Costamare Inc. Reports Results for the First Quarter Ended March 31, 2025

MONACO, May 08, 2025 (GLOBE NEWSWIRE) -- Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported unaudited financial results for the first quarter ended March 31, 2025 (“Q1 2025”). I. PROFITABILITY AND LIQUIDITY Q1 2025 Net Income available to common stockholders of $95.0 million ($0.79 per share).Q1 2025 Adjusted Net Income available to common stockholders1 of $73.3 million ($0.61 per share).Q1 2025 liquidity of $1,022.6 million2. II. COMPLETION OF SPIN-OFF OF COSTAMARE’S DRY BULK BUSINESS As announced on May 7, 2025, the spin-off of Costamare's dry bulk business into a standalone public company (the “Spin-Off”) was completed on May 6, 2025, by way of a pro rata distribution of Costamare Bulkers Holdings Limited (“CMDB” or “Costamare Bulkers”) shares to Costamare shareholders. In the distribution, each Costamare shareholder received one common share of CMDB for every five Costamare common shares they held as of the close of business on April 29, 2025, the record date of the distribution. For additional information relating to the Spin-off, please see CMDB’s Registration Statement on Form 20-F (File No. 001-42581) filed with the U.S. Securities and Exchange Commission, which is available at www.sec.gov. III. OWNED FLEET CHARTER UPDATE3 - FULLY EMPLOYED CONTAINERSHIP FLEET FOR 2025 100% and 73% of the containership fleet4 fixed for 2025 and 2026, respectively.Contracted revenues for the containership fleet of approximately $2.3 billion with a TEU-weighted duration of 3.3 years5.As of May 5, 2025, entered into more than 25 chartering agreements for the owned dry bulk fleet since Q4 2024 earnings release. The owned dry bulk fleet was included in the Spin-Off. ____________________ 1 Adjusted Net Income available to common stockholders and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare’s 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 Including margin deposits relating mainly to our forward freight agreements (“FFAs”) and bunker swaps of $35.9 million, short term investments in U.S. Treasury Bills amounting to $18.7 million and $100.0 million from one hunting license facility subject to final documentation as of March 31, 2025 (the Company signed the hunting license facility in April 2025, following which this facility was transferred to CMDB in connection with the Spin-Off). 3 Please refer to the Containership Fleet List table for additional information on vessel employment details for our containership fleet.4 Calculated on a TEU basis.5 As of May 7, 2025. IV. SALE AND PURCHASE ACTIVITY Vessel Disposals Conclusion of the sale of the 2008-built, 76,619 DWT capacity dry bulk vessel, Rose, in April 2025, generating net sale proceeds after debt prepayment of $4.1 million.Agreement for the sale of the 2010-built, 31,775 DWT capacity dry bulk vessel, Resource (expected conclusion of the sale within Q2 2025). Estimated net sale proceeds after debt prepayment of $3.3 million. V. NEW DEBT FINANCING - PREPAYMENT OF DRY BULK VESSELS LOANS Refinanced the existing indebtedness of Polar Brasil (originally maturing in 2025) through a $23.5 million loan facility agreement with a European financial institution. The new facility has a maturity of 5 years and there is no increase in leverage.Costamare has no significant debt maturities until 2027. Transactions that occurred after the end of Q1 2025 and that are relevant to CMDB, the spun-off entity: In April 2025, Costamare prepaid $150.2 million of its dry bulk vessels bank debt.Conclusion of a $100 million hunting license agreement with a European financial institution for the financing of dry bulk vessels. In connection with the Spin-off, Costamare has been released as guarantor under this agreement. VI. DRY BULK OPERATING PLATFORM As of May 5, 2025: Costamare Bulkers Inc. (“CBI”) had fixed a fleet of 486 dry bulk vessels on period charters, consisting of: 36 Newcastlemax/ Capesize vessels.12 Kamsarmax vessels. Majority of the fixed fleet was on index linked charter-in agreements, consisting of: 31 charters for Newcastlemax/ Capesize vessels that are index linked.7 charters for Kamsarmax vessels that are index linked. Average remaining tenor for the Newcastlemax/ Capesize and Kamsarmax chartered-in fleet of 12 and 9 months, respectively. The CBI trading platform was included in the Spin-Off. VII. LEASE FINANCING PLATFORM Controlling interest in Neptune Maritime Leasing Limited (“NML”). Company’s current investment in NML of $123.3 million.Growing leasing platform, currently funding or committed to funding 41 shipping assets as of the date of this press release, representing a total investment of approximately $530.6 million, on the back of what we believe is a healthy pipeline. ____________________ 6 Four Capesize vessels have been chartered in from our owned fleet. VIII. DIVIDEND ANNOUNCEMENTS On April 2, 2025, the Company declared a dividend of $0.115 per share on the common stock, which was paid on May 6, 2025, to holders of record of common stock as of April 17, 2025.On April 2, 2025, the Company declared a dividend of $0.476563 per share on the Series B Preferred Stock, $0.531250 per share on the Series C Preferred Stock and $0.546875 per share on the Series D Preferred Stock, which were all paid on April 15, 2025 to holders of record as of April 14, 2025. Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented: “During the first quarter of the year, the Company generated Net Income of about $95 million. As announced on May 7, we successfully completed the spin-off of Costamare Bulkers, which encompasses the 37 owned dry bulk vessels as well as the CBI operating platform. Costamare Inc. remains the sole shareholder of the 68 containerships as well as the controlling shareholder of Neptune Maritime Leasing. The business separation unlocks hidden value and better positions the two separate listed companies to pursue distinct operating and strategic initiatives in the containership and the dry bulk sectors. Regarding the containership market, while geopolitical challenges and economic uncertainties impact global trade, demand for containership vessels has up to now maintained momentum. The commercially idle fleet remains below 1%, indicating a fully employed market. Regarding the proposed USTR fees, fleet redeployments and network reorganizations may initially result in inefficiencies boosting tonnage demand. Our containership fleet employment stands at 100% and 73% for 2025 and 2026, respectively. Total contracted revenues amount to $2.3 billion with a remaining time charter duration of 3.3 years. On the dry bulk sector, both Capesize and Panamax markets experienced a challenging start of the year. The cape market rebounded strongly in March, supported by improved Australia and Brazil iron ore shipments and tighter vessel availability. The panamax activity picked up, as expected, post-Chinese New Year supported by recovering grain flows. Finally, with regards to Neptune Maritime Leasing, the growing leasing platform, total investments and commitments are exceeding $530 million with a healthy pipeline.” Financial Summary Three-month period ended March 31,(Expressed in thousands of U.S. dollars, except share and per share data) 2024 2025 Voyage revenue$470,172 $384,852 Voyage revenue – related parties - $55,689 Total voyage revenue$470,172 $440,541 Accrued charter revenue (1)$761 $(2,596)Amortization of time-charter assumed$38 $(16)Total voyage revenue adjusted on a cash basis (2)$470,971 $437,929 Income from investments in leaseback vessels$5,258 $5,685 Adjusted Net Income available to common stockholders (3)$75,243 $73,330 Weighted Average number of shares 118,628,891 119,960,329 Adjusted Earnings per Share (3)$0.63 $0.61 Net Income$102,672 $100,843 Net Income available to common stockholders$94,180 $95,014 Weighted Average number of shares 118,628,891 119,960,329 Earnings per share$0.79 $0.79 (1) Accrued charter revenue represents the difference between cash received during the period and revenue recognized on a straight-line basis. In the early years of a charter with escalating charter rates, voyage revenue will exceed cash received during the period and during the last years of such charter cash received will exceed revenue recognized on a straight-line basis. The reverse is true for charters with descending rates. (2) Total voyage revenue adjusted on a cash basis represents Voyage revenue after adjusting for non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates. However, Total voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. GAAP. We believe that the presentation of Total voyage revenue adjusted on a cash basis is useful to investors because it presents the charter revenue for the relevant period based on the then current daily charter rates. The increases or decreases in daily charter rates under our charter party agreements of our fleet are described in the notes to the “Fleet List” tables below.(3) Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are non-GAAP measures. Refer to the reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share. Non-GAAP Measures The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the three-month periods ended March 31, 2025 and 2024. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue or net income as determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income available to common stockholders and (iii) Adjusted Earnings per Share. Exhibit I Reconciliation of Net Income to Adjusted Net Income available to common stockholders and Adjusted Earnings per Share Three-month period ended March 31,(Expressed in thousands of U.S. dollars, except share and per share data) 2024 2025 Net Income$102,672 $100,843 Earnings allocated to Preferred Stock (7,681) (5,114)Non-Controlling Interest (811) (715)Net Income available to common stockholders 94,180 95,014 Accrued charter revenue 761 (2,596)Deferred charter-in expenses - (357)General and administrative expenses - non-cash component 1,698 1,472 Amortization of time-charter assumed 38 (16)Realized (gain) /loss on Euro/USD forward contracts (1) (439) 218 Vessel’s impairment loss - 179 Gain on sale of vessels, net (993) - Loss on vessel held for sale - 4,669 Non-recurring, non-cash write-off of loan deferred financing costs 182 70 Gain on derivative instruments, excluding realized (gain) / loss on derivative instruments (1) (22,057) (25,323)Other non-cash items 1,873 - Adjusted Net Income available to common stockholders$75,243 $73,330 Adjusted Earnings per Share$0.63 $0.61 Weighted average number of shares 118,628,891 119,960,329 Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income after earnings allocated to preferred stock and Non-Controlling Interest, but before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, deferred charter-in expense, amortization of time-charter assumed, vessel’s impairment loss, loss on vessels held for sale, realized (gain)/loss on Euro/USD forward contracts, gain on sale of vessels, net , non-recurring, non-cash write-off of loan deferred financing costs, general and administrative expenses - non-cash component, gain on derivative instruments, excluding realized (gain)/loss on derivative instruments and other non-cash items. “Accrued charter revenue” is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings 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 available to common stockholders and Adjusted Earnings per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income available to common stockholders and Adjusted Earnings 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 available to common stockholders and Adjusted Earnings per Share generally eliminates the effects of the accounting effects of capital expenditures and acquisitions, 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 available to common stockholders and Adjusted Earnings 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 available to common stockholders and Adjusted Earnings 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 include gains and charges. Gains positively impacting Net Income available to common stockholders are reflected as deductions to Adjusted Net Income available to common stockholders. Charges negatively impacting Net Income available to common stockholders are reflected as increases to Adjusted Net Income available to common stockholders. Results of Operations Three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024 During the three-month periods ended March 31, 2025 and 2024, we had an average of 106.0 and 107.9 vessels, respectively, in our owned fleet. In addition, during the three-month periods ended March 31, 2025 and 2024, through our dry bulk operating platform Costamare Bulkers Inc. (“CBI”) we chartered-in an average of 55.1 and 57.0 third party dry bulk vessels, respectively. As of May 5, 2025, CBI charters in 48 dry bulk vessels on period charters, out of which four dry bulk vessels had been chartered-in from our owned fleet. During the three-month period ended March 31, 2025, we did not sell or purchase any vessels. During the three-month period ended March 31, 2024, we sold the dry-bulk vessels Manzanillo, Progress, Konstantinos, Merida, Alliance and Pegasus with an aggregate DWT capacity of 246,151 and took delivery of the dry-bulk vessel Miracle with a DWT of 180,643. As of March 31, 2025, we have invested in Neptune Maritime Leasing Limited (“NML”) the amount of $123.3 million. In the three-month periods ended March 31, 2025 and 2024, our fleet ownership days totaled 9,540 and 9,820 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned. Consolidated Financial Results and Vessels’ Operational Data (Expressed in millions of U.S. dollars,except percentages) Three-month period endedMarch 31, Change PercentageChange 2024 2025 Voyage revenue$470.2 $384.9 $(85.3) (18.1%)Voyage revenue – related parties - 55.7 55.7 n.m.Total voyage revenue$470.2 $440.6 (29.6) (6.3%)Income from investments in leaseback vessels 5.3 5.7 0.4 7.5%Voyage expenses (95.4) (88.3) (7.1) (7.4%)Charter-in hire expenses (144.3) (111.5) (32.8) (22.7%)Voyage expenses – related parties (3.6) (5.3) 1.7 47.2%Vessels’ operating expenses (59.7) (58.0) (1.7) (2.8%)General and administrative expenses (5.2) (7.3) 2.1 40.4%Management and agency fees – related parties (14.6) (14.0) (0.6) (4.1%)General and administrative expenses - non-cash component (1.7) (1.5) (0.2) (11.8%)Amortization of dry-docking and special survey costs (5.6) (6.3) 0.7 12.5%Depreciation (40.5) (41.7) 1.2 3.0%Gain on sale of vessels, net 1.0 - (1.0) n.m.Loss on vessel held for sale - (4.7) 4.7 n.m.Vessel’s impairment loss - (0.2) 0.2 n.m.Foreign exchange gains / (losses) (2.4) 0.2 2.6 n.m.Interest income 8.3 6.4 (1.9) (22.9%)Interest and finance costs (33.0) (28.4) (4.6) (13.9%)Other 0.6 0.1 (0.5) (83.3%)Gain on derivative instruments, net 23.3 15.0 (8.3) (35.6%)Net Income$102.7 $100.8 (Expressed in millions of U.S. dollars,except percentages) Three Month Period EndedMarch 31, Change PercentageChange 2024 2025 Total voyage revenue$470.2 $440.6 $(29.6) (6.3%)Accrued charter revenue 0.8 (2.6) (3.4) n.m.Amortization of time-charter assumed - - - n.m.Total voyage revenue adjusted on a cash basis (1)$471.0 $438.0 $(33.0) (7.0%) Vessels’ operational dataThree-month period endedMarch 31, PercentageChange2024 2025 Change Average number of vessels107.9 106.0 (1.9) (1.8%)Ownership days9,820 9,540 (280) (2.9%)Number of vessels under dry-docking and special survey2 6 4 (1) Total voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). Refer to “Consolidated Financial Results and Vessels’ Operational Data” above for the reconciliation of Total voyage revenue adjusted on a cash basis. Total Voyage Revenue Total voyage revenue decreased by 6.3%, or $29.6 million, to $440.6 million during the three-month period ended March 31, 2025, from $470.2 million during the three-month period ended March 31, 2024. The decrease is mainly attributable to (i) decreased revenue earned by CBI during the three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024, (ii) decreased charter rates in certain of our dry bulk and container vessels during the three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024 and (iii) revenue not earned by ten dry bulk vessels sold during the year ended December 31, 2024; partly offset by revenue earned by six dry bulk vessels acquired during the year ended December 31, 2024. Total voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”) decreased by 7.0%, or $33.0 million, to $438.0 million during the three-month period ended March 31, 2025, from $471.0 million during the three-month period ended March 31, 2024. Accrued charter revenue for the three-month periods ended March 31, 2025 and 2024 was a negative amount of $2.6 million and a positive amount of $0.8 million, respectively. Income from investments in leaseback vessels Income from investments in leaseback vessels was $5.7 million and $5.3 million for the three-month periods ended March 31, 2025 and 2024, respectively. Income from investments in leaseback vessels increased, period over period, due to the increased volume of NML’s operations during the three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries. Voyage Expenses Voyage expenses were $88.3 million and $95.4 million for the three-month periods ended March 31, 2025 and 2024, respectively. Voyage expenses mainly include (i) fuel consumption mainly related to dry bulk vessels, (ii) third-party commissions, (iii) port expenses and (iv) canal tolls. Charter-in Hire Expenses Charter-in hire expenses were $111.5 million and $144.3 million for the three-month periods ended March 31, 2025 and 2024, respectively. Charter-in hire expenses are expenses relating to chartering-in of third-party dry bulk vessels under charter agreements through CBI. Voyage Expenses – related parties Voyage expenses – related parties were $5.3 million and $3.6 million for the three-month periods ended March 31, 2025 and 2024, respectively. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider, (ii) charter brokerage fees (in respect of our container vessels) payable to two related charter brokerage companies for an amount of approximately $0.4 million and $0.4 million, in the aggregate, for the three-month periods ended March 31, 2025 and 2024, respectively and (iii) address commission on certain charter-out agreements payable to a related agent (since the second quarter of 2024). This commission is subsequently paid in full on a back-to-back basis by the related agent to its respective third-party clients with no benefit for the related agent. Vessels’ Operating Expenses Vessels’ operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $58.0 million and $59.7 million during the three-month periods ended March 31, 2025 and 2024, respectively. Daily vessels’ operating expenses were $6,080 and $6,075 for the three-month periods ended March 31, 2025 and 2024, respectively. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period. General and Administrative Expenses General and administrative expenses were $7.3 million and $5.2 million during the three-month periods ended March 31, 2025 and 2024, respectively, and include amounts of $0.67 million and $0.67 million, respectively, that were paid to a related service provider. Management and Agency Fees – related parties Management fees charged by our related party managers were $10.5 million and $11.3 million during the three-month periods ended March 31, 2025 and 2024, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $2.1 million and $3.5 million for the three-month periods ended March 31, 2025 and 2024, respectively. Furthermore, during the three-month periods ended March 31, 2025 and 2024, agency fees of $3.5 million and $3.3 million, in aggregate, were charged by four related agents in connection with the operations of CBI. General and Administrative Expenses - non-cash component General and administrative expenses - non-cash component for the three-month period ended March 31, 2025 amounted to $1.5 million, representing the value of the shares issued to a related service provider on March 31, 2025. General and administrative expenses - non-cash component for the three-month period ended March 31, 2024 amounted to $1.7 million, representing the value of the shares issued to a related service provider on March 29, 2024. Amortization of Dry-Docking and Special Survey Costs Amortization of deferred dry-docking and special survey costs was $6.3 million and $5.6 million during the three-month periods ended March 31, 2025 and 2024, respectively. During the three-month period ended March 31, 2025, three vessels underwent and completed their dry-docking and special survey and three vessels were in the process of completing their dry-docking and special survey. During the three-month period ended March 31, 2024, one vessel underwent and completed her dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey. Depreciation Depreciation expense for the three-month periods ended March 31, 2025 and 2024 was $41.7 million and $40.5 million, respectively. Gain on Sale of Vessels, net During the three-month period ended March 31, 2025, none of our vessels were sold. During the three-month period ended March 31, 2024, we recorded a net gain of $1.0 million from the sale of the dry-bulk vessels Manzanillo, Progress and Konstantinos, each of which was classified as a vessel held for sale as of December 31, 2023, and from the sale of the dry-bulk vessels Merida, Alliance and Pegasus. Loss on Vessel Held for Sale During the three-month period ended March 31, 2025, the dry-bulk vessel Rose was classified as a vessel held for sale and we recorded a loss on vessel held for sale of $4.7 million, which resulted from its estimated fair value measurement less costs to sell. During the three-month period ended March 31, 2024, we did not record any loss on vessel held for sale. Vessel’s Impairment loss During the three-month period ended March 31, 2025, we recorded an impairment loss in relation to one of our dry bulk vessels in the amount of $0.2 million. During the three-month period ended March 31, 2024, no impairment loss was recorded. Interest Income Interest income amounted to $6.4 million and $8.3 million for the three-month periods ended March 31, 2025 and 2024, respectively. Interest and Finance Costs Interest and finance costs were $28.4 million and $33.0 million during the three-month periods ended March 31, 2025 and 2024, respectively. The decrease is mainly attributable to the decreased interest expense due to a lower average loan balance during the three-month period ended March 31, 2025, compared to the three-month period ended March 31, 2024. Gain on Derivative Instruments, net As of March 31, 2025, we hold derivative financial instruments that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that qualifies for hedge accounting is recorded in “Other Comprehensive Income” (“OCI”). The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income. As of March 31, 2025, the fair value of these instruments, in aggregate, amounted to a net asset of $10.9 million. During the three-month period ended March 31, 2025, the change in the fair value (fair value as of March 31, 2025 compared to fair value as of December 31, 2024) of the derivative instruments that qualify for hedge accounting resulted in a net loss of $6.4 million, which has been included in OCI. Furthermore, during the three-month period ended March 31, 2025 the change in the fair value (fair value as of March 31, 2025 compared to the fair value as of December 31, 2024) of the derivative instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the quarter, resulted in a net gain of $15.0 million, which has been included in Gain on Derivative Instruments, net. Cash FlowsThree-month periods ended March 31, 2025 and 2024 Condensed cash flowsThree-month period ended March 31,(Expressed in millions of U.S. dollars) 2024 2025 Net Cash Provided by Operating Activities$138.0 $143.1 Net Cash Provided by Investing Activities$34.6 $1.5 Net Cash Used in Financing Activities$(28.0) $(54.4) Net Cash Provided by Operating Activities Net cash flows provided by operating activities for the three-month period ended March 31, 2025, increased by $5.1 million to $143.1 million, from $138.0 million for the three-month period ended March 31, 2024. The increase is mainly attributable to the (i) favorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis), (ii) decrease in interest payments (including interest rate derivatives net receipts) during the three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024, and (iii) increased cash from operations during the three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024; partly offset by the increased dry-docking and special survey costs during the three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024. Net Cash Provided by Investing Activities Net cash provided by investing activities was $1.5 million in the three-month period ended March 31, 2025, which mainly consisted of receipts from the investments into which NML entered; partly offset by payments for upgrades for certain of our container and dry bulk vessels. Net cash provided by investing activities was $34.6 million in the three-month period ended March 31, 2024, which mainly consisted of proceeds we received from the sale of the dry-bulk vessels Manzanillo, Progress, Konstantinos, Merida, Alliance and Pegasus; partly off-set by (i) settlement payment for the delivery of the secondhand dry bulk vessel Miracle, (ii) payments for upgrades for certain of our container and dry bulk vessels and (iii) payments for net investments into which NML entered. Net Cash Used in Financing Activities Net cash used in financing activities was $54.4 million in the three-month period ended March 31, 2025, which mainly consisted of (i) $34.0 million net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $55.1 million we received from three debt financing agreements), (ii) $13.7 million we paid for dividends to holders of our common stock for the fourth quarter of 2024 and (iii) $0.9 million we paid for dividends to holders of our 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”), $2.1 million we paid for dividends to holders of our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock (“Series C Preferred Stock”) and $2.2 million we paid for dividends to holders of our 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (“Series D Preferred Stock”) for the period from October 15, 2024 to January 14, 2025. Net cash used in financing activities was $28.0 million in the three-month period ended March 31, 2024, which mainly consisted of (i) $9.7 million net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $111.5 million we received from eight debt financing agreements), (ii) $9.3 million we paid for dividends to holders of our common stock for the fourth quarter of 2023 and (iii) $0.9 million we paid for dividends to holders of our Series B Preferred Stock, $2.1 million we paid for dividends to holders of our Series C Preferred Stock, $2.2 million we paid for dividends to holders of our Series D Preferred Stock and $2.5 million we paid for dividends to holders of our 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock for the period from October 15, 2023 to January 14, 2024. Liquidity and Unencumbered Vessels Cash and cash equivalents As of March 31, 2025, we had Cash and cash equivalents (including restricted cash) of $868.0 million, $18.7 million invested in short-dated US Treasury Bills (short-term investments) and $35.9 million margin deposits in relation mainly to our FFAs and bunker swaps. Furthermore, our liquidity stands at approximately $1,022.6 million accounting for a $100.0 million of a hunting license facility7. Debt-free vessels As of May 7, 2025, the following vessels were free of debt. Unencumbered Vessels8 (Refer to Fleet list for full details) Vessel NameYearBuilt TEUCapacityContainerships KURE1996 7,403MAERSK KOWLOON2005 7,471ETOILE2005 2,556MICHIGAN2008 1,300ARKADIA2001 1,550 Conference Call details: On May 8, 2025 at 8:30 a.m. EST, Costamare’s management team will hold a conference call to discuss the financial results. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-844-887-9405 (from the US), 0808-238-9064 (from the UK) or +1-412-317-9258 (from outside the US and the UK). Please quote “Costamare”. A replay of the conference call will be available until May 15, 2025. The United States replay number is +1-877-344-7529; the standard international replay number is +1-412-317-0088; and the access code required for the replay is: 2047557. Live webcast: There will also be a simultaneous live webcast over the Internet, through the Costamare Inc. website (www.costamare.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. About Costamare Inc. Costamare Inc. is one of the world’s leading owners and providers of containerships for charter. The Company has 51 years of history in the international shipping industry and a fleet of 68 containerships, with a total capacity of approximately 513,000 TEU. The Company participates in a lease financing business. The Company’s common stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock trade on the New York Stock Exchange under the symbols “CMRE”, “CMRE PR B”, “CMRE PR C” and “CMRE PR D”, respectively. ____________________ 7 This hunting license facility was subject to final documentation as of March 31, 2025. The Company signed the hunting license facility in April 2025, following which this facility was transferred to CMDB in connection with the Spin-Off.8 Unencumbered dry bulk vessels are not included due to the Spin-off. 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. These statements are not historical facts but instead represent only Costamare’s belief regarding future results, many of which, by their nature, are inherently uncertain and outside of Costamare’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 Annual Report on Form 20-F (File No. 001-34934) under the caption “Risk Factors”. Company Contacts:Gregory Zikos – Chief Financial Officer Konstantinos Tsakalidis – Business DevelopmentCostamare Inc., MonacoTel: (+377) 93 25 09 40Email: ir@costamare.com Containership Fleet List The table below provides additional information, as of May 7, 2025, about our fleet of containerships, and those vessels subject to sale and leaseback agreements. Each vessel is a cellular containership, meaning it is a dedicated container vessel. Vessel NameChartererYear BuiltCapacity (TEU)Current Daily Charter Rate(1) (U.S. dollars)Expiration of Charter(2)1TRITONEvergreen201614,424(*)March 20262TITAN(i)Evergreen201614,424(*)April 20263TALOS(i)Evergreen201614,424(*)July 20264TAURUS(i)Evergreen201614,424(*)August 20265THESEUS(i)Evergreen201614,424(*)August 20266YM TRIUMPH(i)Yang Ming202012,690(*)May 20307YM TRUTH(i)Yang Ming202012,690(*)May 20308YM TOTALITY(i)Yang Ming202012,690(*)July 20309YM TARGET(i)Yang Ming202112,690(*)November 203010YM TIPTOP(i)Yang Ming202112,690(*)March 203111CAPE AKRITASMSC201611,01033,000August 203112CAPE TAINAROMSC201711,01033,000April 203113CAPE KORTIAMSC201711,01033,000August 203114CAPE SOUNIOMSC201711,01033,000April 203115CAPE ARTEMISIOHapag Lloyd/(*)201711,01036,650/(*) June 2030(3)16ZIM SHANGHAIZIM/(*)20069,46972,700/(*)May 2028(4)17YANTIAN IZIM/(*)20069,46972,700/(*)April 2028(5)18YANTIANCOSCO/(*)20069,469(*)/(*)May 2028(6)19COSCO HELLASCOSCO/(*)20069,469(*)/(*)August 2028(7)20BEIJINGCOSCO/(*)20069,469(*)/(*)July 2028(8)21MSC AZOVMSC/(*)20149,40335,300/(*)December 2029(9)22MSC AMALFIMSC20149,40335,300March 202723MSC AJACCIOMSC20149,40335,300February 202724MSC ATHENSMSC/(*)20138,82735,300/(*)January 2029(10)25MSC ATHOSMSC/(*)20138,82735,300/(*)February 2029(11)26VALORHapag Lloyd/(*)20138,82732,400/(*)May 2030(12)27VALUEHapag Lloyd/(*)20138,82732,400/(*)June 2030(13)28VALIANTHapag Lloyd/(*)20138,82732,400/(*)June 2030(14)29VALENCEHapag Lloyd/(*)20138,82732,400/(*)July 2030(15)30VANTAGEHapag Lloyd/(*)20138,82732,400/(*)September 2030(16)31NAVARINOMSC20108,531(*)March 202932KLEVENMSC/(*)19968,04441,500/(*)April 2028(17)33KOTKAMSC/(*)19968,04441,500/(*)September 2028(18)34MAERSK KOWLOONMaersk/MSC20057,47118,500/(*)October 2028(19)35KUREMSC/(*)19967,40341,500/(*)August 2028(20)36METHONIMaersk20036,72447,453August 202637PORTO CHELIMaersk20016,71230,075June 202638TAMPA IZIM/(*)20006,64845,000/(*)July 2025 / June 2028(21)39ZIM VIETNAMZIM20036,64438,500December 2028(22)40ZIM AMERICAZIM20036,64438,500December 2028 (23)41ARIES(*)20046,49258,500March 202642ARGUS(*)20046,49258,500April 202643PORTO KAGIOMaersk20025,90828,822June 202644GLEN CANYONZIM/(*)20065,64262,500/(*)June 2025/ April 2028(24)45PORTO GERMENOMaersk20025,57028,822June 202646LEONIDIOMaersk20144,95718,018October 202647KYPARISSIAMaersk20144,95718,118October 202648MEGALOPOLISMaersk20134,95714,043July 2027 (25)49MARATHOPOLISMaersk20134,95714,044July 2027(26)50GIALOVA(*)20094,578(*)March 202651DYROSMaersk20084,57835,500April 202752NORFOLK (*)/(*)20094,259 (*)/(*)March 2028(27)53VULPECULAZIM20104,258Please refer to note 28May 2028(28)54VOLANS (*)20104,258 (*)July 202755VIRGOMaersk20094,25835,500April 202756VELAZIM20094,258Please refer to note 29April 2028(29)57ANDROUSA(*)20104,256(*)March 202658NEOKASTROCMA CGM20114,17839,000February 202759ULSANMaersk20024,13234,730January 202660POLAR BRASILMaersk20183,80021,000March 2026(30)61LAKONIACOSCO20042,58623,500February 202762SCORPIUSHapag Lloyd20072,57216,500February 202663ETOILE(*)/(*)20052,556 (*)/(*)July 2028(31)64AREOPOLISCOSCO20002,47423,500March 202765ARKADIASwire Shipping/(*)20011,55013,000/(*)October 2026 (32)66MICHIGAN(*)/(*)20081,300(*)/(*)October 2027(33)67TRADER(*)/(*)20081,300(*)/(*)October 2028(34)68LUEBECK(*)/(*)20011,078 (*)/(*)April 2028 (35) (1) Daily charter rates are gross, unless stated otherwise. Amounts set out for current daily charter rate are the amounts contained in the charter contracts. (2) Charter terms and expiration dates are based on the earliest date charters (unless otherwise noted) could expire. (3) Cape Artemisio is currently chartered to Hapag Lloyd at a daily rate of $36,650 until June 2025 (earliest redelivery) - September 2025 (latest redelivery). Upon redelivery of the vessel from Hapag Lloyd, the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate. (4) Zim Shanghai is currently chartered to ZIM at a daily rate of $72,700 until July 1, 2025, at the earliest. Upon redelivery of the vessel from ZIM, the vessel will commence a new charter with a leading liner company for a period of 34 to 36 months at an undisclosed rate. (5) Yantian I is currently chartered to ZIM at a daily rate of $72,700 until June 27, 2025, at the earliest. Upon redelivery of the vessel from ZIM, the vessel will commence a new charter with a leading liner company for a period of 34 to 36 months at an undisclosed rate. (6) Yantian is currently chartered to COSCO at an undisclosed rate until May 1, 2026, at the earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26 months at an undisclosed rate. (7) Cosco Hellas is currently chartered to COSCO at an undisclosed rate until August 1, 2026, at the earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26 months at an undisclosed rate. (8) Beijing is currently chartered to COSCO at an undisclosed rate until July 1, 2026, at the earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26 months at an undisclosed rate. (9) MSC Azov is currently chartered to MSC at a daily rate of $35,300 until December 2026 (earliest redelivery) - January 2027 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until December 2029 (earliest redelivery) - February 2030 (latest redelivery) at an undisclosed rate. (10) MSC Athens is currently chartered to MSC at a daily rate of $35,300 until January 2026 (earliest redelivery) - March 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until January 2029 (earliest redelivery) - March 2029 (latest redelivery) at an undisclosed rate. (11) MSC Athos is currently chartered to MSC at a daily rate of $35,300 until February 2026 (earliest redelivery) - April 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until February 2029 (earliest redelivery) - April 2029 (latest redelivery) at an undisclosed rate. (12) Valor is currently chartered to Hapag Lloyd at a daily rate of $32,400 until May 10, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd, the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate. (13) Value is currently chartered to Hapag Lloyd at a daily rate of $32,400 until June 19, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd, the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate. (14) Valiant is currently chartered to Hapag Lloyd at a daily rate of $32,400 until June 7, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd, the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate. (15) Valence is currently chartered to Hapag Lloyd at a daily rate of $32,400 until July 3, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd, the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate. (16) Vantage is currently chartered to Hapag Lloyd at a daily rate of $32,400 until September 8, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd, the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate. (17) Kleven is currently chartered to MSC at a daily rate of $41,500 until November 2026 (earliest redelivery) - January 2027 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until April 2028 (earliest redelivery) - June 2028 (latest redelivery) at an undisclosed rate. (18) Kotka is currently chartered to MSC at a daily rate of $41,500 until December 2026 (earliest redelivery) - February 2027 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until September 2028 (earliest redelivery) - November 2028 (latest redelivery) at an undisclosed rate. (19) Maersk Kowloon is currently chartered to Maersk at a daily rate of $18,500 until October 2025 (earliest redelivery) - January 2026 (latest redelivery). Upon redelivery of the vessel from Maersk, the vessel will commence a new charter with MSC for a period of 36 to 38 months at an undisclosed rate. (20) Kure is currently chartered to MSC at a daily rate of $41,500 until July 2026 (earliest redelivery) - September 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until August 2028 (earliest redelivery) - October 2028 (latest redelivery) at an undisclosed rate. (21) Tampa I is currently chartered to ZIM at a daily rate of $45,000 until July 2025 (earliest redelivery) - August 2025 (latest redelivery). Upon redelivery of the vessel from ZIM, the vessel will commence a new charter with a leading liner company for a period of 34 to 36 months at an undisclosed rate. (22) ZIM Vietnam is currently chartered at a daily rate of $53,000 until October 17, 2025. From such date and until the expiration of the charter the new daily rate will be $38,500. (23) ZIM America is currently chartered at a daily rate of $53,000 until October 3, 2025. From such date and until the expiration of the charter the new daily rate will be $38,500. (24) Glen Canyon is currently chartered to ZIM at a daily rate of $62,500 until June 2025 (earliest redelivery) - September 2025 (latest redelivery). Upon redelivery of the vessel from ZIM, the vessel will commence a new charter with a leading liner company for a period of 34 to 36 months at an undisclosed rate. (25) Megalopolis, is currently chartered to Maersk at a daily rate of $14,043 until July 12, 2025. Following the aforementioned date, the new daily rate will be $14,500 for a period of 24 to 28 months. (26) Marathopolis, is currently chartered to Maersk at a daily rate of $14,044 until July 30, 2025. Following the aforementioned date, the new daily rate will be $14,500 for a period of 24 to 28 months. (27) Norfolk is currently chartered until May 19, 2025. Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until March 2028 (earliest redelivery) - May 2028 (latest redelivery) at an undisclosed rate. (28) Vulpecula is currently chartered to ZIM under a charterparty agreement which commenced in May 2023. The tenor of the charter is for a period of 60 to 64 months. For this charter, the daily rate is $99,000 for the first 12 month period, $91,250 for the second 12 month period, $10,000 for the third 12 month period and $8,000 for the remaining duration of the charter. (29) Vela is currently chartered to ZIM under a charterparty agreement which commenced in April 2023. The tenor of the charter is for a period of 60 to 64 months. For this charter, the daily rate is $99,000 for the first 12 month period, $91,250 for the second 12 month period, $10,000 for the third 12 month period and $8,000 for the remaining duration of the charter. (30) Charterer has the option to extend the current time charter for two additional one-year periods at the same daily rate of $21,000. (31) Etoile is currently chartered until June 2026 (earliest redelivery) - September 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until July 2028 (earliest redelivery) - August 2028 (latest redelivery) at an undisclosed rate. (32) Arkadia is currently chartered at a daily rate of $13,000 until June 7, 2025, at the earliest. Upon redelivery of the vessel from Swire Shipping, the vessel will commence a new charter with a leading liner company until October 2026 (earliest redelivery) - December 2028 (latest redelivery) at an undisclosed rate. (33) Michigan is currently chartered until October 2025 (earliest redelivery) - December 2025 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until October 2027 (earliest redelivery) - December 2027 (latest redelivery) at an undisclosed rate. (34) Trader is currently chartered until October 2026 (earliest redelivery) - December 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until October 2028 (earliest redelivery) - December 2028 (latest redelivery) at an undisclosed rate. (35) Luebeck is currently chartered until April 2026 (earliest redelivery) - June 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until April 2028 (earliest redelivery) - June 2028 (latest redelivery) at an undisclosed rate. (i) Denotes vessels subject to a sale and leaseback transaction. (*) Denotes charterer’s identity and/or current daily charter rates and/or charter expiration dates, which are treated as confidential. Dry Bulk Vessel Fleet List The table below provides information, about our owned fleet of dry bulk vessels as of May 5, 2025. Each vessel was owned as of the aforementioned date by one of our subsidiaries. Following the Spin-off, the vessels are owned by CMDB. Vessel NameYear BuiltCapacity (DWT)1FRONTIER2012181,4152MIRACLE2011180,6433PROSPER2012179,8954DORADO2011179,8425MAGNES2011179,5466ENNA2011175,9757AEOLIAN201283,4788GRENETA201082,1669HYDRUS201181,60110PHOENIX201281,56911BUILDER201281,54112FARMER201281,54113SAUVAN201079,70014MERCHIA201563,58515DAWN201863,56116SEABIRD201663,55317ORION201563,47318DAMON201263,30119ARYA201361,42420ALWINE(i)201461,09021AUGUST(i)201561,09022ATHENA201258,01823ERACLE201258,01824PYTHIAS201058,01825NORMA201058,01826CURACAO201157,93727URUGUAY201157,93728SERENA201057,26629LIBRA201056,70130CLARA200856,55731BERMONDI200955,46932VERITY201237,16333PARITY201237,15234ACUITY201137,15235EQUITY201337,07136BERNIS201135,99537RESOURCE(i) (ii)201031,775 (i) Denotes vessel free of debt.(ii) Denotes vessel we have agreed to sell. Consolidated Statements of Income Three-months ended March 31, (Expressed in thousands of U.S. dollars, except share and per share amounts) 2024 2025 (Unaudited) REVENUES: Voyage revenue$470,172 $384,852 Voyage revenue – related parties - 55,689 Total voyage revenue 470,172 440,541 Income from investments in leaseback vessels 5,258 5,685 Total revenues$475,430 $446,226 EXPENSES: Voyage expenses (95,357) (88,317) Charter-in hire expenses (144,349) (111,518) Voyage expenses – related parties (3,634) (5,337) Vessels’ operating expenses (59,657) (58,003) General and administrative expenses (5,193) (7,330) Management and agency fees – related parties (14,647) (13,996) General and administrative expenses – non-cash component (1,698) (1,472) Amortization of dry-docking and special survey costs (5,612) (6,291) Depreciation (40,501) (41,692) Gain on sale of vessels, net 993 - Loss on vessel held for sale - (4,669) Vessel’s impairment loss - (179) Foreign exchange gains / (losses) (2,378) 248 Operating income$103,397 $107,670 OTHER INCOME / (EXPENSES): Interest income$8,313 $6,481 Interest and finance costs (32,950) (28,432) Income from equity method investments 40 - Other 534 63 Gain on derivative instruments, net 23,338 15,061 Total other expenses, net$(725)$(6,827) Net Income$102,672 $100,843 Earnings allocated to Preferred Stock (7,681) (5,114) Net Gain attributable to the non-controlling interest (811) (715) Net Income available to common stockholders$94,180 $95,014 Earnings per common share, basic and diluted$0.79 $0.79 Weighted average number of shares, basic and diluted 118,628,891 119,960,329 COSTAMARE INC.Consolidated Balance Sheets (Expressed in thousands of U.S. dollars) As of December 31, 2024 As of March 31, 2025ASSETS (Audited) (Unaudited)CURRENT ASSETS: Cash and cash equivalents$704,633 $767,830 Restricted cash 18,145 46,335 Margin deposits 45,221 35,873 Short-term investments 18,499 18,696 Investment in leaseback vessels, current 30,561 30,586 Net investment in sales type lease (Vessels), current 12,748 1,690 Accounts receivable 45,509 39,005 Inventories 57,656 56,060 Due from related parties 7,014 7,858 Fair value of derivatives 10,607 9,966 Insurance claims receivable 10,881 11,481 Vessels held for sale - 10,780 Time-charter assumed 195 189 Accrued charter revenue 11,929 11,742 Prepayments and other 66,618 74,345 Total current assets$1,040,216 $1,122,436 FIXED ASSETS, NET: Vessels, net$3,387,012 $3,336,837 Total fixed assets, net$3,387,012 $3,336,837 NON-CURRENT ASSETS: Investment in leaseback vessels, non-current$222,088 $214,747 Deferred charges, net 71,807 70,163 Finance leases, right-of-use assets (Vessels) 37,818 37,474 Net investment in sales type lease (Vessels), non-current 6,734 7,187 Operating leases, right-of-use assets 297,975 259,577 Accounts receivable, non-current 3,560 3,560 Due from related parties, non-current 2,175 2,175 Restricted cash 55,158 53,891 Fair value of derivatives, non-current 21,382 15,857 Accrued charter revenue, non-current 2,688 3,875 Time-charter assumed, non-current 74 31 Total assets$5,148,687 $5,127,810 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Current portion of long-term debt$317,865 $335,056 Finance lease liability 23,877 23,195 Operating lease liabilities, current portion 205,172 191,906 Accounts payable 49,425 42,653 Due to related parties 6,833 8,990 Accrued liabilities 31,885 31,947 Unearned revenue 47,813 44,926 Fair value of derivatives 34,221 14,781 Other current liabilities 28,469 31,417 Total current liabilities$745,560 $724,871 NON-CURRENT LIABILITIES Long-term debt, net of current portion$1,716,204 $1,666,517 Operating lease liabilities, non-current portion 87,424 61,332 Fair value of derivatives, net of current portion 5,174 147 Unearned revenue, net of current portion 14,620 13,047 Other non-current liabilities 11,099 17,405 Total non-current liabilities$1,834,521 $1,758,448 COMMITMENTS AND CONTINGENCIES - - Temporary equity – Redeemable non-controlling interest in subsidiary$(2,453)$(2,428)STOCKHOLDERS’ EQUITY: Preferred stock$- $- Common stock 13 13 Treasury stock (120,095) (120,095)Additional paid-in capital 1,336,646 1,338,198 Retained earnings 1,279,605 1,360,708 Accumulated other comprehensive income 17,345 10,995 Total Costamare Inc. stockholders’ equity$2,513,514 $2,589,819 Non-controlling interest 57,545 57,100 Total stockholders’ equity 2,571,059 2,646,919 Total liabilities and stockholders’ equity$5,148,687 $5,127,810

Costamare Inc. Reports Results for the First Quarter Ended March 31, 2025

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