Global Ship Lease (GSL) investor relations material

Executive summary

• Contracted revenues total $2.24 billion with 2.7 years of average remaining contract cover; 99% fleet coverage for 2026 and 81% for 2027.

• FY 2025 revenue reached $766.5 million, up from $711.1 million in 2024, with net income of $406.9 million and adjusted EBITDA of $521.4 million.

• Annualized dividend increased to $2.50 per share, reflecting strong cash flow and balance sheet transformation.

• Completed strategic fleet renewal by acquiring three high-specification, fuel-efficient 8,600 TEU ships for $90 million and selling four older vessels for a $46.2 million gain.

• Maintained a dynamic capital allocation policy, including opportunistic share buybacks and repeated dividend increases as leverage declined.

Financial highlights

• Full-year net income rose to $406.9 million from $344.1 million in 2024; normalized net income was $366.4 million.

• Adjusted EBITDA increased to $521.4 million from $494.7 million year-over-year.

• Cash position at year-end was $637 million, with $473 million unrestricted and $164 million restricted.

• Realized a $46.2 million gain from the sale of four older ships.

• Dividend payout for 2025 was $2.50 per share annualized.

Outlook and guidance

• 99% of 2026 and 81% of 2027 open positions are covered by forward contracts, providing strong revenue visibility.

• Expect continued strong demand for mid-size and smaller container ships due to fragmented and inefficient supply chains.

• Optionality and resilience remain core focuses amid ongoing geopolitical and regulatory volatility.

• Monitoring deferred U.S. and China port fees and IMO Net-Zero Framework, both postponed to Q4 2026.

• Disciplined fleet renewal and capital allocation to support future earnings as older vessels age out.