Rubico (RUBI) investor relations material

Company overview and business model

• Operates as an international owner and operator of two modern, fuel-efficient Suezmax tankers focused on crude oil transport.

• Incorporated in the Marshall Islands in 2022 as a spin-off from a parent company, with vessels contributed by the parent.

• Vessels are managed by a related party under long-term management agreements, with a focus on technical, commercial, and operational efficiency.

• Plans to expand into other seaborne transportation sectors, including recreational transportation, based on market opportunities.

• Both vessels are on long-term time charters with a single customer, Clearlake Shipping Pte Ltd.

Financial performance and metrics

• Revenues for 2024 were $24.2 million, with net income of $5.9 million; EBITDA for 2024 was $16.6 million.

• Operating income remained stable year-over-year, with minor fluctuations in expenses and depreciation.

• As of June 30, 2025, cash and cash equivalents were $1.5 million, with total indebtedness of $73.7 million.

• Fleet utilization was 100% in 2022–2024, with average daily TCE rates around $32,000.

• Working capital deficit as of June 30, 2025, was $6.7 million, mainly due to unearned revenue.

Use of proceeds and capital allocation

• Net proceeds of approximately $5.0 million from the offering are intended to fund a portion of the purchase price for a newbuilding mega yacht.

• Management retains significant flexibility in applying the net proceeds, which may be adjusted based on business conditions.

• Additional capital expenditures are planned for vessel acquisitions and fleet expansion, subject to market conditions.