Monaco – April 29, 2026 – Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today
reported unaudited financial results for the first quarter ended March 31, 2026 (“Q1 2026”).
- PROFITABILITY AND LIQUIDITY
- Q1 2026 Adjusted Net Income from Continuing operations1
available to common stockholders2
of $76.0 million ($0.63 per share).
- Q1 2026 Net Income from Continuing operations1
available to common stockholders of $75.3
million ($0.62 per share).
- Q1 2026 liquidity of $644.4 million3
.
- COMMON DIVIDEND INCREASE
Management of the Company announced that it will recommend to the Board of Directors the
approval of a dividend increase, beginning with the second quarter of 2026, increasing the
quarterly dividend from $0.115 to $0.125 per common share4
.
III. ENTERED INTO 16 SHIPBUILDING CONTRACTS BACKED WITH LONG TERM
CHARTERS – INCREMENTAL CONTRACTED REVENUES OF $2.8 BILLION –
CONCLUDED FINANCING ON A PRE-POST DELIVERY BASIS FOR ALL 16
VESSELS5
(A) 12x 9,200 TEU NEWBUILDS
1 Discontinued operations – Costamare Bulkers Holdings Limited Spin-Off: On May 6, 2025, Costamare completed the spin-off
of its dry bulk business (consisting of its dry bulk owned fleet and its dry bulk operating platform, Costamare Bulkers Inc.
(“CBI”)) into a standalone public company, Costamare Bulkers Holdings Limited (NYSE: CMDB). Accordingly, the results of
the dry bulk business are presented as discontinued operations in the Company’s consolidated financial statements for all relevant
periods presented. Discontinued operations for the three-month period ended March 31, 2025, include the results of the dry bulk
business. There are no results of discontinued operations for the three-month period ended March 31, 2026. Accordingly, results
of discontinued operations are not comparable between periods.
2 Adjusted Net Income from Continuing operations available to common stockholders and respective per share figures are nonGAAP 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.
3 Liquidity includes cash and cash equivalents (including restricted cash) and short-term investments in U.S. Treasury Bills
amounting to $19.4 million.
4 The declaration and amount of a dividend is subject to the discretion of the Board and accordingly will depend on, among other
things, the Company’s earnings, financial condition and cash requirements and availability, the Company’s ability to obtain debt
and equity financing on acceptable terms as contemplated by the Company’s growth strategy, the restrictive covenants in the
Company’s existing and future debt instruments and global economic conditions.
5 The shipbuilding contract prices and the related post-delivery time charter rates are denominated in a currency other than US
dollars. US dollar amounts presented herein have been translated at the closing exchange rate on April 28, 2026, and are shown
for presentation purposes only.
2
Vessels expected to be delivered between Q3 2028 and Q2 2030.
Each vessel will commence a 15-year time charter upon delivery with COSCO.
Pre- and post- delivery financing for a tenor of 15 years has been arranged for all 12 newbuilds.
(B) 4x 3,100 TEU NEWBUILDS
Vessels expected to be delivered between Q4 2027 and Q4 2028.
Each vessel will commence an 8-year time charter upon delivery with COSCO.
Pre- and post- delivery financing for a tenor of 8 years has been arranged for all fournewbuilds.
The 16 newbuilds contribute approximately $2.8 billion in contracted revenues and extend our TEU-weighted fleet employment duration by 1.8 years.
Please read more https://www.costamare.com/images/news/CMRE_Q1_2026_Earnings_release.pdf
