Taylor Maritime Investments (TMI) investor relations material

Executive summary

• Announced a managed realisation strategy, prioritising asset sales and capital returns to shareholders, including a second partial compulsory redemption returning $30 million by end of May.

• Completed two vessel sales for $32.3 million; 51 divestments since 2023 generated $839.2 million in gross proceeds, averaging 3.2% below fair market value.

• Net charter revenue for Q4 FY25 was $17.6 million, down from $38.4 million in Q4 FY24 due to a smaller fleet.

• Fleet TCE earnings rose to $13,823 per day, up from $10,558 per day in Q4 FY24, outperforming benchmark indices.

• Declared a $30 million compulsory redemption and a 2 cent per share dividend, achieving the annual target of 8 cents per share.

Financial highlights

• Fleet fair market value at quarter end was $123.6 million, a 0.9% decrease quarter-on-quarter.

• Cumulative returns since IPO total $0.97 per share, with $0.44 from dividends and $0.53 from compulsory redemptions.

• Interim dividend of 2 cents per share declared for period to 31 March 2026, with payment scheduled for 26 May 2026.

• Net loss of $9.4 million, or $0.03 per share, for the quarter ended 31 March 2026.

• Adjusted EBITDA was $0.1 million, or $0.01 per share.

Outlook and guidance

• Forward coverage for FY2026 is 68% with indicative TCE earnings of $12,628 per day.

• Dividend policy now aligns with managed realisation; excess cash to be distributed via dividends or redemptions.

• Near-term market conditions expected to remain volatile due to geopolitical risks and elevated energy costs.

• Medium-term fundamentals for geared dry bulk remain constructive, supported by an ageing fleet and limited yard availability.

• Future dividends will depend on cash exceeding working capital needs and Board assessment of optimal capital return method.