Global Ship Lease (GSL) Investor presentation summary

Business overview and market positioning

• Leading independent lessor of mid-size and smaller containerships, serving top global liner companies and supporting non-mainlane trades, which account for about 74% of global containerized trade volume.

• Nearly $2 billion in contracted revenues with an average contract duration of 2.5 years, providing 96% coverage for 2026 and 74% for 2027.

• Focus on operational flexibility and providing optionality to liner companies amid a shrinking charter market and increased supply chain complexity.

• High reefer cargo exposure, targeting the fastest-growing and most lucrative cargo segment.

Financial performance and capital allocation

• Revenue for 9M 2025 reached $575.5 million, net income $306.7 million, and adjusted EBITDA $396.7 million, all showing strong growth over the past five years.

• Normalized EPS increased to $7.94 for 9M 2025, with leverage reduced to 0.5x net debt/adjusted EBITDA.

• Dividend increased to $2.50 annualized per share, with $33 million remaining under share buyback authorization.

• Ongoing de-leveraging and disciplined capital allocation, including selective fleet renewal and maintaining strong cash liquidity.

Risk management and market environment

• Actively managing risks from geopolitical conflicts, regulatory changes, and supply chain disruptions, including Red Sea and Suez Canal issues.

• Minimal idle capacity and low scrapping rates, with the sub-10,000 TEU fleet structurally underbuilt and aging, supporting asset values.

• Regulatory instability, such as US/China port fees and IMO Net Zero deferrals, has created both challenges and opportunities for conventionally fueled ships.

• Charter market rates remain firm, with average break-even rates at $9,578 per vessel per day, well below prevailing market rates.