Costamare Bulkers Holdings Limited Reports Results for the Six-Month Period Ended June 30, 2025

MONACO, Aug. 08, 2025 (GLOBE NEWSWIRE) -- Costamare Bulkers Holdings Limited (“Costamare Bulkers” or the “Company”) (NYSE: CMDB) today reported unaudited financial results for the six-month period ended June 30, 2025 (“H1 2025”). Costamare Bulkers had no operating activity during the first half of 2024 and remained a wholly-owned subsidiary of Costamare Inc. (“Costamare”), a New York Stock Exchange (the “NYSE”) listed company, until May 6, 2025, when it became an independent, publicly traded company on NYSE through a spin-off from Costamare. Starting with the earnings release for the third quarter and the nine-month period ended September 30, 2025, which will reflect the first full quarter of operations, we intend to include additional financial information and management discussion on Costamare Bulkers’ performance. Costamare Bulkers had nominal operations from January 1, 2025 until late March 2025, when Costamare transferred to it the entities engaged in the dry bulk business, which own, have owned, or were formed with the intention to own dry bulk vessels. The results of these entities are included in Costamare Bulkers’ consolidated statement of operations for the six-month period ended June 30, 2025. On May 6, 2025, Costamare Bulkers also acquired from Costamare and a minority shareholder Costamare Bulkers Inc. (“CBI”), a dry bulk operating platform, whose results are included from that date forward. No comparative figures are presented for the six-month period ended June 30, 2024, as Costamare Bulkers had no operations during that time and all amounts would have been nil. FINANCIAL RESULTS AND LIQUIDITY H1 2025 Net Loss of $26.5 million ($3.15 loss per share).H1 2025 Adjusted Net Loss1 of $15.8 million ($1.87 adjusted loss per share).H1 2025 Adjusted Net Loss of $15.8 million ($0.65 pro forma adjusted loss per share, which reflects the weighted average number of common shares as if all shares outstanding as of June 30, 2025 had been outstanding from January 1, 2025)2. H1 2025 liquidity of $242.3 million3. _________________________________1 Adjusted Net Loss and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare Bulkers financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I.2 The weighted average number of shares outstanding for the six-month period ended June 30, 2025, was 8,424,213, reflecting the timing of share issuances throughout the period. On a pro forma basis, assuming that all 24,240,982 common shares outstanding as of June 30, 2025, had been outstanding since January 1, 2025, the weighted average number of shares would have been 24,240,982. The pro forma adjusted loss per share metric is presented for comparability purposes only and does not reflect a GAAP measure.3 Including margin deposits relating mainly to our forward freight agreements (“FFAs”) and bunker swaps of $26.6 million and $84.7 million of available undrawn funds from one hunting license facility as of June 30, 2025. Mr. Gregory Zikos, Chief Executive Officer of Costamare Bulkers Holdings Limited, commented: “As announced on May 7, 2025, Costamare Bulkers debuted as an independent, publicly traded company upon the completion of its separation from Costamare Inc. The entity currently encompasses the owned dry bulk fleet of Costamare Inc., consisting of 37 vessels as well as the CBI operating platform commercially managing 39 ships on period charters. For the first quarter of 2025, Costamare Bulkers had nominal operations, at the end of March it acquired the owned dry bulk fleet and on May 6, 2025 it acquired CBI. Adjusted Net Loss (excluding unrealized gains and losses from derivatives) for the period was $15.8 million ($1.87 adjusted loss per share) Liquidity was $242 million Trading losses, partly due to the liquidation of older legacy positions, have contributed to the H1 2025 loss. As those positions are being closed, our goal is to manage a balanced trading book ancillary to the main shipowning business. With minimal leverage and net debt of approximately $10 million, we are well positioned to grow opportunistically in the dry bulk sector. We are progressing on our strategy to divest older and smaller tonnage and replacing it with younger and bigger-sized vessels. We recently acquired an additional Capesize vessel and we are proceeding with the disposal of our remaining five Handysize ships. On the market, the Capesize sector in the second quarter of 2025 was marked by intense volatility. Total Capesize volumes rose, driven by strong Pacific and Brazil-Asia activity. The index hit a high mid-June, before softening by early July as fundamentals softened. The recent rally appears to be driven by positive sentiment, stimulus anticipation from China, real-time vessel tightness and firm Atlantic fronthaul demand. Regarding the Panamax sector, the market strengthened in early June before declining as of the close of last week. The strength was driven by South America grains delayed corn harvest and freight coverings.” About Costamare Bulkers Holdings Limited Costamare Bulkers Holdings Limited is an international owner and operator of dry bulk vessels. Costamare Bulkers’ owned dry bulk fleet consists of 37 vessels with a total carrying capacity of approximately 3,103,000 dwt (including six vessels that we have agreed to sell). Costamare Bulkers also owns a dry bulk operating platform (CBI) which charters in/out dry bulk vessels, enters into contracts of affreightment and forward freight agreements and may also utilize hedging solutions. Costamare Bulkers’ common stock trades on the New York Stock Exchange under the symbol “CMDB”. Forward-Looking Statements This earnings release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could”, “expect” and similar expressions. You should not place undue reliance on these statements. These statements are not historical facts but instead represent only the Company’s beliefs regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Registration Statement on Form 20-F (File No. 001-42581). Company Contacts: Gregory Zikos – Chief Executive OfficerDimitris Pagratis - Chief Financial OfficerKonstantinos Tsakalidis - Business Development Costamare Bulkers Holdings Limited, MonacoTel: (+377) 92 00 1745Email: ir@costamarebulkers.com Exhibit I Reconciliation of Net Loss to Adjusted Net Loss and Adjusted Loss per Share Six-month period endedJune 30,(Expressed in thousands of U.S. dollars, except share and per share data) 2025Net Loss$(26,515)Accrued charter revenue 1 Deferred charter-in expense 54 General and administrative expenses - non-cash component 323 Loss on sale of vessel 1,579 Loss on vessels held for sale 4,990 Non-recurring, non-cash write-off of loan deferred financing costs 117 Loss on derivative instruments, excluding realized (gain) / loss on derivative instruments (1) 3,667 Adjusted Net Loss$(15,784)Adjusted Loss per Share$(1.87)Weighted average number of shares 8,424,213 Adjusted Net Loss and Adjusted Losses per Share represent Net Loss before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, deferred charter-in expense, loss on vessel held for sale, loss on sale of vessel, non-recurring, non-cash write-off of loan deferred financing costs, general and administrative expenses - non-cash component and loss on derivative instruments, excluding realized (gain)/loss on derivative instruments. “Accrued charter revenue” is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income/ (Loss) and Adjusted Earnings/ (Losses) per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income/ (Loss) and Adjusted Earnings/ (Losses) per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income/ (Loss) and Adjusted Earnings/ (Losses) per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income / (Loss) and Adjusted Earnings / (Losses) per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income/ (Loss) and Adjusted Earnings/ (Losses) per Share generally eliminates the accounting effects of certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income/ (Loss) and Adjusted Earnings/ (Losses) per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income/ (Loss) and Adjusted Earnings /(Losses) per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. (1) Items to consider for comparability, when prior period figures are presented, include gains and charges. Gains positively impacting Net Loss are reflected as deductions to Adjusted Net Loss. Charges negatively impacting Net Loss are reflected as increases to Adjusted Net Loss. Exhibit II Vessels’ Operational Data Six-month period ended June 30, 2025 Average number of vessels (1)36.5Ownership days (1)3,320Average number of third-party charter-in vessels51.8Number of vessels under dry-docking and special survey (1)1 (1) Vessels in our owned fleet Exhibit III Owned Vessels Fleet List The table below provides information about our owned fleet as of August 7, 2025, including six vessels that we have agreed to sell. Each vessel is owned by one of our subsidiaries. Vessel NameYearBuiltCapacity(DWT)1FRONTIER2012181,4152MIRACLE2011180,6433PROSPER2012179,8954DORADO2011179,8425MAGNES2011179,5466IMPERATOR2012176,3877ENNA2011175,9758AEOLIAN201283,4789GRENETA201082,16610HYDRUS201181,60111PHOENIX201281,56912BUILDER201281,54113FARMER201281,54114SAUVAN201079,70015GORGO (ex. GORGOYPIKOOS)(i)200576,49816MERCHIA201563,58517DAWN201863,56118SEABIRD201663,55319ORION201563,47320DAMON201263,30121ARYA201361,42422ALWINE201461,09023AUGUST201561,09024ATHENA201258,01825ERACLE201258,01826NORMA201058,01827CURACAO201157,93728URUGUAY201157,93729SERENA201057,26630LIBRA201056,70131CLARA200856,55732BERMONDI200955,46933VERITY(i)201237,16334PARITY(i)201237,15235ACUITY(i)201137,15236EQUITY(i)201337,07137BERNIS(i)201135,995 (i) Denotes vessels we have agreed to sell. Sales are expected to be concluded in Q3 and Q4 2025. Gorgo was initially acquired as part of an en-bloc deal in conjunction with the sale of four Handysize vessels (i.e. Verity, Parity, Acuity and Equity). Chartered-In Vessels Fleet List The table below provides information about our chartered-in fleet as of August 7, 2025. Vessel NameYearBuiltCapacity(DWT)CharterHire -In RateEarliestRedeliveryQuarter/ YearComments1BERGE ZUGSPITZE2016211,182Index-LinkedQ1 2026-2BERGE GROSSGLOCKNER2017211,171Index-LinkedQ1 2026-3SHANDONG PROSPERITY2021211,103Index-Linked plus Fixed AmountQ3 2026-4SHANDONG INNOVATION2021210,989Index-Linked plus Fixed AmountQ4 2026-5SHANDONG HAPPINESS2021210,938Index-Linked plus Fixed AmountQ4 2026-6SHANDONG MIGHTINESS2021210,896Index-Linked plus Fixed AmountQ3 2026-7SHANDONG MISSION2021210,800Index-Linked plus Fixed AmountQ4 2026-8SHANDONG RENAISSANCE2022210,800Index-Linked plus Fixed AmountQ4 2026-9BERGE DACHSTEIN2020208,718Index-LinkedQ3 2025-10BULK SANTOS2020208,445Index-LinkedQ2 2026-11BULK SAO PAULO2020208,445Index-LinkedQ2 2026-12TITANSHIP2011207,855Fixed Rate plus Profit ShareQ3 2026-13MEISHIP2013207,851Fixed Rate plus Profit ShareQ1 2026-14MINERAL CLOUDBREAK2012205,097Index-LinkedQ4 2025Converted to Fixed Rate until end 202515ICONSHIP2013181,392Index-LinkedQ1 2026Converted to Fixed Rate until end 202516CAPE PROTEUS2011180,585Fixed RateQ1 2026CMDB option to extend for 10-14 months17MANDY2010180,371Index-LinkedQ3 2026-18MILLIE2009180,310Index-LinkedQ4 2025-19TOMINI K22014179,816Fixed RateQ1 2027-20MARIJEANNIE C2009179,759Index-LinkedQ1 2026-21SHANDONG HENG CHANG2013179,713Index-Linked plus Fixed AmountQ4 2025-22MILDRED2011179,678Index-LinkedQ1 2026-23MARIPERLA2009179,561Index-LinkedQ1 2026Converted to Fixed Rate until end 202524NAVIOS FULVIA2010179,263Index-LinkedQ4 2026-25NAVIOS ALTAMIRA2011179,165Index-LinkedQ4 2026Converted to Fixed Rate until end Q3 202526NAVIOS LUZ2010179,144Index-LinkedQ4 2025Converted to Fixed Rate until end Q3 202527LORDSHIP2010178,838Index-LinkedQ1 2026-28CAPE AQUA2009178,055Index-LinkedQ3 2025-29MILESTONE2010176,354Index-LinkedQ1 2026-30W-SMASH201382,742Index-LinkedQ4 2025-31SAPHIRA202182,577Fixed RateQ2 2026-32NAVIOS LIBRA201982,011Index-LinkedQ1 2026Converted to Fixed Rate until end 202533AOM MARIA LAURA202181,800Fixed RateQ2 2026CMDB option to extend for 10-14 months34W-EMERALD201281,709Index-LinkedQ3 2025-35NAVIOS CITRINE201781,626Index-LinkedQ1 2026Converted to Fixed Rate until end 202536AOM BIANCA201781,600Fixed RateQ4 2025CMDB option to extend until Nov 2026-Feb 202737KYNOURIA201281,354Index-LinkedQ4 2026-38KROUSSON201181,351Index-LinkedQ3 2026-39GEORGITSI201281,309Index-LinkedQ3 2026- Exhibit IV COSTAMARE BULKERS HOLDINGS LIMITEDConsolidated Statement of Operations Six-month periods ended June 30,(Expressed in thousands of U.S. dollars, except share and per share amounts) 2024 2025 (Unaudited) (Unaudited)REVENUES: Voyage revenue$- $107,211 Voyage revenue – related parties - 48,655 Total voyage revenue - 155,866 EXPENSES: Voyage expenses - (50,420)Charter-in hire expenses - (74,767)Voyage expenses – related parties - (2,228)Vessels’ operating expenses - (19,500)General and administrative expenses - (2,159)Management and agency fees – related parties - (6,690)General and administrative expenses – non-cash component - (323)Amortization of dry-docking and special survey costs - (1,833)Depreciation - (9,886)Loss on sale of vessels - (1,579)Loss on vessels held for sale - (4,990)Foreign exchange gains - 4 Operating loss$- $(18,505) OTHER INCOME / (EXPENSES): Interest income$- $778 Interest and finance costs - (3,675)Other, net - 115 Loss on derivative instruments, net - (5,228)Total other expenses, net$- $(8,010)Net loss$- $(26,515) Losses per common share, basic and diluted$- $(3.15)Weighted average number of shares, basic and diluted - 8,424,213 COSTAMARE BULKERS HOLDINGS LIMITEDConsolidated Balance Sheets (Expressed in thousands of U.S. dollars) As of December 31, 2024 As of June 30, 2025ASSETS (Audited) (Unaudited)CURRENT ASSETS: Cash and cash equivalents$4 $127,474 Restricted cash 2,100 - Margin deposits - 26,550 Accounts receivable 2 35,388 Inventories - 34,657 Due from related parties - 5,326 Insurance claims receivable - 3,681 Vessels held for sale - 19,453 Prepayments and other - 31,940 Total current assets$2,106 $284,469 FIXED ASSETS, NET: Vessels and advances, net$- $609,593 Total fixed assets, net$- $609,593 NON-CURRENT ASSETS: Deferred charges, net$- $20,520 Operating leases, right-of-use assets - 207,203 Accounts receivable, non-current - 1,460 Due from related parties, non-current - 975 Restricted cash - 3,600 Total assets$2,106 $1,127,820 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Current portion of long-term debt$- $19,400 Operating lease liabilities, current portion - 166,888 Accounts payable - 28,996 Due to related parties 2,100 13,805 Accrued liabilities - 10,480 Unearned revenue - 15,718 Fair value of derivatives - 9,227 Other current liabilities - 6,196 Total current liabilities$2,100 $270,710 NON-CURRENT LIABILITIES Long-term debt, net of current portion$- $147,367 Operating lease liabilities, non-current portion - 33,456 Fair value of derivatives, net of current portion - 263 Other non-current liabilities - 1,341 Total non-current liabilities$- $182,427 COMMITMENTS AND CONTINGENCIES - - STOCKHOLDERS’ EQUITY: Common stock$- $2 Additional paid-in capital - 701,190 Retained earnings / (Accumulated deficit) 6 (26,509)Total stockholders’ equity 6 674,683 Total liabilities and stockholders’ equity$2,106 $1,127,820 COSTAMARE BULKERS HOLDINGS LIMITEDCondensed Consolidated Statements of Cash Flows (Expressed in thousands of U.S. dollars)For the six-month periods ended June 30, 2024 2025Net cash provided by:(Unaudited) (Unaudited)Operating activities$- $17,287 Investing activities - 36,695 Financing activities - 74,988 Net increase in cash, cash equivalents and restricted cash$- $128,970 Cash, cash equivalents and restricted cash at beginning of the period - 2,104 Cash, cash equivalents and restricted cash at end of the period$- $131,074 Exhibit V4 COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSORCombined Carve-out Statements of Operations (Expressed in thousands of U.S. dollars)For the six-month period ended June 30, 2024 For the period from January 1, 2025 to May 6, 2025REVENUES:(Unaudited) (Unaudited)Voyage revenue$520,332 $239,719 Voyage revenue – related parties 31,776 87,683 Total voyage revenue 552,108 327,402 EXPENSES: Voyage expenses (169,467) (107,383)Charter-in hire expenses (308,557) (166,506)Voyage expenses-related parties (2,203) (3,765)Vessels’ operating expenses (41,372) (27,165)General and administrative expenses (6,374) (10,832)General and administrative expenses – related parties (1,488) (528)Management and agency fees - related parties (15,102) (10,760)Amortization of dry-docking and special survey costs (2,984) (2,337)Depreciation (17,980) (14,044)Gain / (loss) on sale of vessels, net 3,422 (4,669)Loss on vessels held for sale (2,308) (1,579)Vessel’s impairment loss - (179)Foreign exchange gains 46 219 Operating loss (12,259) (22,126)OTHER INCOME / (EXPENSES): Interest income 1,021 236 Interest and finance costs, net (11,889) (7,313)Interest expense – related parties (219) (815)Other, net 868 (47)Gain / (loss) on derivative instruments, net 24,996 (710)Total other income / (expenses), net 14,777 (8,649)Net income / (loss)$2,518 $(30,775) ________________________________4 This exhibit includes combined carve-out financial information for Costamare Bulkers Holdings Limited Predecessor, prepared in accordance with the same accounting principles as disclosed in Costamare Bulkers’ Registration Statement on Form 20-F (File No. 001-42581). COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSORCombined Carve-out Balance Sheet (Expressed in thousands of U.S. dollars) December 31, 2024ASSETS(Audited)CURRENT ASSETS: Cash and cash equivalents$49,858 Restricted cash 941 Margin deposits 45,221 Accounts receivable, net 39,648 Inventories 44,500 Due from related parties 7,014 Fair value of derivatives 197 Insurance claims receivable 2,842 Prepayments and other assets 49,796 Total current assets 240,017 FIXED ASSETS, NET: Vessels and advances, net 671,844 Total fixed assets, net 671,844 OTHER NON-CURRENT ASSETS: Accounts receivable, net, non-current 1,610 Deferred charges, net 19,119 Due from related parties, non-current 1,050 Fair value of derivatives, non-current 147 Restricted cash, non-current 9,236 Operating leases, right-of-use assets 297,975 Total assets$1,240,998 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Current portion of long-term debt, net of deferred financing costs$30,505 Related party loans 85,000 Accounts payable 41,477 Due to related parties 5,319 Operating lease liabilities, current portion 205,172 Accrued liabilities 11,906 Unearned revenue 22,911 Fair value of derivatives 14,465 Other current liabilities 3,902 Total current liabilities 420,657 NON-CURRENT LIABILITIES: Long-term debt, net of current portion and deferred financing costs 305,724 Operating lease liabilities, non-current portion 87,424 Fair value of derivatives, non-current portion 5,174 Total non-current liabilities 398,322 COMMITMENTS AND CONTINGENCIES - SHAREHOLDERS’ EQUITY: Common shares 250 Additional paid-in capital 207,284 Net Parent Investment 312,546 Accumulated deficit (98,061)Total shareholders’ equity 422,019 Total liabilities and shareholders’ equity$1,240,998 COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSORCondensed Combined Carve-out Statements of Cash Flows (Expressed in thousands of U.S. dollars)For the six-month period ended June 30, 2024 For the period from January 1, 2025 to May 6, 2025Net cash provided by/ (used in): (Unaudited) (Unaudited)Operating activities$(8,934) $3,938 Investing activities 21,942 9,995 Financing activities (7,311) (42,174)Net increase / (decrease) in cash, cash equivalents and restricted cash$5,697 $(28,241)Cash, cash equivalents and restricted cash at beginning of the period 45,399 60,035 Cash, cash equivalents and restricted cash at end of the period$51,096 $31,794

Costamare Bulkers Holdings Limited Reports Results for the Six-Month Period Ended June 30, 2025

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