EuroDry (EDRY) Q4 2025 earnings summary

Executive summary

• Q4 2025 net revenues were $17.4 million, up 19.9% year-over-year, with net income of $3.2 million and adjusted EBITDA of $7.5 million, reflecting a strong recovery and profitability driven by higher charter rates and vessel sales.

• Full year 2025 net revenues were $52.3 million, down 14.4% year-over-year, but adjusted EBITDA rose 33% to $12.55 million.

• Share repurchase program extended to August 2026, with $5.3 million spent to date on 334,674 shares.

• Fleet renewal ongoing, with sale of older vessels and two new Ultramax vessels under construction for 2027 delivery.

Financial highlights

• Q4 2025 net income was $3.2 million, compared to a loss of $6.2 million in Q4 2024; adjusted EBITDA for Q4 2025 was $7.5 million, up over 300% year-over-year.

• Q4 2025 EPS was $1.14 (basic/diluted), compared to a loss of $2.28 in Q4 2024; adjusted EPS for Q4 2025 was $0.88.

• Full-year 2025 adjusted loss per share improved to $2.50 from $4.10 in 2024.

• Operating expenses per vessel per day rose to $7,127 in Q4 2025 from $6,391 in Q4 2024.

• Utilization rates remained high: 100% commercial and 99.6% operational in Q4 2025.

Outlook and guidance

• Fixed rate coverage for 2026 stands at 22%, with plans to secure more long-term charters if rates remain strong.

• 2026 market expected to be similar to 2025, with ongoing uncertainties from geopolitical and economic factors.

• Fleet expansion planned with two new Ultramax vessels delivering in 2027.