Ernst Russ AG Ernst Russ AG publishes financial results for the first half of 2026

Higher charter backlog, four fleet segments, and broader shareholder base show progress of the transformation

• Revenues of EUR 78.6 million and EBIT of EUR 24.6 million in the first half of 2026
• Average daily charter rate increased by USD 2,304 to USD 19,716, with a utilisation of 98.3%
• Charter backlog increased to USD 688.6 million, average remaining charter duration extended to 32 months
• Entry into the tanker segment: acquisition of four product/chemical tanker newbuildings, with delivery in the first half of 2027
• Increase of free float from 24.7% to 28.0%
• Executive Board contract of Joseph Schuchmann, Co-CEO and Chief Commercial Officer, extended by five years to 2031

Hamburg, 25 August 2026 – At the beginning of the year, the Hamburg-based shipowner Ernst Russ AG set strategic benchmarks for its transformation in 2026: the consistent diversification and modernization of the fleet, an extension of the charter backlog, and the increase of the visibility of the Ernst Russ share on the capital markets. Six months later, progress in all three areas can be demonstrated concretely.

At fleet level, Ernst Russ AG took over two modern multipurpose vessels, MV “Ronnie” and MV “Charlie”, at the end of March and the beginning of April respectively, each chartered on a fixed basis for seven years. In May, in line with strategy, the 1,710 TEU container feeder MV “EF Emira”, built in 2008, was sold and handed over at the beginning of the third quarter. In parallel, Ernst Russ AG, together with its long-standing partner Eimskip, is realizing two 2,280 TEU newbuildings for the ElbFeeder joint venture. Steel cutting is planned for the second quarter of 2027, and both vessels will enter into a ten-year charter upon delivery.

Of particular strategic importance was the entry into the tanker segment in April with the acquisition of four Intermediate-class product/chemical tanker newbuildings. The tankers are scheduled for delivery in the first half of 2027 and will be fixed on charter for at least five years each from delivery. With their long-term charter contracts, all newbuilding projects contribute significantly to the strategic goal of increasing the charter backlog.

The geopolitical situation remains challenging. The situation in the Middle East and around the Strait of Hormuz is fragile, and trade policy measures and countermeasures continue to shape the framework conditions for maritime transport. The security situation in the Red Sea also remains tense, which is why liner shipping companies continue to reroute their vessels around the Cape of Good Hope. Building resilience against geopolitical volatility therefore remains a central goal of Ernst Russ AG’s fleet strategy.

Operationally, the fleet outperformed the prior-year level: the average charter rate rose by USD 2,304 to USD 19,716 per day, with a utilisation of 98.3%. The charter backlog of the total fleet rose from USD 522.2 million at the end of 2025 to USD 688.6 million, and the average remaining duration of charter contracts extended from 26.0 to 32.0 months.

Revenues in the first half of 2026 were EUR 78.6 million, at a similar level to the prior-year period. EBIT decreased by EUR 31.0 million to EUR 24.6 million due to one-off effects from the sale of two container vessels in the prior year period totaling EUR 32.3 million. Adjusted for vessel sales, the EBITDA margin improved slightly to 50.4%. Operating cashflow of EUR 38.1 million was stable year-on-year, and liquidity remained high at EUR 117.7 million as of 30 June 2026.

In line with the guidance updated in May, Ernst Russ AG now expects operating earnings (EBIT) for the full year 2026 in a range of EUR 45 to 55 million (previously: EUR 34 to 44 million). The increase is mainly attributable to the sale of MV “EF Emira”. For revenues, the company continues to expect a range of between EUR 145 and 160 million, of which EUR 151.4 million had already been contracted as of 30 June 2026.

On the capital markets side, Ernst Russ AG has expanded its presence at investor conferences and introduced quarterly earnings calls. Further milestones included the successful reallocation of shares, which increased the free float from 24.7% to 28.0%, as well as the payment of a dividend of EUR 0.25 per share.

In addition, the Supervisory Board of Ernst Russ AG has extended the contract of Joseph Schuchmann, Co-CEO and Chief Commercial Officer, ahead of schedule by five years to 31 December 2031, sending a clear signal for the company’s continued strategic direction.

“With our entry into the tanker segment and two new multipurpose vessels, we have diversified our fleet into four segments. This broad positioning makes us more resilient to geopolitical volatility and fluctuating market cycles and is therefore a cornerstone of our long-term fleet strategy. I look forward to continuing to shape this path in the years ahead,” says Joseph Schuchmann, Co-CEO and Chief Commercial Officer of Ernst Russ AG. “The fact that our charter backlog has risen to USD 688.6 million and the average remaining duration of our charter contracts has extended to 32 months is a direct result of our fleet strategy. We secure every new vessel we integrate into our fleet with a long-term charter contract. This creates a level of predictability that we can offer our investors on the capital market,” adds Dr Christopher Eilers, Co-CEO and Chief Financial Officer of Ernst Russ AG.

The 2026 half-year report of Ernst Russ AG and the investor presentation are available for download at Financial Reports.

The Executive Board will present the results in an earnings call and will be available for questions afterwards. The webcast can be accessed today at 9:30 a.m. (CEST) at the following link: Registration Link

Earnings		H1 2026	H1 2025	Change in EUR m
Revenues	EUR m	78.6	79.8	-1.2
Operating earnings (EBIT)	EUR m	24.6	55.6	-31.0
Consolidated net income after non-controlling interests	EUR m	20.3	34.9	-14.6
Balance sheet		30.06.2026	31.12.2025	Change
Equity ratio	%	73.4	79.1	-5.7 PP
Liquidity	EUR m	117.7	114.3	3.4 EUR m
Operating KPIs		30.06.2026	31.12.2025	Change
Charter Backlog*	USD m	688.6	522.2	166.4 USD m
Average Remaining duration of charter contracts (min.)*	months	32.0	26.0	6.0 months
		H1 2026	H1 2025	Change
Average charter rate	USD/day	19,716	17,412	2,304 USD
Utilisation	%	98.3	97.3	1.0 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 counterparties. The existing fleet comprises container vessels of various size classes, complemented by multipurpose vessels and a handysize bulker. In addition, the group holds an acquisition pipeline with newbuilidngs 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 1800
E-Mail: ir@ernst-russ.de