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- **Q3 Financial Strength**: $2.96M revenue, $1.5M net income, 8% dividend yield, and $10.73/share NAV.
- **Strategic Expansion**: $31.8M tanker acquisition positions for $23.75K/day tanker rates, while feeder ships maintain $28.7K/day rates.
- **Operational Efficiency**: Container ships break-even at $9.5K/day, tankers at $14.6K/day, ensuring cash flow resilience.
- **Growth Catalysts**: Spot market utilization of new tanker, potential charter extensions, and disciplined capital allocation.

**【Management Opening Remarks】**
- Euroholdings reported Q3 2025 net revenues of $2.96 million and net income of $1.5 million, with a dividend of $0.14 per share (8% annualized yield). 
- The company completed the acquisition of the medium-range product tanker Hellas Avatar for $31.83 million, financed via $20 million from Piraeus Bank and internal funds.
- Strategic shift to tankers continues alongside profitable feeder container ship operations (Aegean Express and Joanna under charters until mid-2026). 

**【CEO & Strategy Officer Market Overview】**
- Medium-range tanker rates stable at $23,750/day (1-year) and $21,000/day (3-year), above 5-year averages.
- Tanker fleet aging (46% over 15 years) and limited newbuilding (3M DWT/yr) support supply constraints.
- Feeder container ship rates at $28,700/day (1,700 TEU) vs 10-year average of $16,800/day, driven by undersupply (10% newbuilding, 20% >20yr old). 

**【CFO Financial Highlights】**
- Q3 2025: Adjusted EBITDA $1.44M, net income $1.5M, EPS $0.55.
- Container ship cash break-even $9,500/day; tanker EBITDA break-even $9,316/day, total cash break-even $14,600/day.
- Balance sheet: $17.5M cash, $3.6M vessel book value, $19M equity, $30.2M NAV ($10.73/share). 

**【Q&A Highlights】**
- Joanna charter extension negotiations for 2026 at current rate levels (~$19,000/day). 
- Hellas Avatar to operate in spot market initially, with potential longer-term charter depending on market.
- Vessel maintenance for Aegean Express scheduled for end-2025, enabling operation until 2027 special survey.
- Tanker acquisition market stable, with prices 17-24% below 2024 peaks, providing entry point for future growth.

Euroholdings Ltd (EHLD) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

EHLD

EHLD fundamentals

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