1M (Q2) and $81M (H1), per‑vessel opex ≈ $8.0k/day (Q2), cash‑flow breakeven ≈ $12.2k/day (Q2), liquidity of ~$226M cash/current assets plus $74M advances, bank debt ~$208M (total debt cost ~5.75% with ~2% margin assuming 3.76% SOFR), NAV >$725M (~$103/share), and ongoing shareholder returns including a $0.80/share quarterly dividend (annualized yield ~4.2–4.5%) and a $20M buyback (480k shares, ~6.8%, ~$11.4M repurchased).

Strong Q2 Profitability and EPS

Net income attributable to controlling shareholders of $33.2M in Q2 2026 (diluted EPS $4.74). Adjusted net income $32.9M (diluted $4.70). Q2 diluted EPS increased ~10.5% vs Q2 2025 ($4.74 vs $4.29).

Improved Adjusted EBITDA

Adjusted EBITDA of $40.1M for Q2 2026 (up from $39.3M in Q2 2025, ~+2%). Adjusted EBITDA for H1 2026 was $81.0M versus $76.4M prior year (~+6.1%).

High Fleet Utilization and TCE Improvement

Commercial utilization 100% and operational utilization ~99.9%. Average Time Charter Equivalent (TCE) Q2 2026 $30,306/day vs $29,420/day in Q2 2025 (~+3.1%); H1 TCE $30,330/day vs $28,468/day (~+6.5%). No technical or commercial off-hire days during the period.

Disciplined Capital Returns

Board declared quarterly dividend of $0.80/share for Q2 2026 (annualized yield ~4.2%–4.5% at recent share price). Share repurchase program: since May 2022 repurchased 480,000 shares (~6.8% of outstanding) for ~$11.4M of a $20M program.

Controlled Financing Costs and Lower Interest Expense

Interest and financing costs decreased to $2.7M in Q2 2026 from $4.0M in Q2 2025 (≈-32.5%) and to $5.7M H1 2026 from $7.9M H1 2025 (≈-27.8%), reflecting lower average debt and rates.

Meaningful Forward Coverage and Attractive Contract Rates

Charter coverage of ~96% for remainder of 2026, ~81% for 2027 and ~47% for 2028 with average contracted daily rates of ~$30,858 (2026), ~$31,658 (2027), and ~$32,310 (2028), providing strong near-term earnings visibility.

Growth via Newbuilding Program and JV

12 newbuildings on order (8 feeders, 4 intermediate) to expand fleet from 21 to 33 vessels (~61,000 TEU to ~97,000 TEU). Two additional 1,800 TEU TLS containerships ordered (~$64.5M) and a JV with NRP for M/V Piraeus (NRP to acquire 49% for ~$12.2M), supporting disciplined fleet growth.

Solid Balance Sheet and NAV Upside

Cash and other current assets ~$226M, book fleet value ~$453M, total assets ~$753M. Bank debt ~$208M. Management estimates market fleet value ~$660M implying NAV > $725M (~$103/share), while current share price trades below NAV.

Favourable Market Fundamentals for Company Segments

Containership charter rates at multi‑year highs, idle capacity low (~6% of global fleet), subdued recycling, and relatively modest orderbook for feeder/intermediate segments (feeder orderbook ~17.6%, intermediate ~28%) supporting pricing for Euroseas' core sizes.

MX:ESEAN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 17, 2026	2026 (Q3)	78.05 / -	76.34	―
Aug 13, 2026	2026 (Q2)	73.47 / 85.14	77.058	10.49% (+8.08)
May 21, 2026	2026 (Q1)	76.47 / 83.52	95.021	-12.10% (-11.50)
Feb 25, 2026	2025 (Q4)	100.10 / 104.00	50.977	104.02% (+53.02)
Nov 18, 2025	2025 (Q3)	75.08 / 76.34	57.695	32.32% (+18.64)
Aug 13, 2025	2025 (Q2)	64.84 / 77.06	85.303	-9.67% (-8.24)
Jun 18, 2025	2025 (Q1)	69.51 / 95.02	41.924	126.65% (+53.10)
Feb 27, 2025	2024 (Q4)	48.35 / 50.98	52.001	-1.97% (-1.02)
Nov 20, 2024	2024 (Q3)	51.91 / 57.70	67.934	-15.07% (-10.24)
Aug 06, 2024	2024 (Q2)	45.53 / 85.30	60.623	40.71% (+24.68)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed