Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Tasos Aslidis, our Chief Strategy Officer and Treasurer.

The purpose of today's call is to discuss our financial results for the three- and six-month period ended June 30th, 2026. Let's turn to slide three.

We remind our listeners that EuroHoldings was spun off from Euroseas on March 17, 2025, and began trading on the Nasdaq under the symbol EHLD the following day. We started off with two debt-free container vessels, the M/V Aegean Express and M/V Joanna, along with $14 million in cash.

Euroseas shareholders received one EuroHoldings share for every 2.5 shares they held. Since our listing, performance has been strong.

Whilst our share price averaged below $7 during our first year of trading, it has traded consistently above $8 since mid-April 2026, frequently reaching approximately $8.50 throughout this last quarter. We've returned capital to shareholders through five—all five quarters—with dividends of 14 cents per share, and we've now declared our sixth consecutive dividend at the same level.

On June 23rd, 2025, Marla Investments, affiliated with the Latsis family, acquired a 51% stake from the Pittas family, becoming our major shareholder. My family retains approximately 8% ownership.

In August 2025, we announced our strategic decision to focus on the tanker sector. We successfully acquired our first medium-range product tanker, the Hellas Avatar, in November 2025.

We also agreed to acquire a sister vessel, the Hellas Fighter, which is expected to be delivered by September 2026. Going forward, we will continue operating our two legacy feeder containerships throughout their useful commercial life, while we gradually transition to a tanker-focused operating model.

Please turn to slide four of the presentation, which presents our main financial highlights during the second quarter of 2026. Tasos will go through these in more detail in the second half of the presentation.

For the second quarter of 2026, we reported total net revenues of $8.6 million and a net income of $4.29 million, or $1.52 earnings per basic and diluted share. Adjusted EBITDA for the quarter amounted to $5.04 million.

Please refer to the press release for a reconciliation between net income and adjusted EBITDA. As mentioned earlier, our board declared a sixth consecutive quarterly dividend, which represents an annualized yield of approximately 6.7% based on recent trading levels.

Please turn to slide five for an overview of our fleet. After the delivery of the Hellas Fighter, our fleet will comprise of two container and two product tankers, with a combined carrying capacity of about 141,000 deadweight tons.

Our containership segment consists of our two feeder containerships with a combined carrying capacity of 3,171 TEU and an average age of approximately 28 years. Our product tanker segment will be represented by the two MR tankers, which are built in 2015, with a carrying capacity of about 100,000 deadweight tons and an average age of approximately 11 years.

Let's turn to slide six. Our two feeder containerships remain fully employed under profitable time charters, generating stable cash flows that support our growth initiatives.

Both vessels are employed through November 2026, but we are already discussing possibly rechartering them for an additional one to two years at an improved rate. Turning to our tanker fleet, motor tanker Hellas Avatar is employed in the spot market, giving us the flexibility to capitalize on current market conditions.

We are actively pursuing follow-on employment for the vessel and remain confident we can secure attractive charter rates. While the MR tanker rates have moderated from earlier this year, they still remain above long-term averages.

Similarly, we plan to employ the Hellas Fighter on the spot market too, once we get delivery of her. Please turn to slide seven, which displays 6- to 12-month time charter rates for 1,700 TEU geared feeder containerships over the past decade.

As of August 7th, the prevailing market rate stands at approximately $31,750 per day, well above the 10-year average of approximately $18,500 per day, and nearly three times the 10-year median of $11,720 per day. This underscores the exceptional strength of the current charter market.

Our strategy to recharter these vessels rather than sell them or scrap them is well-supported by these market dynamics. Despite the age of our containerships, we are confident that we will secure profitable employment at levels well above historical norms.

I will now continue with an overview of the product tanker market. Please turn to slide nine, which illustrates MR tanker time charter rates for both one- and three-year terms.

On the one-year side, current rates stand at $29,000 per day, above the five-year average of about $26,000, and a five-year median of $27,500. For three-year charters, rates are at $23,500 per day, above the five-year average of $22,000 per day, and in line with the five-year median of $23,250 per day.

Moving on to slide 10, we can see the development of newbuilding and secondhand values. Secondhand asset values have historically, obviously, responded more directly to changes in freight market conditions, as they depend primarily on shifts in demand-supply conditions.

On the other hand, newbuilding prices depend significantly also on other structural factors, as shipyard capacity, input cost inflation, and labor availability and cost. With shipbuilding costs rising significantly over the last few years, secondhand prices are finding a higher level as well.

As of August 7th, MR newbuilding prices stood at $52 million per day, compared to five—compared to five-year secondhand values of $48,000 per day—$48,000 million, sorry, and 10-year secondhand values of $38 million. These valuations reflect the current strength of the market and provide confidence in our asset base.

Let's now move into slide 11, which examines the MR tanker fleet age profile and orderbook. The global MR fleet exhibits a relatively old age profile, with approximately 47% of the fleet over 15 years of age, whilst only about 15% of the fleet is less than five years old.

This aging fleet will require increasing replacement over the medium term as more vessels are approaching special surveys and facing higher maintenance and inefficiency and regulatory compliance costs. These dynamics underscore the need for continued fleet renewal across the sector.

Looking at the scheduled deliveries for 2026, these are projected to be lower than in 2025, indicating a moderating pace of fleet additions. At the same time, the MR orderbook currently stands at approximately 16.5% of the existing fleet, well below historical cyclical peaks.

The combination of an aging fleet, measured new supply, and a historically lean orderbook create a constructive medium-term supply backdrop for the MR product tanker market. Let's now turn to slide 12, which highlights the trade demand outlook for product tankers.

Seaborne trade in refined petroleum products has expanded significantly over the past decade and so, growing from 19.4 million barrels per day in 2010 to around 23 million barrels per day in 2025. Whilst volumes are expected to soften modestly during 2026, they remain at historically elevated levels and are projected to recover in 2027.

More importantly, ton-mile demand has grown even faster, from approximately 2.6 trillion ton-miles in 2010 to nearly 3.7 million—trillion ton-miles in 2025. This reflects a structural shift towards longer voyage distances, which supports product tanker demand beyond simple volume growth.

Global oil consumption has demonstrated remarkable resilience, growing from 79 million barrels per day in 2003 to more than 103 million barrels per day during the first half of 2026, despite the temporary disruption experienced during the pandemic. This sustained demand provides a stable foundation for refinery throughput.

Finally, global refining capacity has broadly kept pace, expanding from 92 million barrels per day in 2010 to around 103 million barrels per day today, and is projected to reach approximately 105 million barrels per day by 2028. Together, these fundamentals also provide support to a constructive outlook for product tanker demand.

Let's move now to slide 13 to summarize the current product tanker outlook. MR tanker fundamentals remain constructive, despite a weaker macroeconomic backdrop.

While global clean petroleum product trade is expected to contract by about 5.9% in 2026 by Clarksons, freight demand is supported by structurally longer-haul trading patterns rather than volume growth. The Middle East supply shock has fundamentally reshaped trade flows.

Reduced Middle East Gulf exports have increased reliance on Atlantic Basin suppliers, the US Gulf, Northwest Europe, creating longer voyages and stronger MR utilization. Russian sanctions have reinforced this dynamic further, redirecting demand towards Atlantic suppliers.

Diesel and gasoline account for over 70% of MR cargo volumes, and while refining activity has softened, these headwinds have largely been offset by historical inefficiencies across global supply chains. Freight rates have normalized from their peaks, but remain well above long-term averages.

Historically low global inventories represent a meaningful upside catalyst. The 2027 and 2028 global inventory rebuild cycle could generate transportation demand in excess of normal consumption levels.

On the supply side, as discussed earlier, fleet fundamentals are healthier than the headline orderbook suggests. While the MR orderbook is around 16.5% of the existing fleet, more than 27% of today's fleet will be over 20 years old by 2028.

As a result, scheduled deliveries will largely replace aging tonnage. Collectively, we expect freight markets to remain structurally firmer, but considerably more volatile.

While the extraordinary freight earnings experienced during the initial phase of the Strait of Hormuz disruption are unlikely to be repeated, geopolitical fragmentation, Atlantic Basin growth, inventory rebuilding, and longer voyage distances should keep rates above historical norms. I will now pass the call over to Tasos, who will go over the financial highlights in more detail.

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen.

To review our financials, let's turn to slide 15 to look at the second quarter and first half of 2026 figures. Starting first with the second quarter of 2026, the company reported total net revenues of $8.6 million, representing an almost 200% increase over total net revenues of $2.9 million during the second quarter of last year.

This was really the result of the increased average number of vessels we operated in the second quarter compared to last year, and of course the increased average time charter equivalent earnings our vessels earned in this period. We reported net income for the second quarter of 2026 of $4.3 million, as compared to net income of $0.8 million for the second quarter of 2025.

Interest and other financing costs for the second quarter of 2026 amounted to $0.3 million as a result of the loan drawn to finance the acquisition of motor vessel Hellas Avatar in the fourth quarter of last year. Interest expense during the second quarter of last year was nil.

Adjusted EBITDA for the second quarter of 2026 was $5 million, compared to $0.8 million during the second quarter of 2025. Basic and diluted earnings per share for the second quarter of 2026 was $1.52, calculated on 2.8 million shares basic and diluted, compared to $0.30 per share for the second quarter of 2025, calculated again on approximately 2.8 million basic and diluted weighted average number of shares outstanding.

The adjusted earnings per share for the quarters—for both quarters—remained unchanged, as no adjustments were required: $1.52 per share for the second quarter of 2026 and $0.30 per share for the same quarter of last year. Let's now look at the corresponding six-month period ended June 30th, 2026, and compare it to the same period of last year.

For the first half of 2026, the company reported total net revenues of $16.2 million, representing an 181% increase over total net revenues of $5.8 million during the first half of 2025. That again was the result of the higher average number of vessels we operated and the increased average time charter equivalent rates our vessels earned.

We reported total net income for the period of $6.7 million, as compared to net income of $11 million for the first half of 2025. Interest and other financing costs for the first half of 2026 amounted to $0.5 million as a result of the loan drawn to finance Hellas Avatar.

Interest for the first half of 2025 was also zero. Adjusted EBITDA for the first half of 2026 was $8.2 million, compared to $1.7 million for the first half of last year.

Basic and diluted earnings per share for the first half of 2026 was $2.37, again calculated on about 2.8 million shares, compared to $4.28 for the first half of 2025, calculated again on about 2.8 million basic and diluted weighted average number of shares outstanding. The adjusted earnings per share for the six-month period ended June 30th, 2026, remained unchanged and $2.37 per share.

For the previous period we had a gain on sale of a vessel, and if we adjust for that, the earnings per share for the first six months of 2025 would have been $0.60 per share, basic and diluted. Let's turn now to slide 16, where we review our fleet operating metrics for the second quarter of 2026.

During the second quarter of 2026, we maintained 100% utilization rate across the fleet, consistent with our corresponding period in 2025. On average, we owned and operated three vessels during the second quarter of this year, earning an average time charter equivalent rate of $28,039 per day, compared to two vessels we operated in the same period of last year and an average of $16,528 per day.

Our total operating expenses were $8,242 per vessel per day during the second quarter of 2026, compared to $11,296 per vessel per day for the second quarter of 2025. Our breakeven rate for the second quarter of this year was $10,440 per vessel per day, as compared to $11,363 for the second quarter of 2025.

In the second quarter of this year, we also paid dividends equivalent to $1,444 per vessel per day, versus declared dividends of $2,167 per vessel per day for the second quarter of 2025. Really, the difference between this is that in 2025 we had two vessels and this year we had three.

Let's look at the first-half figures, starting in 2026, where again we owned and operated three vessels and earned an average time charter equivalent rate of $28,204 per vessel per day, compared to 2.1 vessels in the same period of 2025 earning an average of $16,158 per day. Our total operating expenses for the first half of this year were $8,605 per day per vessel, compared to $9,858 per vessel per day in the first half of 2025.

Our breakeven rate for the first half of 2026 was about $12,600 per day, compared to $10,762 per day in the first half of 2025. Again, we paid dividends here that translate to $1,452 per vessel per day in the first half of 2026, versus $1,083 per vessel per day declared in the first half of 2025.

Let's now turn to slide 17 and let's review our cash flow breakeven profile for the next 12 months across each of our operating segments, broken down by their key components. Starting with our containership fleet, the cash breakeven stands at approximately $8,200 per vessel per day, with vessels earning $16,700 and $9,500 per day respectively, the two containerships, on average that is about $13,000 per day.

This is above, well above, the rechartering threshold, as we mentioned at the bottom of the table, of $9,200 per day, which is really the breakeven rate grossed up for commissions and some assumed off-hire days. Our product tanker, the one vessel, provides an EBITDA breakeven rate of $9,700 per day.

If we add interest and scheduled debt repayments, the total cash breakeven becomes approximately $16,600 per day. Grossing up these figures for the charter commissions and assumed off-hire days, we get an $18,450 per day rate required to generate positive cash flow for the vessel.

Overall, these figures demonstrate the flexibility of the EuroHoldings business model as we pivot towards the product tanker market, with the containership vessels generating a meaningful cash flow cushion above our breakeven levels, and the tanker vessel, and soon vessels as Aristides mentioned, providing the upside to our results with their exposure to the product market. Let's now move to slide 18 to conclude our brief review of our financial presentation, and review some highlights from our balance sheet as of June 30th, 2026.

As of that date, total assets stood at $47.9 million, comprising of $13.7 million of cash and cash equivalents and a book value of our vessels of $34.2 million, a very simple asset side. On the liabilities side, we had bank debt, inclusive of deferred charges, of totaling $19.2 million, or about 40% of the total book value of our assets.

Various other liabilities account for about 5.6% of the book value of our assets, resulting in book shareholders' equity in excess of $26 million. However, here it is important to highlight that the market value of our fleet is substantially higher than its book value.

Based on our own estimates, as of June 30th, the charter-adjusted market value of our vessels is estimated at around $54-$55 million, implying a net asset value of around $46-$47 million, or about $16.65 per share, significantly above even the elevated recent trading rates of our stock, thus providing appreciation opportunities for our shareholders and investors. With that, I'd like to pass the floor back to Aristides to run the Q&A session of our presentation.

Thank you, Tasos. I am opening up the floor for any questions that you may have.

Hello. I'd like to focus on the fleet employment, if you will.

Could you highlight the factors that pushed the Avatar rate down from $75,000? Then also, what do you think the rates look like looking into the fourth quarter, Aristides?

Yes. The market has been extremely volatile due to the developments in Hormuz.

You've seen charter rates jumping to close to $100,000 and then dropping to $10,000, depending on your position and the timing. This is the situation which still prevails.

The extremely high levels, we can't see them anymore. There is this huge volatility, which makes prediction extremely difficult.

I would say, if you try to normalize your prediction, a number around $25,000-$30,000 would be what I would currently use in my projections.

Okay. Then I see the Aegean Express, January had a drydock.

Was that a special survey or was that an intermediate survey? Then could you highlight the next intermediate or special survey on the Joanna?

Sure.

The Aegean did not have a drydock. It had some preventive repairs before it commenced the charter extension.

The next drydock of it is in two years, I think.

Yes.

Sorry, Tasos. Was that on the Aegean Express or the Joanna?

That was on the Aegean Express.

The Aegean Express is in about two years, and the Joanna is two 2.5 years.

Okay.

Then, as you look—sorry.

As you look at, both—sorry.

Go ahead.

I'm sorry. Then as you look to pivot and build up the tanker fleet, can you just talk about the prospects for the Joanna and the Aegean Express as far as either a sale or potentially scrapping situation?

When might the timing of those events happen?

On the container sector, the initial idea was indeed that the market would have corrected and that the vessels would be sold or scrapped. The market continues to be strong, and both ships will be rechartered for a period of minimum one year.

We might be able to do two years or more. We will see.

The market is still strong, and we expect that within the next month or two months, we will have fixed them for a further period of minimum one year each.

Okay. Then if you could talk about the prospects for adding MRs or tankers beyond the Fighter, which is going to join the fleet, I guess, in September, can you just talk about sort of the tone of the market looking at acquisition possibilities in the tanker market?

Mostly we should talk about the prospects of EuroHoldings being able to grow. This is what is the thing that we are always thinking about and is challenging us.

We have the expertise through the Latsis family to run these vessels. We are committed to building the product tanker fleet.

We're looking at various ways that we can effect that. Obviously, our own equity currently is not sufficient to grow maybe more than one additional ship, we need to find ways of going further, and we will.

Great. That's helpful.

Thank you so much.

Thanks, Poe.

Hi. Thank you, and thanks for the call.

My question follows on the last question. You mentioned about growth.

There's obviously a big discount to the NAV that you've just put forward, and that discount is growing. What ways do you think might help to close it so that you can grow?

How do you all think about equity raising, which of course, as a shareholder, I'd be worried about at these low levels? Thank you.

We would also be worried at these low levels, Alex. We are shareholders ourselves.

My family is a shareholder as well. We want and we need to find creative ways of growing.

It's not easy for a small company, but I think it will come. I do believe that our share price should continue rising.

We will continue with the dividend, all our shareholders could feel quite comfortable that they're getting a very decent dividend yield. It's up to us to be able to find ways of growing the company creatively.

Thank you.

Thanks.

Thank you all for listening to our quarterly results. We will be back to you in three months' time.

Thank you, everybody, for attending.