Pangaea Logistics Solutions (PANL) investor relations material

Executive summary

• Achieved strong year-over-year growth in revenue and profitability for Q1 2026, with net income of $13.3 million ($0.21 per share) and adjusted net income of $7.0 million ($0.11 per share), reversing a prior year loss.

• Adjusted EBITDA rose 70% year-over-year to $25.2 million, driven by a 14% increase in shipping days and a 34% improvement in TCE rates.

• TCE rates averaged $15,252 per day, outperforming Panamax, Supramax, and Handysize market indices by 20%.

• Revenues rose 39% to $170.6 million, supported by higher freight rates and expanded logistics and port operations.

• Expanded logistics and port platform with new operations in Texas and Louisiana, and planned expansion in Florida.

Financial highlights

• GAAP net income was $13.3 million ($0.21 per diluted share); adjusted net income was $7.0 million ($0.11 per diluted share), excluding unrealized derivative gains and other non-GAAP items.

• Adjusted EBITDA reached $25.2 million, with a margin of 14.8%.

• Voyage revenue grew 39% to $152.0 million; terminal & stevedore revenue nearly doubled to $6.1 million.

• Cash, cash equivalents, and restricted cash totaled $90.0 million at quarter-end; total debt including finance leases was about $359 million.

• Paid $3.9 million in dividends and declared a $0.05 per share quarterly dividend, payable June 15, 2026.

Outlook and guidance

• Booked 4,051 shipping days at a TCE of $18,808 per day for Q2, with expectations for rates to remain at or above this level.

• Management expects depreciation expense to increase by $6.7 million for FY 2026 due to revised vessel useful lives.

• Market sentiment remains positive heading into the seasonally stronger second half of the year, with constructive dry bulk fundamentals.

• Terminal and stevedoring business expected to maintain strong performance, with Q2 seeing a slight decline but Q3 and Q4 returning to Q1 levels.

• Capital resources and cash flow are considered sufficient to fund operations for at least the next twelve months, barring a significant decline in shipping rates.