Euroholdings (EHLD) Q1 2025 earnings summary

Executive summary

• Reported first quarter as an independent company after spin-off from Euroseas, operating two feeder container vessels.

• Net income reached $11.1 million, driven by a $10.23 million gain on the sale of M/V Diamantis P.

• Declared inaugural quarterly dividend of $0.14 per share, payable July 16, 2025.

• Marla Investments Inc. acquired 51.04% of shares from Pittas family affiliates, with board changes but management continuity.

Financial highlights

• Total net revenues were $2.9 million, down 24.9% year-over-year due to fewer vessels in operation.

• Adjusted net income was $0.9 million ($0.31 per share), excluding vessel sale gain.

• Adjusted EBITDA was $0.9 million, compared to $1.7 million in Q1 2024.

• Basic and diluted EPS was $3.99, up from $0.54 in Q1 2024, reflecting the vessel sale.

• No interest expense in Q1 2025, compared to $0.07 million in Q1 2024.

Outlook and guidance

• Board initiated a strategic review to explore growth and cooperation opportunities.

• Future dividends subject to board discretion, earnings, fleet profile, and market conditions.