Ernst Russ AG publishes results for the first nine months of 2026

Nine-month figures 2026 confirm strategic direction

• First tankers added to the fleet: MT “Frankie Russ” in September, MT “Farrie Russ” at the end of October
• Revenues of EUR 118.8 million and EBIT of EUR 47.9 million in the first nine months of 2026
• Average charter rate of the existing fleet up around 11% to USD 19,811 per day
• Charter backlog up around 38% since the beginning of the year to USD 722.1 million; average remaining charter duration extended to 33.1 months
• Forecast raised in the third quarter and after the reporting date: revenues of EUR 159 to 164 million and EBIT of EUR 63 to 70 million expected
• International capital market presence expanded

Hamburg, 12 November 2026 – Just a few months after Ernst Russ entered the tanker segment, the first product/chemical tankers in its fleet are now in operation. In September, the Hamburg-based shipowner took over MT “Frankie Russ”, followed by her sister vessel MT “Farrie Russ” at the end of October. The charter backlog has increased by around 38% since the beginning of the year. Ernst Russ AG adjusted its forecast for the year 2026 in the third quarter and raised it once again after the reporting date.

At the same time, Ernst Russ AG continued to rejuvenate its portfolio. In the third quarter, the 2008-built feeder container vessel MV “EF Emma” was sold. Handover to the buyer is scheduled for the end of the fourth quarter of 2026. After the end of the quarter, this was followed by the sale of the 2007-built MV “Mirror”, with handover scheduled for January 2027.

Geopolitical tensions continued to shape shipping markets in the third quarter of 2026. While the major liner shipping companies largely returned to the Red Sea, most shipowners continued to avoid the Strait of Hormuz. Alternative solutions, congestion at key ports and typhoons in China tied up additional capacity. As a result, vessel capacity remained tight, and charter rates held at a high level, particularly in the container segment. Industry analysts expect a gradual normalisation once the geopolitical situation eases and more newbuildings enter service.

In view of the newbuilding deliveries scheduled for the coming years, Ernst Russ AG aligns the charter duration and the charterer’s creditworthiness with the orderbook of the respective segment when making investments. In addition, the diversification of the fleet across several vessel types reduces dependence on individual market segments.

Operationally, the fleet proved robust. The average charter rate of the existing fleet rose by around 11% to USD 19,811 per day (previous year: USD 17,802). The charter backlog increased from USD 522.2 million at the end of 2025 to USD 722.1 million. The average minimum remaining duration of the charter contracts was extended from 26.0 to 33.1 months. On a revenue-weighted basis, the remaining duration for the entire fleet is 69.3 months.

Revenues in the first nine months of 2026 amounted to EUR 118.8 million, broadly in line with the previous year (EUR 119.2 million). Higher charter rates offset the significantly weaker US dollar in the first half of the year and a smaller fleet on average. EBIT amounted to EUR 47.9 million (previous year: EUR 77.6 million). The decrease is mainly attributable to lower gains from vessel sales and higher dry-docking costs resulting from a greater number of scheduled dry-dockings in the reporting period. Net income after minority interests amounted to EUR 34.2 million (previous year: EUR 54.6 million). Driven by the operating cashflow of EUR 56.2 million, liquidity increased to EUR 134.7 million (31 December 2025: EUR 114.3 million). At 70.8% (31 December 2025: 79.1%), the equity ratio remains at a high level.

Following the adjustment in September, Ernst Russ AG raised its forecast for the 2026 financial year once again on 9 November 2026. The company now expects revenues of EUR 159 to 164 million (previously: EUR 150 to 160 million) and an EBIT of EUR 63 to 70 million (previously: EUR 55 to 65 million). The September adjustment was driven by the sale of MV “EF Emma”, while the latest increase reflects the stronger US dollar, which is also assumed for the remainder of the year. The forecast is further supported by charter contracts that have largely already been concluded and technical fleet availability of around 97%.

On the capital markets side, Ernst Russ AG has broadened its investor relations activities internationally, with stops in Oslo and Paris. In addition, Pareto Securities, a research provider specialising in shipping with a focus on Nordic and international investors, has initiated coverage of the share.

“With our first two tankers, our tanker segment is now operational, while at the same time we are selectively divesting older vessels. Step by step, this is making our fleet younger, more diversified and less dependent on individual market segments, especially in a geopolitically tense environment,” says Joseph Schuchmann, Co-CEO and Chief Commercial Officer of Ernst Russ AG. “Since the beginning of the year, our charter backlog has grown significantly, driven primarily by the long-term charters of our newbuildings. As a result, a significant share of our revenues is contractually secured for several years. Especially in a volatile market environment, this creates a solid foundation for the company’s further development,” adds Dr Christopher Eilers, Co-CEO and Chief Financial Officer of Ernst Russ AG.

The nine-month report 2026 and the investor presentation are available in the Investor Relations section of the Ernst Russ website, which has been online with a new structure and redesigned layout since the beginning of November: Downloads

In an earnings call, the Executive Board will present the results for the first nine months, provide an update on strategy, market environment and fleet development, and answer questions afterwards. The webcast will take place today at 10:00 a.m. (CET) and can be accessed via the following link: Earnings Call

Earnings   9M 2026 9M 2025 Change in EUR million Revenues EUR million 118.8 119.2 -0.4 Operating earnings (EBIT) EUR million 47.9 77.6 -29.7 Consolidated net income after non-controlling interests EUR million 34.2 54.6 -20.4 Balance sheet   30.09.2026 31.12.2025 Change Equity ratio % 70.8 79.1 -8.3 PP Liquidity EUR million 134.7 114.3 EUR 20.4 million Operating KPIs   30.09.2026 31.12.2025 Change Charter backlog* USD million 722.1 522.2 USD 199.9 million Average remaining duration of
charter contracts (min.)* months 33.1 26.0 7.1 months     9M 2026 9M 2025 Change Average charter rate USD/day 19,811 17,802 USD 2,009 Utilisation % 97.3 97.7 -0.4 PP

*Including acquisition pipeline.

About Ernst Russ AG: Ernst Russ AG is a publicly listed shipowner based in Hamburg, with roots tracing back to 1893. The goal is to operate a sustainable and well-diversified fleet with a balanced risk distribution in terms of employment durations and counterparts. The existing fleet comprises container vessels of various size classes, complemented by multipurpose vessels, product/chemical tankers and a handysize bulker. In addition, the group holds an acquisition pipeline with newbuildings scheduled for delivery in the coming years, which will strategically advance the fleet's development.

Contact:

Ernst Russ AG
Anika Hillmer
Investor Relations
Tel. +49 40 88 88 1 210
E-Mail: ir@ernst-russ.de