Month: October 2026

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1.        KEY INFORMATION

(a)   Full name of discloser:	Man Group PLC
(b)   Owner or controller of interests and short positions disclosed, if different from 1(a):         The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c)   Name of offeror/offeree in relation to whose relevant securities this form relates:         Use a separate form for each offeror/offeree	Sthree plc
(d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e)   Date position held/dealing undertaken:         For an opening position disclosure, state the latest practicable date prior to the disclosure	27/10/2026
(f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?	NO

2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	1p ordinary
	Interests		Short positions
	Number	%	Number	%
(1)   Relevant securities owned and/or controlled:	6,820,075	5.61
(2)   Cash-settled derivatives:	3,668,037	3.01	15,497	0.01
(3)   Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	10,488,112	8.63	15,497	0.01

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b)      Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

Class of relevant security

Purchase/sale

Number of securities

Price per unit

(b)        Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
1p ordinary	Equity swap	Reducing a long position	7,553	3.1108 GBP
1p ordinary	Equity swap	Reducing a long position	51,521	3.1108 GBP
1p ordinary	Equity swap	Reducing a long position	1,004	3.1108 GBP
1p ordinary	Equity swap	Reducing a long position	49,492	3.1108 GBP

        
(c)        Stock-settled derivative transactions (including options)

(i)        Writing, selling, purchasing or varying

Class of relevant security

Product description e.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit

Type e.g. American, European etc.

Expiry date

Option money paid/ received per unit

(ii)        Exercise

Class of relevant security

Product description e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d)        Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing e.g. subscription, conversion

Details

Price per unit (if applicable)

4.        OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

None

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i)   the voting rights of any relevant securities under any option; or (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

None

(c)        Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:	28/10/2026
Contact name:	Molly Childs
Telephone number:	+44 20 7144 3714

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

VANCOUVER, British Columbia, Oct. 28, 2026 (GLOBE NEWSWIRE) — Atico Mining Corporation (TSX.V: ATY | OTCID: ATCMF) (“Atico” or the “Company”) is pleased to announce positive results from 32 drill holes completed in 2026 within an area of historical mining, successfully expanding the tonnage at the El Roble mine. The table below highlights some assay results in bold for drill core holes, which include 18.6m of 7.65% Cu, 2.22 g/t Au, 9.0m of 8.44% Cu, 3.58 g/t Au and 5.7m of 8.48% Cu, 7.41 g/t Au. Ore grade intercepts are reported over widths of 0.25 to 18.6 meters in areas with limited drilling with results highlighting the possibility of further extending the ore body with additional drill programs.

“Our ongoing drilling campaign at El Roble mine continues to deliver important results, intercepting new mineralization and successfully extending the boundaries of the historical massive sulfide zones,” said Fernando E. Ganoza, CEO. “These assay results reinforce our confidence that higher-grade copper and gold mineralization continues to extend beyond the historical zones. The deposit remains open at depth and along strike, confirming further potential both within and outside the previously defined mineralized shell. Drilling is expected to continue through 2026 and 2027, with the goal of further extending mineralization and increasing the mine life. We also anticipate issuing an updated reserves and resources statement for the El Roble mine by early next year, and remain encouraged by the results to date.”

El Roble Drilling Highlights Include:

Drill Hole	From (m)	To (m)	Interval (m)	Cu %	Au g/t
ATDM-112	90.85	97.1	6.25	7.65	1.72
ATDM-119	15.1	22.2	7.1	3.21	7.63
ATDM-120	17.6	21.7	4.1	6.17	13.4
ATDM-121	7.9	13.6	5.7	8.48	7.41
ATDM-130	73	82.05	9.05	6.36	1.84
ATDM-140	25.65	29.1	3.45	11.7	2.55
ATDM-146	17.3	21.8	4.5	9.91	1.95
ATDM-147	18.6	23.1	4.5	16.13	1.44
ATDM-148	17.6	24.1	6.5	3.77	9.49
ATDM-150	15.9	34.5	18.6	7.65	2.22
ATDM-151	27.9	36.6	8.7	7.58	1.63
ATDM-159	53.8	58.7	4.9	7.95	4.48
ATDM-161	55	58.9	3.9	4.44	16.46
ATDM-171	28.5	37.5	9	8.44	3.58

Exploration Drilling Program

The goal of the 2026 underground drilling program at the El Roble mine is to define zones of mineralization within the extent of the main historic massive sulphide body that were not exploited by previous operators, to expand the historically identified resource and explore for new massive sulfide bodies. The Company began this drill infill program to test the main mineralized body and the immediately adjacent area during the first quarter of 2023 and has continued the program during 2026 with 32 drill holes for a total of 1689.3 meters of drilling.

All intervals in Table 1 include only assays of greater than 1% Cu and very high-grade copper or gold sections within these intervals do not occur.

Table 1: Exploration Drilling Results with a 1% copper cutoff include

Drill Hole	From (m)	To (m)	Interval (m)	Cu %	Au g/t
ATDM-112	63.85	65.6	1.75	2.95	0.27
ATDM-112	66.7	69.8	3.1	4.7	0.61
ATDM-112	73.7	74.1	0.4	4.49	1.51
ATDM-112	76	76.6	0.6	2.41	0.57
ATDM-112	87.6	88.9	1.3	5.23	1.02
ATDM-112	90.85	97.1	6.25	7.65	1.72
ATDM-114	30	31.5	1.5	3.14	0.38
ATDM-115	64.25	64.55	0.3	3.98	0.46
ATDM-115	68.9	70.2	1.3	1.38	0.38
ATDM-115	71.4	72.4	1	6.45	0.65
ATDM-119	15.1	22.2	7.1	3.21	7.63
ATDM-120	17.6	21.7	4.1	6.17	13.4
ATDM-121	7.9	13.6	5.7	8.48	7.41
ATDM-121	14.3	16.3	2	4.33	5.35
ATDM-125	71.3	72.8	1.5	4.63	1.82
ATDM-125	74	79.2	5.2	3.75	0.46
ATDM-125	79.7	82.6	2.9	12.61	1.54
ATDM-125	84.5	85.9	1.4	4.11	1.63
ATDM-130	73	82.05	9.05	6.36	1.84
ATDM-132	32.3	32.8	0.5	1.88	4.97
ATDM-132	33.2	35.6	2.4	1.81	6.56
ATDM-136	65.7	71	5.3	5.8	0.36
ATDM-136	75.25	77.7	2.45	8.13	1.29
ATDM-139	28.8	29.6	0.8	5.58	0.72
ATDM-140	16.2	18.2	2	1.18	2.42
ATDM-140	25.65	29.1	3.45	11.7	2.55
ATDM-140	30.4	33	2.6	6.19	2.76
ATDM-141	24.9	25.15	0.25	1.81	4.33
ATDM-144	20.6	22.5	1.9	7.18	0.42
ATDM-144	26.2	27.7	1.5	4.29	1.08
ATDM-146	14.2	16.2	2	5.57	2.58
ATDM-146	17.3	21.8	4.5	9.91	1.95
ATDM-146	22.4	24.3	1.9	7.4	2.62
ATDM-147	13	16	3	3.54	4.97
ATDM-147	16.8	17.7	0.9	5.86	1.47
ATDM-147	18.6	23.1	4.5	16.13	1.44
ATDM-147	23.7	25.7	2	14.39	1.26
ATDM-147	28.2	29.5	1.3	16.1	1.08
ATDM-147	34.1	35.1	1	3.61	0.45
ATDM-148	16.1	16.9	0.8	4	6.4
ATDM-148	17.6	24.1	6.5	3.77	9.49
ATDM-148	24.8	30.8	6	5.84	2.38
ATDM-148	36.5	42.5	6	8.38	1.57
ATDM-149	78.8	79.45	0.65	7.01	1.03
ATDM-149	79.8	81.8	2	4.07	1.2
ATDM-149	84	85.5	1.5	2.88	2.59
ATDM-149	93.25	95.8	2.55	1.26	0.94
ATDM-150	15.9	34.5	18.6	7.65	2.22
ATDM-150	35.4	36.2	0.8	2.75	0.34
ATDM-150	36.9	41.4	4.5	5.69	1.17
ATDM-151	20.4	21	0.6	4.82	8.4
ATDM-151	22	26	4	4.67	4.35
ATDM-151	27.9	36.6	8.7	7.58	1.63
ATDM-152	46.3	47	0.7	4.55	6.58
ATDM-152	48.8	49.1	0.3	2.72	1.1
ATDM-154	49.1	51.5	2.4	1.77	4.06
ATDM-157	26.7	29.95	3.25	2.36	6.94
ATDM-157	31.05	32	0.95	4.11	2.77
ATDM-158	32.6	35.5	2.9	2.22	2.16
ATDM-159	46.4	48.4	2	1.3	1.27
ATDM-159	53.8	58.7	4.9	7.95	4.48
ATDM-161	53.45	54	0.55	1.92	9.83
ATDM-161	55	58.9	3.9	4.44	16.46
ATDM-161	74.25	78.2	3.95	5.47	4.76
ATDM-161	81.1	85	3.9	2.1	3.28
ATDM-162	19.55	21.35	1.8	7.08	1.54
ATDM-162	21.75	22.35	0.6	9.22	1.61
ATDM-163	46.65	47.9	1.25	2.79	4.9
ATDM-164	16	22	6	4.36	2.02
ATDM-166	50.3	51.8	1.5	4.62	0.29
ATDM-166	59.4	62	2.6	9.82	8.22
ATDM-171	28.5	37.5	9	8.44	3.58
ATDM-171	40	42	2	3.49	2.06

True widths are dependent on uncertainties in the local strike and dip of the mineralization and are estimated to be between 90% and 95% of the drill intercept.

Image 1: Mineralized shells based on historical massive and new bodies at the El Roble Mine with intercepts from the current drill program

QA/QC

Atico Mining adheres to strict Quality Assurance and Quality Control protocols. Blanks and certified reference standards are inserted in each sample batch of drill core that is sent to the lab for analyses. Duplicate samples are also inserted into the sample stream. Twelve drill holes are HQ diameter and core samples are split in half using a diamond saw with one half saved for reference and the other half submitted for analysis. Twenty drill holes are NQ diameter core and the entire core was submitted for analysis. The drill hole number with core size and sample status is shown in Table 2. All samples are shipped via secure transport to ALS sample preparation facility in Medellin, Colombia.

Analysis is carried out at ALS, Lima, Peru for copper, silver, zinc and lead utilizing 4-acid dissolution followed by ICP-AES, Code OG62. Silver over 100 g is analyzed by fire assay with gravimetric finish (Code GRA22) using WST-SIM. Gold analysis is carried out at ALS Vancouver, Canada. Analysis is by fire assay (50 g) with gravimetric finish (Code GRA22) using WST-SIM.

El Roble Mine

The El Roble mine is a higher grade, underground copper and gold mine with nominal processing plant capacity of 1,000 tonnes per day, located in the Department of Choco in Colombia. Its commercial product is a copper-gold concentrate.

Since obtaining control of the mine on November 22, 2013, Atico has upgraded the operation from a historical nominal capacity of 400 tonnes per day.

El Roble’s reserves estimate, with an effective date of March 12, 2024, includes Proven and Probable mineral reserves of 828 thousand tonnes averaging 2.49% Cu, 2.20 g/t Au and a life of mine until Q1-2027. A full NI 43-101 technical report is available on SEDAR+. For more information on the reserves estimate refer to SEDAR+ and on the Company’s website.

Mineralization is open at depth and along strike and the Company plans to further test the limits of the deposit. On the larger land package, the Company has identified a prospective stratigraphic contact between volcanic rocks and black and grey pelagic sediments and cherts that has been traced by Atico geologists for ten kilometers. This contact has been determined to be an important control on VMS mineralization on which Atico has identified numerous target areas prospective for VMS type mineralization occurrence, which is the focus of the current surface drill program at El Roble.

Qualified Person

Garth Graves, P. Geo.

Garth Graves, P. Geo., independent consultant geologist for Atico Mining Corporation and a qualified person in accordance with National Instrument 43-101 has reviewed and approved the technical information contained in this news release.

About Atico Mining Corporation

Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing its high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com.

ON BEHALF OF THE BOARD

Fernando E. Ganoza
CEO
Atico Mining Corporation

Trading symbols: TSX.V: ATY | OTCID: ATCMF

Investor Relations
Igor Dutina
Tel: +1.604.633.9022

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘‘U.S. Securities Act’’), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a “U.S. person” (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

Cautionary Note Regarding Forward Looking Statements

This announcement includes certain “forward-looking statements” within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company’s mineral projects; uncertainty of meeting anticipated program milestones for the Company’s mineral projects; and other risks and uncertainties disclosed under the heading “Risk Factors” in the AIF of the Company dated September 4, 2024 filed with the Canadian securities regulatory authorities on the SEDAR+ website at www.sedarplus.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d1c3c909-c701-4392-bc1b-052c5604128c

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1.        KEY INFORMATION

(a)   Full name of discloser:	Man Group PLC
(b)   Owner or controller of interests and short positions disclosed, if different from 1(a):         The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c)   Name of offeror/offeree in relation to whose relevant securities this form relates:         Use a separate form for each offeror/offeree	Vesuvius plc
(d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e)   Date position held/dealing undertaken:         For an opening position disclosure, state the latest practicable date prior to the disclosure	27/10/2026
(f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?	YES Offeror: RHI Magnestia N.V.

2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	10p ordinary
	Interests		Short positions
	Number	%	Number	%
(1)   Relevant securities owned and/or controlled:	13,143,478	5.29
(2)   Cash-settled derivatives:	657,043	0.26	499,224	0.20
(3)   Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	13,800,521	5.56	499,224	0.20

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b)      Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

Class of relevant security

Purchase/sale

Number of securities

Price per unit

(b)        Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
10p ordinary	Equity Swap	Reducing a long position	19,857	4.5532 GBP
10p ordinary	Equity Swap	Reducing a long position	56,423	4.5532 GBP
10p ordinary	Equity Swap	Reducing a long position	303	4.5532 GBP
10p ordinary	Equity Swap	Reducing a long position	131,417	4.5532 GBP

        
(c)        Stock-settled derivative transactions (including options)

(i)        Writing, selling, purchasing or varying

Class of relevant security

Product description e.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit

Type e.g. American, European etc.

Expiry date

Option money paid/ received per unit

(ii)        Exercise

Class of relevant security

Product description e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d)        Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing e.g. subscription, conversion

Details

Price per unit (if applicable)

4.        OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

None

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i)   the voting rights of any relevant securities under any option; or (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

None

(c)        Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:	28/10/2026
Contact name:	Molly Childs
Telephone number:	+44 20 7144 3714

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

MONACO, Oct. 28, 2026 (GLOBE NEWSWIRE) — Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported unaudited financial results for the third quarter and nine-month period ended September 30, 2026.

I.    PROFITABILITY AND LIQUIDITY

• Q3 2026 Adjusted Net Income from Continuing operations¹ available to common stockholders² of $89.4 million ($0.74 per share).
• Q3 2026 Net Income from Continuing operations¹ available to common stockholders of $88.5 million ($0.73 per share).
• Q3 2026 liquidity of $733.1 million³.

II.    ENTRY INTO BILATERAL FINANCING AGREEMENTS OF $1.4 BILLION, INCLUDING NEW AND PREVIOUSLY ANNOUNCED TRANSACTIONS, WITH LEADING US, EUROPEAN AND ASIAN BANKS

• Concluded previously announced financing agreements and drew $1.3 billion since the end of Q2 2026, refinancing existing debt obligations across 39 vessels.
• Signed a $92 million loan agreement with an Asian bank for two vessels, with drawdown expected in Q4 2026.
  • All new financing agreements relate to vessels in our existing fleet.
  • The new arrangements provide interest cost savings and extend debt maturities.
  • The Company’s unencumbered fleet now comprises 23 vessels.
    
    

III.    FLEET EMPLOYMENT⁴

• 100% and 99% of the containership fleet⁵ was fixed for 2026 and 2027, respectively.
• Contracted revenues for the containership fleet were approximately $6.0 billion⁶ with a TEU-weighted duration of 5.8 years⁷.

IV.    LEASE FINANCING PLATFORM

• Controlling interest in Neptune Maritime Leasing Limited (“NML”).
• Leasing platform with 47 shipping assets funded or on a commitment status basis, representing total investments and commitments of more than $650 million⁸.

V.    DIVIDEND ANNOUNCEMENTS

• On October 1, 2026, the Company declared a dividend of $0.125 per share on the common stock, which is payable on November 5, 2026, to holders of record of common stock as of October 20, 2026.
• On October 1, 2026, 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 October 15, 2026, to holders of record as of October 14, 2026.

_________________
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 nine-month period ended September 30, 2025 include the results of the dry bulk business through May 6, 2025. There are no results of discontinued operations for the three-month periods ended September 30, 2026 and 2025 or the nine-month period ended September 30, 2026. Accordingly, results of discontinued operations are not comparable between the respective nine-month periods.
² Adjusted Net Income from Continuing operations 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.
³ Liquidity includes cash and cash equivalents (including restricted cash) and short-term investments in U.S. Treasury Bills amounting to $19.8 million.
⁴ As of October 27, 2026. Please refer to the Containership Fleet List table for additional information on vessel employment details for our containership fleet.
⁵ Calculated on a TEU basis. Includes two secondhand containerships agreed to be acquired, but excludes the 22 vessels under
construction and the two vessels we have agreed to sell.
⁶ For 16 of our vessels under construction 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 October 27, 2026, and are shown for presentation purposes only.
⁷ Includes the contracted revenues of 22 vessels under construction and the two secondhand containerships agreed to be acquired.
⁸ Includes assets funded and contractual commitments as of October 27, 2026.

Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:

“During the third quarter of the year, the Company generated Net Income of approximately $88 million. Total liquidity amounted to $733 million.

We have finalized the previously announced bilateral debt refinancing agreements for a total of $1.3 bn and we expect to finalize an additional financing arrangement of c. $90 million during Q4. With that, we will have concluded the refinancing program of our existing fleet. The new agreements provide interest cost savings with no debt maturity till 2030.

Regarding the market, the number of idle ships remains at low levels of below 1%, indicating a fully employed market. Tight supply and demand economics are the result of both the shortage of prompt ships and robust cargo demand, which show no signs of fading. The fast-rising number of shipping services returning to the Suez Canal has not yet affected market fundamentals.

On our charter coverage, 100% and 99% of our containership fleet is fixed for 2026 and 2027, respectively, while contracted revenues have reached approximately $6.0 billion with a TEU-weighted duration of 5.8 years.

Finally, with respect to Neptune Maritime Leasing, where we hold a controlling interest, 47 shipping assets have been funded or are on a commitment status basis and total investments and commitments are exceeding $650 million.”

Financial Summary – Continuing Operations
		Nine-month period ended September 30,						Three-month period ended September 30,
(Expressed in thousands of U.S. dollars, except share and per share data)		2025			2026			2025			2026
Voyage revenue		$643,976			$614,374			$215,898			$212,063
Accrued charter revenue (1)		$2,212			$(307)			$3,975			$31
Amortization of time-charter assumed		$82			$74			$49			$7
Amortization of deferred revenue		$(795)			$(9,871)			$(795)			$(3,326)
Voyage revenue adjusted on a cash basis (2)		$645,475			$604,270			$219,127			$208,775
Income from investments in leaseback vessels		$21,952			$26,256			$9,270			$8,324
Adjusted Net Income available to common stockholders from Continuing operations (3)		$290,838			$240,537			$98,024			$89,391
Weighted Average number of shares		120,119,317			120,744,583			120,276,106			120,897,256
Adjusted Earnings per share from Continuing operations (3)		$2.42			$1.99			$0.81			$0.74
Net Income from Continuing operations		$317,397			$260,760			$99,351			$94,959
Net Income from Continuing operations available to common stockholders		$298,375			$241,173			$92,621			$88,526
Weighted Average number of shares		120,119,317			120,744,583			120,276,106			120,897,256
Earnings per share from Continuing operations		$2.48			$2.00			$0.77			$0.73

(1) Accrued charter revenue represents the difference between cash received during the period and voyage 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 voyage revenue recognized on a straight-line basis. The reverse is true for charters with descending rates.

(2) Voyage revenue adjusted on a cash basis represents Voyage revenue after adjusting for (i) non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, (ii) amortization of time charter assumed and (iii) amortization of deferred revenue. However, Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. GAAP. We believe that the presentation of 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.

(3) Adjusted Net Income from Continuing operations available to common stockholders and Adjusted Earnings per Share from Continuing operations are non-GAAP measures. Refer to the reconciliation of Net Income from Continuing operations to Adjusted Net Income from Continuing operations and Adjusted Earnings per Share from Continuing operations.

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 relevant periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue, net income or other measures 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 from Continuing operations available to common stockholders and (iii) Adjusted Earnings per Share from Continuing operations.

Exhibit I

Reconciliation of Net Income from Continuing Operations to Adjusted Net Income from Continuing Operations available to common stockholders and Adjusted Earnings per Share from Continuing Operations

		Nine-month period ended September 30,						Three-month period ended September 30,
(Expressed in thousands of U.S. dollars, except share and per share data)		2025			2026			2025			2026
Net Income from Continuing operations	$	317,397		$	260,760		$	99,351		$	94,959
Earnings allocated to Preferred Stock		(15,690)			(15,690)			(5,288)			(5,288)
Non-Controlling Interest		(3,332)			(3,897)			(1,442)			(1,145)
Net Income from Continuing operations available to common stockholders		298,375			241,173			92,621			88,526
Accrued charter revenue		2,212			(307)			3,975			31
General and administrative expenses – non-cash component		4,617			6,823			1,782			2,197
Amortization of time-charter assumed		82			74			49			7
Amortization of deferred revenue		(795)			(9,871)			(795)			(3,326)
Realized (gain) / loss on Euro/USD forward contracts		(1,051)			107			(773)			75
Non-recurring, non-cash write-off of loan deferred financing costs		–			939			–			939
(Gain) / Loss on derivative instruments, excluding realized (gain) / loss on derivative instruments (1)		(12,602)			1,599			1,165			942
Adjusted Net Income from Continuing operations available to common stockholders	$	290,838		$	240,537		$	98,024		$	89,391
Adjusted Earnings per Share from Continuing operations	$	2.42		$	1.99		$	0.81		$	0.74
Weighted average number of shares		120,119,317			120,744,583			120,276,106			120,897,256

Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations represent Net Income from continuing operations after earnings from continuing operations allocated to preferred stock and Non-Controlling Interest, but before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, amortization of time-charter assumed, amortization of deferred revenue, realized (gain)/loss on Euro/USD forward contracts, general and administrative expenses – non-cash component, non-recurring, non-cash write-off of loan deferred financing costs and (gain)/loss on derivative instruments, excluding realized (gain)/loss on derivative instruments. “Accrued charter revenue” is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations 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 from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations 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 from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations generally eliminates the accounting effects of 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 from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations, 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 from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations 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 from continuing operations available to common stockholders are reflected as deductions to Adjusted Net Income from continuing operations available to common stockholders. Charges negatively impacting Net Income from continuing operations available to common stockholders are reflected as increases to Adjusted Net Income from continuing operations available to common stockholders.

Results of Continuing Operations⁹

Three-month period ended September 30, 2026 compared to the three-month period ended September 30, 2025

During the three-month periods ended September 30, 2026 and 2025, we had an average of 69.0 and 68.2 container vessels, respectively, in our owned fleet.

During the three-month period ended September 30, 2025, we acquired and accepted delivery of the secondhand container vessel Maersk Puelo with a capacity of 6,541 TEU.

As of September 30, 2026, we have invested in Neptune Maritime Leasing Limited (“NML”) the amount of $182.2 million. 

In the three-month periods ended September 30, 2026 and 2025, our fleet ownership days totaled 6,348 and 6,278 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.

_________________
⁹ Following the spin-off of the dry bulk business (consisting of Costamare’s dry bulk owned fleet and CBI) on May 6, 2025, the results of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the results from continuing operations.

Consolidated Financial Results from Continuing operations and Vessels’ Operational Data^(I),(II)

(Expressed in millions of U.S. dollars, except percentages)		Three-month period ended September 30,						Change		Percentage Change
		2025		2026
Voyage revenue	$	215.9		$	212.1		$	(3.8)		(1.8%)
Income from investments in leaseback vessels		9.3			8.3			(1.0)		(10.8%)
Voyage expenses		(14.4)			(18.1)			3.7		25.7%
Voyage expenses – related parties		(2.8)			(2.6)			(0.2)		(7.1%)
Vessels’ operating expenses		(40.9)			(44.9)			4.0		9.8%
General and administrative expenses		(2.2)			(6.8)			4.6		n.m.
Management fees – related parties		(7.3)			(7.5)			0.2		2.7%
General and administrative expenses – non-cash component		(1.8)			(2.2)			0.4		22.2%
Amortization of dry-docking and special survey costs		(5.0)			(6.3)			1.3		26.0%
Depreciation		(32.6)			(31.8)			(0.8)		(2.5%)
Foreign exchange losses		(0.4)			(1.2)			0.8		n.m.
Interest income		3.7			3.3			(0.4)		(10.8%)
Interest and finance costs		(21.6)			(18.8)			(2.8)		(13.0%)
Other		0.7			0.2			(0.5)		(71.4%)
Gain / (Loss) on derivative instruments, net		(1.2)			11.3			12.5		n.m.
Net Income from Continuing operations	$	99.4		$	95.0
(Expressed in millions of U.S. dollars, except percentages)		Three-month period ended September 30,						Change		Percentage Change
		2025			2026
Voyage revenue	$	215.9		$	212.1			(3.8)		(1.8%)
Accrued charter revenue		4.0			–			(4.0)		n.m.
Amortization of time-charter assumed		–			–			–		n.m.
Amortization of deferred revenue		(0.8)			(3.3)			(2.5)		n.m.
Voyage revenue adjusted on a cash basis (I)	$	219.1		$	208.8			(10.3)		(4.7%)
Vessels’ operational data (II)		Three-month period ended  September 30,								Percentage Change
		2025			2026			Change
Average number of vessels	68.2				69.0			0.8		1.2%
Ownership days	6,278				6,348			70		1.1%
Number of vessels under dry-docking and special survey	3				2			(1)

^(I) 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 from Continuing operations and Vessels’ Operational Data” above for the reconciliation of Voyage revenue adjusted on a cash basis.
^(II) Vessels that are part of continuing operations.

Voyage Revenue

Voyage revenue decreased by 1.8%, or $3.8 million, to $212.1 million during the three-month period ended September 30, 2026, from $215.9 million during the three-month period ended September 30, 2025. The decrease period over period is mainly attributable to (i) the net decreased charter rates in certain of our vessels and (ii) the increased off-hire days of our fleet (mainly due to scheduled dry-dockings) during the three-month period ended September 30, 2026 compared to the three-month period ended September 30, 2025; partly offset by (i) the net contractual reimbursements from certain of our charterers for EU Emissions Allowances (“EUAs”) and Fuel EU Maritime penalties and (ii) the revenue earned by one container vessel acquired during the third quarter of 2025.

Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”, amortization of time-charter assumed and amortization of deferred revenue) decreased by 4.7%, or $10.3 million, to $208.8 million during the three-month period ended September 30, 2026, from $219.1 million during the three-month period ended September 30, 2025.

Income from investments in leaseback vessels

Income from investments in leaseback vessels was $8.3 million and $9.3 million for the three-month periods ended September 30, 2026 and 2025, respectively. Income from investments in leaseback vessels decreased, period over period, as the impact of certain matured investments exceeded contributions from new investments during the three-month period ended September 30, 2026 compared to the three-month period ended September 30, 2025. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries.

Voyage Expenses

Voyage expenses were $18.1 million and $14.4 million for the three-month periods ended September 30, 2026 and 2025, respectively. Voyage expenses increased period over period, mainly due to the recognition of increased costs associated with EUAs and an increase in relevant expenses. However, a significant portion of these costs are contractually reimbursed by the charterers, as discussed in “Voyage Revenue”, mitigating the net expenses impact. Voyage expenses mainly include (i) off-hire expenses of our vessels, primarily related to fuel consumption, (ii) third-party commissions and (iii) EUAs and Fuel EU Maritime expenses.

Voyage Expenses – related parties

Voyage expenses – related parties were $2.6 million and $2.8 million for the three-month periods ended September 30, 2026 and 2025, 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 and (ii) charter brokerage fees payable to one and two related charter brokerage companies for an amount of approximately $0.2 million and $0.3 million, in the aggregate, for the three-month periods ended September 30, 2026 and 2025, respectively.

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 $44.9 million and $40.9 million during the three-month periods ended September 30, 2026 and 2025, respectively. Daily vessels’ operating expenses were $7,075 and $6,520 for the three-month periods ended September 30, 2026 and 2025, 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 $6.8 million and $2.2 million during the three-month periods ended September 30, 2026 and 2025, respectively. The increase was due mainly to non-recurring expenses incurred during the three-month period ended September 30, 2026. Furthermore, General and administrative expenses include amounts of $0.67 million and $0.67 million, respectively, that were paid to a related service provider.

Management Fees – related parties

Management fees charged by our related party managers were $7.5 million and $7.3 million during the three-month periods ended September 30, 2026 and 2025, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $1.3 million and $1.4 million for the three-month periods ended September 30, 2026 and 2025, respectively.

General and Administrative Expenses – non-cash component

General and administrative expenses – non-cash component for the three-month period ended September 30, 2026 amounted to $2.2 million, representing the value of the shares issued to a related service provider on September 30, 2026. General and administrative expenses – non-cash component for the three-month period ended September 30, 2025 amounted to $1.8 million, representing the value of the shares issued to a related service provider on September 30, 2025.

Amortization of Dry-Docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs was $6.3 million and $5.0 million during the three-month periods ended September 30, 2026 and 2025, respectively. During the three-month period ended September 30, 2026, two vessels underwent and completed their special surveys. During the three-month period ended September 30, 2025, three vessels underwent and completed their dry-docking and special surveys.

Depreciation

Depreciation expense for the three-month periods ended September 30, 2026 and 2025 was $31.8 million and $32.6 million, respectively.

Vessels held for sale

As of September 30, 2026, the container vessels Porto Kagio and Porto Germeno (initially classified as vessels held for sale during the second quarter of 2026) continue to be classified as vessels held for sale. No loss on vessels held for sale was recorded since each vessel’s estimated fair value less costs to sell exceeded each vessel’s carrying value.

Interest Income

Interest income amounted to $3.3 million and $3.7 million for the three-month periods ended September 30, 2026 and 2025, respectively.

Interest and Finance Costs

Interest and finance costs were $18.8 million and $21.6 million during the three-month periods ended September 30, 2026 and 2025, respectively. The decrease is mainly attributable to the decreased interest expense due to reduced SOFR rates during the period and to the capitalized interest in relation to our newbuilding program during the three-month period ended September 30, 2026, compared to the three-month period ended September 30, 2025.

Gain / (loss) on Derivative Instruments, net

As of September 30, 2026, 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 September 30, 2026, the fair value of these instruments, in aggregate, amounted to a net asset of $4.8 million. During the three-month period ended September 30, 2026, the change in the fair value (fair value as of September 30, 2026 compared to the fair value as of June 30, 2026) of the derivative instruments that qualify for hedge accounting resulted in a net gain of $1.8 million, which has been included in OCI. Furthermore, during the three-month period ended September 30, 2026 the change in the fair value (fair value as of September 30, 2026 compared to the fair value as of June 30, 2026) 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 $11.3 million, which has been included in Gain / (loss) on Derivative Instruments, net.

Cash Flows from Continuing Operations¹⁰

Three-month periods ended September 30, 2026 and 2025

Condensed cash flows from continuing operations		Three-month period ended September 30,
(Expressed in millions of U.S. dollars)			2025				2026
Net Cash Provided by Operating Activities		$135.6				$113.9
Net Cash Used in Investing Activities		$(44.5		)		$(82.8		)
Net Cash Provided by / (Used in) Financing Activities		$(27.1		)		$278.9

Net Cash Provided by Operating Activities

Net cash flows provided by operating activities for the three-month period ended September 30, 2026 decreased by $21.7 million to $113.9 million, from $135.6 million for the three-month period ended September 30, 2025. The decrease is mainly attributable to (i) the decreased net cash from operations, (ii) the increased special survey costs and (iii) the unfavorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (as described above) during the three-month period ended September 30, 2026 compared to the three-month period ended September 30, 2025; partly offset by the decrease in interest payments (including interest derivatives net receipts) during the three-month period ended September 30, 2026 compared to the three-month period ended September 30, 2025.

_________________
¹⁰ Following the spin-off of the dry bulk business on May 6, 2025, the cash flows of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the cash flows from continuing operations.

Net Cash Used in Investing Activities

Net cash used in investing activities was $82.8 million in the three-month period ended September 30, 2026, which mainly consisted of (i) advance payments for the construction of five newbuild container vessels, (ii) net payments for net investments into which NML entered and (iii) payments for upgrades for certain of our container vessels.

Net cash used in investing activities was $44.5 million in the three-month period ended September 30, 2025, which mainly consisted of (i) advance payments for the construction of four newbuild container vessels, (ii) the payment for the acquisition of the secondhand container vessel Maersk Puelo, (iii) payments for upgrades for certain of our container vessels and (iv) payments for net investments into which NML entered; partly offset by proceeds we received from our short-term investments in US Treasury Bills.

Net Cash Provided by / (Used in) Financing Activities

Net cash provided by financing activities was $278.9 million in the three-month period ended September 30, 2026, which mainly consisted of (i) $306.0 million of net receipts relating to our debt financing agreements (including proceeds of $1,248.1 million we received from eight debt financing agreements), (ii) $15.0 million we paid for dividends to holders of our common stock for the second quarter of 2026 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 April 15, 2026 to July 14, 2026.

Net cash used in financing activities was $27.1 million in the three-month period ended September 30, 2025, which mainly consisted of (i) $7.0 million of net payments relating to our debt financing agreements (including proceeds of $80.1 million we received from one debt financing agreement), (ii) $13.7 million we paid for dividends to holders of our common stock for the second quarter of 2025 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 and $2.2 million we paid for dividends to holders of our Series D Preferred Stock for the period from April 15, 2025 to July 14, 2025.

Results of Continuing Operations¹¹

Nine-month period ended September 30, 2026 compared to the nine-month period ended September 30, 2025

During the nine-month periods ended September 30, 2026 and 2025, we had an average of 69.0 and 68.1 container vessels, respectively, in our owned fleet.

During the nine-month period ended September 30, 2025, we acquired and accepted delivery of the secondhand container vessel Maersk Puelo with a capacity of 6,541 TEU.

As of September 30, 2026, we have invested in NML the amount of $182.2 million. 

In the nine-month periods ended September 30, 2026 and 2025, our fleet ownership days totaled 18,837 and 18,586 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.

_________________
¹¹ Following the spin-off of the dry bulk business (consisting of Costamare’s dry bulk owned fleet and CBI) on May 6, 2025, the results of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the results from continuing operations.

Consolidated Financial Results from Continuing operations and Vessels’ Operational Data^(I),(II)

(Expressed in millions of U.S. dollars, except percentages)		Nine-month period ended September 30,					Change		Percentage Change
		2025			2026
Voyage revenue	$	644.0		$	614.4		(29.6)		(4.6%)
Income from investments in leaseback vessels		22.0			26.3		4.3		19.5%
Voyage expenses		(37.8)			(48.9)		11.1		29.4%
Voyage expenses – related parties		(8.6)			(7.6)		(1.0)		(11.6%)
Vessels’ operating expenses		(120.1)			(129.0)		8.9		7.4%
General and administrative expenses		(9.4)			(15.1)		5.7		60.6%
Management fees – related parties		(21.5)			(22.3)		0.8		3.7%
General and administrative expenses – non-cash component		(4.6)			(6.8)		2.2		47.8%
Amortization of dry-docking and special survey costs		(14.5)			(17.4)		2.9		20.0%
Depreciation		(96.1)			(97.2)		1.1		1.1%
Foreign exchange gains / (losses)		2.1			(2.2)		(4.3)		n.m.
Interest income		15.5			9.9		(5.6)		(36.1%)
Interest and finance costs		(66.8)			(55.3)		(11.5)		(17.2%)
Other		0.7			0.4		(0.3)		(42.9%)
Gain on derivative instruments, net		12.5			11.6		(0.9)		(7.2%)
Net Income from Continuing operations	$	317.4		$	260.8

(Expressed in millions of U.S. dollars, except percentages)			Nine-month period ended September 30,					Change		Percentage Change
			2025			2026
Voyage revenue		$	644.0		$	614.4		(29.6)		(4.6%)
Accrued charter revenue			2.2			(0.3)		(2.5)		n.m.
Amortization of time-charter assumed			0.1			0.1		–		n.m.
Amortization of deferred revenue			(0.8)			(9.9)		(9.1)		n.m.
Voyage revenue adjusted on a cash basis (I)		$	645.5		$	604.3		(41.2)		(6.4%)
Vessels’ operational data(II)			Nine-month period ended September 30,							Percentage Change
			2025		2026			Change
Average number of vessels			68.1		69.0			0.9		1.3%
Ownership days			18,586		18,837			251		1.4%
Number of vessels under dry-docking and special survey			8		17			9

^(I) Voyage revenue adjusted on a cash basis is not a recognized measurement under GAAP. Refer to “Consolidated Financial Results from Continuing operations and Vessels’ Operational Data” above for the reconciliation of Voyage revenue adjusted on a cash basis.

^(II) Vessels that are part of continuing operations.

Voyage Revenue

Voyage revenue decreased by 4.6%, or $29.6 million, to $614.4 million during the nine-month period ended September 30, 2026, from $644.0 million during the nine-month period ended September 30, 2025. The decrease period over period is mainly attributable to (i) the net decreased charter rates in certain of our vessels, (ii) the increased idle and off-hire days of our fleet (mainly due to scheduled dry-dockings) during the nine-month period ended September 30, 2026 compared to the nine-month period ended September 30, 2025 and (iii) the lower accounting revenue recorded for two of our vessels classified as sale type leases; partly offset by (i) the contractual reimbursements from certain of our charterers for EUAs and Fuel EU Maritime penalties and (ii) the revenue earned by one container vessel acquired during the third quarter of 2025.

Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”, amortization of time-charter assumed and amortization of deferred revenue) decreased by 6.4%, or $41.2 million, to $604.3 million during the nine-month period ended September 30, 2026, from $645.5 million during the nine-month period ended September 30, 2025.

Income from investments in leaseback vessels

Income from investments in leaseback vessels was $26.3 million and $22.0 million for the nine-month periods ended September 30, 2026 and 2025, respectively. Income from investments in leaseback vessels increased, period over period, primarily due to contributions from investments commenced during 2025 and 2026, which more than offset the impact of investments that matured during the nine-month period ended September 30, 2026. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries.

Voyage Expenses

Voyage expenses were $48.9 million and $37.8 million for the nine-month periods ended September 30, 2026 and 2025, respectively. Voyage expenses increased period over period, mainly due to the recognition of costs associated with EUAs and an increase in relevant expenses. However, a significant portion of these costs are contractually reimbursed by the charterers, as discussed in “Voyage Revenue”, mitigating the net expenses impact. Voyage expenses mainly include (i) off-hire expenses of our vessels, primarily related to fuel consumption, (ii) third-party commissions and (iii) EUAs and Fuel EU Maritime expenses.

Voyage Expenses – related parties

Voyage expenses – related parties were $7.6 million and $8.6 million for the nine-month periods ended September 30, 2026 and 2025, 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 and (ii) charter brokerage fees payable to one and two related charter brokerage companies for an amount of approximately $0.6 million and $1.0 million, in the aggregate, for the nine-month periods ended September 30, 2026 and 2025, respectively.

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 $129.0 million and $120.1 million during the nine-month periods ended September 30, 2026 and 2025, respectively. Daily vessels’ operating expenses were $6,848 and $6,462 for the nine-month periods ended September 30, 2026 and 2025, 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 $15.1 million and $9.4 million during the nine-month periods ended September 30, 2026 and 2025, respectively. The increase was due mainly to non-recurring expenses incurred during the nine-month period ended September 30, 2026. Furthermore, General and administrative expenses include amounts of $2.0 million and $2.0 million, respectively, that were paid to a related service provider.

Management Fees – related parties

Management fees charged by our related party managers were $22.3 million and $21.5 million during the nine-month periods ended September 30, 2026 and 2025, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $4.2 million and $4.2 million for the nine-month periods ended September 30, 2026 and 2025, respectively.

General and Administrative Expenses – non-cash component

General and administrative expenses – non-cash component for the nine-month period ended September 30, 2026 amounted to $6.8 million, representing the value of the shares issued to a related service provider on March 30, 2026, on June 30, 2026 and on September 30, 2026. General and administrative expenses – non-cash component for the nine-month period ended September 30, 2025 amounted to $4.6 million, representing the value of the shares issued to a related service provider on March 31, 2025, on June 30, 2025 and on September 30, 2025.

Amortization of Dry-Docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs was $17.4 million and $14.5 million during the nine-month periods ended September 30, 2026 and 2025, respectively. During the nine-month period ended September 30, 2026, 17 vessels underwent and completed their special surveys. During the nine-month period ended September 30, 2025, eight vessels underwent and completed their dry-docking and special surveys.

Depreciation

Depreciation expense for the nine-month periods ended September 30, 2026 and 2025 was $97.2 million and $96.1 million, respectively.

Vessels held for sale

During the nine-month period ended September 30, 2026, the container vessels Porto Kagio and Porto Germeno were classified as vessels held for sale. No loss on vessels held for sale was recorded since each vessel’s estimated fair value less costs to sell exceeded each vessel’s carrying value.

Interest Income

Interest income amounted to $9.9 million and $15.5 million for the nine-month periods ended September 30, 2026 and 2025, respectively. The decrease was mainly due to lower average SOFR rates and lower average cash balances over the nine-month period ended September 30, 2026, compared to the corresponding period in 2025.

Interest and Finance Costs

Interest and finance costs were $55.3 million and $66.8 million during the nine-month periods ended September 30, 2026 and 2025, respectively. The decrease is mainly attributable to the decreased interest expense due to reduced SOFR rates during the period and to the capitalized interest in relation to our newbuilding program during the nine-month period ended September 30, 2026, compared to the nine-month period ended September 30, 2025.

Gain on Derivative Instruments, net

As of September 30, 2026, 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 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 September 30, 2026, the fair value of these instruments, in aggregate, amounted to a net asset of $4.8 million. During the nine-month period ended September 30, 2026, the change in the fair value (fair value as of September 30, 2026 compared to the fair value as of December 31, 2025) of the derivative instruments that qualify for hedge accounting resulted in a gain of $4.3 million, which has been included in OCI. Furthermore, during the nine-month period ended September 30, 2026, the change in the fair value (fair value as of September 30, 2026 compared to the fair value as of December 31, 2025) of the derivative instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the period, resulted in a net gain of $11.6 million, which has been included in Gain on Derivative Instruments, net.

Cash Flows from Continuing Operations¹²

Nine-month periods ended September 30, 2026 and 2025

Condensed cash flows from continuing operations		Nine-month period ended September 30,
(Expressed in millions of U.S. dollars)			2025				2026
Net Cash Provided by Operating Activities		$418.8				$328.0
Net Cash Used in Investing Activities		$(152.3		)		$(410.2		)
Net Cash Provided by / (Used in) Financing Activities		$(416.9		)		$225.2

_________________
¹² Following the spin-off of the dry bulk business on May 6, 2025, the cash flows of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the cash flows from continuing operations.

Net Cash Provided by Operating Activities 

Net cash flows provided by operating activities for the nine-month period ended September 30, 2026 decreased by $90.8 million to $328.0 million, from $418.8 million for the nine-month period ended September 30, 2025. The decrease is mainly attributable to (i) the decreased net cash from operations and (ii) the increased special survey costs during the nine-month period ended September 30, 2026 compared to the nine-month period ended September 30, 2025; partly offset by (i) the favorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (as described above) and (ii) the decrease in interest payments (including interest derivatives net receipts) during the nine-month period ended September 30, 2026 compared to the nine-month period ended September 30, 2025.

Net Cash Used in Investing Activities

Net cash used in investing activities was $410.2 million in the nine-month period ended September 30, 2026, which mainly consisted of (i) advance payments for the construction of 20 newbuild container vessels, (ii) advance payments for the acquisition of two secondhand container vessels, (iii) net payments for net investments into which NML entered and (iv) payments for upgrades for certain of our container vessels.

Net cash used in investing activities was $152.3 million in the nine-month period ended September 30, 2025, which mainly consisted of (i) advance payments for the construction of four newbuild container vessels, (ii) the payment for the acquisition of the secondhand container vessel Maersk Puelo, (iii) payments for upgrades for certain of our container vessels and (iv) payments for net investments into which NML entered; partly offset by net proceeds we received from our short-term investments in US Treasury Bills.

Net Cash Provided by / (Used in) Financing Activities

Net cash provided by financing activities was $225.2 million in the nine-month period ended September 30, 2026, which mainly consisted of (i) $295.0 million of net receipts relating to our debt financing agreements (including proceeds of $1,543.7 million we received from 14 debt financing agreements), (ii) $42.6 million we paid for dividends to holders of our common stock for the fourth quarter of 2025, the first quarter of 2026 and the second quarter of 2026 and (iii) $2.8 million we paid for dividends to holders of our Series B Preferred Stock, $6.3 million we paid for dividends to holders of our Series C Preferred Stock and $6.6 million we paid for dividends to holders of our Series D Preferred Stock for the periods from October 15, 2025 to January 14, 2026, January 15, 2026 to April 14, 2026 and April 15, 2026 to July 14, 2026.

Net cash used in financing activities was $416.9 million in the nine-month period ended September 30, 2025, which mainly consisted of (i) $262.7 million of net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $135.2 million we received from four debt financing agreements), (ii) $100.0 million transferred to the spun-off entities, (iii) $41.2 million we paid for dividends to holders of our common stock for the fourth quarter of 2024, the first quarter of 2025 and the second quarter of 2025 and (iv) $2.8 million we paid for dividends to holders of our Series B Preferred Stock, $6.3 million we paid for dividends to holders of our Series C Preferred Stock and $6.6 million we paid for dividends to holders of our Series D Preferred Stock for the periods from October 15, 2024 to January 14, 2025, January 15, 2025 to April 14, 2025 and April 15, 2025 to July 14, 2025.

Liquidity and Unencumbered Vessels

Cash and cash equivalents

As of September 30, 2026, we had Cash and cash equivalents (including restricted cash) of $713.3 million and $19.8 million invested in short-dated U.S. Treasury Bills (short-term investments).

Debt-free vessels

As of October 27, 2026, the following 23 vessels were free of debt.

Unencumbered Vessels (Refer to Fleet list for full details)
Vessel Name	Year Built		TEU Capacity
TRITON	2016		14,424
MSC AMALFI	2014		9,403
VANTAGE	2013		8,827
KOWLOON	2005		7,471
KURE	1996		7,403
ZIM VIETNAM	2003		6,644
ZIM AMERICA	2003		6,644
MAERSK PUELO	2006		6,541
ARIES	2004		6,492
ARGUS	2004		6,492
GLEN CANYON	2006		5,642
GIALOVA	2009		4,578
DYROS	2008		4,578
NORFOLK	2009		4,259
VULPECULA	2010		4,258
VOLANS	2010		4,258
VIRGO	2009		4,258
ANDROUSA	2010		4,256
SCORPIUS	2007		2,572
ETOILE	2005		2,556
ARKADIA	2001		1,550
MICHIGAN	2008		1,300
LUEBECK	2001		1,078

About Costamare Inc.

Costamare Inc. is one of the world’s leading owners and providers of containerships for charter. The Company has 52 years of history in the international shipping industry and a fleet of 69 containerships in the water (including two vessels we have agreed to sell), with a total capacity of approximately 520,000 TEU. The Company also has 22 newbuild containerships under construction and has agreed to acquire two secondhand containerships, which together represent a total capacity of approximately 152,600 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.

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 Development

Costamare Inc., Monaco
Tel: (+377) 93 25 09 40
Email: ir@costamare.com

Containership Fleet List

The tables below provide additional information, as of October 27, 2026, about our fleet of containerships, including the vessels under construction, and those vessels subject to sale and leaseback agreements. Each vessel is a cellular containership, meaning it is a dedicated container vessel.

	Vessel Name	Charterer	Year Built	Capacity (TEU)	Average Daily Charter Rate(1) (U.S. dollars)	TEU-weighted duration(2) (in years)	Expiration of Charter(3)
1	TRITON	Evergreen/(*)	2016	14,424	40,948	6.2	March 2036
2	TITAN	Evergreen/(*)	2016	14,424			April 2036
3	TALOS	Evergreen/(*)	2016	14,424			July 2036
4	TAURUS	Evergreen/(*)	2016	14,424			August 2036
5	THESEUS	Evergreen/(*)	2016	14,424			August 2036
6	YM TRIUMPH	Yang Ming	2020	12,690			May 2030
7	YM TRUTH	Yang Ming	2020	12,690			May 2030
8	YM TOTALITY(i)	Yang Ming	2020	12,690			July 2030
9	YM TARGET(i)	Yang Ming	2021	12,690			November 2030
10	YM TIPTOP(i)	Yang Ming	2021	12,690			March 2031
11	CAPE AKRITAS	MSC	2016	11,010			August 2031
12	CAPE TAINARO	MSC	2017	11,010			April 2031
13	CAPE KORTIA	MSC	2017	11,010			August 2031
14	CAPE SOUNIO	MSC	2017	11,010			April 2031
15	CAPE ARTEMISIO	MSC	2017	11,010			September 2030
16	SHANGHAI	COSCO	2006	9,469	34,888	2.6	August 2028
17	YANTIAN I	COSCO	2006	9,469			July 2028
18	YANTIAN	COSCO	2006	9,469			May 2028
19	COSCO HELLAS	COSCO	2006	9,469			August 2028
20	BEIJING	COSCO	2006	9,469			July 2028
21	MSC AZOV	MSC/(*)	2014	9,403			December 2029
22	MSC AMALFI	MSC/(*)	2014	9,403			January 2030
23	MSC AJACCIO	MSC/(*)	2014	9,403			December 2029
24	MSC ATHENS	MSC	2013	8,827			January 2029
25	MSC ATHOS	MSC	2013	8,827			February 2029
26	VALOR	MSC	2013	8,827			May 2030
27	VALUE	MSC	2013	8,827			June 2030
28	VALIANT	MSC	2013	8,827			August 2030
29	VALENCE	MSC	2013	8,827			August 2030
30	VANTAGE	MSC	2013	8,827			November 2030
31	NAVARINO	MSC	2010	8,531			March 2029
32	KLEVEN	MSC/(*)	1996	8,044			April 2028
33	KOTKA	MSC/(*)	1996	8,044			September 2028
34	KOWLOON	MSC	2005	7,471			January 2029
35	KURE	MSC	1996	7,403			August 2028
36	METHONI	Maersk/(*)	2003	6,724	31,539	2.3	October 2029
37	PORTO CHELI	Maersk/(*)	2001	6,712			October 2029
38	TAMPA I	COSCO	2000	6,648			September 2028
39	ZIM VIETNAM	ZIM	2003	6,644			December 2028
40	ZIM AMERICA	ZIM	2003	6,644			December 2028
41	MAERSK PUELO	Maersk	2006	6,541			January 2027(4)
42	ARIES	ONE	2004	6,492			March 2029
43	ARGUS	ONE	2004	6,492			May 2029
44	PORTO KAGIO(ii)	Maersk	2002	5,908			November 2026
45	GLEN CANYON	OOCL	2006	5,642			September 2028
46	NEW ACQUISITION No1 (iii)	(*)	2001	5,610			May 2030(5)
47	NEW ACQUISITION No2 (iii)	(*)	2001	5,610			June 2030(6)
48	PORTO GERMENO(ii)	Maersk	2002	5,570			December 2026
49	LEONIDIO	Maersk/(*)	2014	4,957			October 2029
50	KYPARISSIA	Maersk/(*)	2014	4,957			October 2029
51	MEGALOPOLIS	Maersk/(*)	2013	4,957			May 2030
52	MARATHOPOLIS	Maersk/(*)	2013	4,957			May 2030
53	GIALOVA	ONE	2009	4,578	27,804	2.5	April 2029
54	DYROS	Maersk/(*)	2008	4,578			April 2030
55	NORFOLK	OOCL	2009	4,259			March 2028
56	VULPECULA	ZIM	2010	4,258			May 2028
57	VOLANS	COSCO/(*)	2010	4,258			August 2030
58	VIRGO	Maersk/(*)	2009	4,258			April 2030
59	VELA	ZIM	2009	4,258			April 2028
60	ANDROUSA	OOCL	2010	4,256			April 2029
61	NEOKASTRO	ANL Singapore	2011	4,178	21,967	2.2	April 2030
62	ULSAN	COSCO	2002	4,132			June 2029
63	POLAR BRASIL	Maersk	2018	3,800			March 2028
64	LAKONIA	COSCO/(*)	2004	2,586			April 2029
65	SCORPIUS	Maersk	2007	2,572			March 2028
66	ETOILE	MSC	2005	2,556			July 2028
67	AREOPOLIS	COSCO/(*)	2000	2,474			May 2029
68	ARKADIA	Evergreen/(*)	2001	1,550			November 2028
69	MICHIGAN	MSC	2008	1,300			October 2027
70	TRADER	MSC/(*)	2008	1,300			October 2028
71	LUEBECK	MSC	2001	1,078			April 2028

Containerships under construction

	Vessel	Charterer	Capacity (TEU)	Estimated Delivery(7)	Employment
1	Newbuilding 1	COSCO	9,200	Q3 2028	Long Term Employment upon delivery from shipyard
2	Newbuilding 2	COSCO	9,200	Q3 2028	Long Term Employment upon delivery from shipyard
3	Newbuilding 3	COSCO	9,200	Q4 2028	Long Term Employment upon delivery from shipyard
4	Newbuilding 4	COSCO	9,200	Q4 2028	Long Term Employment upon delivery from shipyard
5	Newbuilding 5	COSCO	9,200	Q1 2029	Long Term Employment upon delivery from shipyard
6	Newbuilding 6	COSCO	9,200	Q2 2029	Long Term Employment upon delivery from shipyard
7	Newbuilding 7	COSCO	9,200	Q2 2029	Long Term Employment upon delivery from shipyard
8	Newbuilding 8	COSCO	9,200	Q2 2029	Long Term Employment upon delivery from shipyard
9	Newbuilding 9	COSCO	9,200	Q3 2029	Long Term Employment upon delivery from shipyard
10	Newbuilding 10	COSCO	9,200	Q3 2029	Long Term Employment upon delivery from shipyard
11	Newbuilding 11	COSCO	9,200	Q1 2030	Long Term Employment upon delivery from shipyard
12	Newbuilding 12	COSCO	9,200	Q2 2030	Long Term Employment upon delivery from shipyard
13	Newbuilding 13	(*)	3,100	Q2 2027	Long Term Employment upon delivery from shipyard
14	Newbuilding 14	(*)	3,100	Q2 2027	Long Term Employment upon delivery from shipyard
15	Newbuilding 15	COSCO	3,100	Q2 2027	Long Term Employment upon delivery from shipyard
16	Newbuilding 16	(*)	3,100	Q3 2027	Long Term Employment upon delivery from shipyard
17	Newbuilding 17	(*)	3,100	Q3 2027	Long Term Employment upon delivery from shipyard
18	Newbuilding 18	(*)	3,100	Q3 2027	Long Term Employment upon delivery from shipyard
19	Newbuilding 19	(*)	3,100	Q4 2027	Long Term Employment upon delivery from shipyard
20	Newbuilding 20	COSCO	3,100	Q2 2028	Long Term Employment upon delivery from shipyard
21	Newbuilding 21	COSCO	3,100	Q3 2028	Long Term Employment upon delivery from shipyard
22	Newbuilding 22	COSCO	3,100	Q3 2028	Long Term Employment upon delivery from shipyard

1. Average Daily Charter Rate is calculated by dividing the total contracted revenues by the remaining employment days per capacity-group of vessels.
2. TEU-weighted duration reflects the average remaining duration per capacity-group of vessels weighted on a TEU basis.
3. Expiration dates are based on the earliest date charters (unless otherwise noted) could expire.
4. Maersk Puelo is currently chartered to Maersk until January 2027 (earliest redelivery) – September 2031 (latest redelivery).
5. Assuming delivery of the vessel in November 2026.
6. Assuming delivery of the vessel in December 2026.
7. Based on the latest estimated delivery schedule, subject to change.

1. Denotes vessels subject to a sale and leaseback transaction.
2. Denotes vessels we have agreed to sell.
3. Denotes vessels we have agreed to acquire.

     ^(*)  Denotes charterer’s identity, which is treated as confidential.

COSTAMARE INC. Consolidated Statements of Income
		Nine-months ended September 30,								Three-months ended September 30,
(Expressed in thousands of U.S. dollars, except share and per share amounts)		2025				2026				2025				2026
		(Unaudited)								(Unaudited)
REVENUES:
Voyage revenue	$	643,976			$	614,374			$	215,898			$	212,063
Income from investments in leaseback vessels		21,952				26,256				9,270				8,324
Total revenues	$	665,928			$	640,630			$	225,168			$	220,387
EXPENSES:
Voyage expenses		(37,767	)			(48,921	)			(14,384	)			(18,062	)
Voyage expenses – related parties		(8,647	)			(7,615	)			(2,828	)			(2,583	)
Vessels’ operating expenses		(120,102	)			(129,002	)			(40,931	)			(44,913	)
General and administrative expenses		(9,417	)			(15,072	)			(2,177	)			(6,771	)
Management fees – related parties		(21,516	)			(22,317	)			(7,338	)			(7,533	)
General and administrative expenses – non-cash component		(4,617	)			(6,823	)			(1,782	)			(2,197	)
Amortization of dry-docking and special survey costs		(14,530	)			(17,421	)			(5,000	)			(6,313	)
Depreciation		(96,112	)			(97,245	)			(32,620	)			(31,831	)
Foreign exchange gains / (losses)		2,233				(2,188	)			(338	)			(1,212	)
Operating income	$	355,453			$	294,026			$	117,770			$	98,972
OTHER INCOME / (EXPENSES):
Interest income	$	15,520			$	9,947			$	3,741			$	3,295
Interest and finance costs		(66,813	)			(55,277	)			(21,603	)			(18,768	)
Other		700				435				673				157
Gain / (loss) on derivative instruments, net		12,537				11,629				(1,230	)			11,303
Total other expenses, net	$	(38,056	)		$	(33,266	)		$	(18,419	)		$	(4,013	)
Net Income from continuing operations	$	317,397			$	260,760			$	99,351			$	94,959
Net Loss from discontinued operations		(27,547	)			–				–				–
Net Income	$	289,850			$	260,760			$	99,351			$	94,959
Earnings allocated to Preferred Stock		(15,690	)			(15,690	)			(5,288	)			(5,288	)
Net Income attributable to the non-controlling interest		(3,119	)			(3,897	)			(1,442	)			(1,145	)
Net Income available to common stockholders	$	271,041			$	241,173			$	92,621			$	88,526
Earnings per common share, basic and diluted – Total	$	2.26			$	2.00			$	0.77			$	0.73
Earnings per common share, basic and diluted – Continuing operations	$	2.48			$	2.00			$	0.77			$	0.73
Losses per common share, basic and diluted – Discontinued operations	$	(0.23	)		$	–			$	–			$	–
Weighted average number of shares, basic and diluted		120,119,317				120,744,583				120,276,106				120,897,256

COSTAMARE INC. Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars)		As of December 31, 2025				As of September 30, 2026
ASSETS		(Audited)				(Unaudited)
CURRENT ASSETS:
Cash and Cash equivalents	$	519,847			$	653,138
Restricted cash		8,123				6,193
Short-term investments		19,276				19,753
Investment in leaseback vessels, current		55,075				63,445
Due from related parties, current		–				75
Accounts receivable		11,580				12,717
Inventories		14,121				16,389
Fair value of derivatives		5,349				2,470
Insurance claims receivable		7,005				12,903
Time-charter assumed		74				–
Vessels held for sale		–				45,494
Accrued charter revenue		5,576				5,156
Prepayments and other		44,642				52,637
Total current assets	$	690,668			$	890,370
FIXED ASSETS, NET:
Vessels and advances, net		2,738,982				2,987,019
Total fixed assets, net	$	2,738,982			$	2,987,019
NON-CURRENT ASSETS:
Investment in leaseback vessels, non-current	$	309,515			$	327,548
Deferred charges, net		53,792				74,712
Net investment in sales type lease (Vessels), non-current		11,282				21,619
Accounts receivable, non-current		2,025				1,500
Due from related parties, non-current		1,125				1,500
Restricted cash		42,307				53,998
Fair value of derivatives, non-current		9,294				2,408
Accrued charter revenue, non-current		3,672				3,191
Total assets	$	3,862,662			$	4,363,865
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	268,131			$	203,165
Accounts payable		11,267				13,200
Due to related parties		7,224				9,857
Accrued liabilities		22,620				23,963
Unearned revenue		42,627				55,210
Fair value of derivatives		24				112
Other current liabilities		46,675				47,771
Total current liabilities	$	398,568			$	353,278
NON-CURRENT LIABILITIES
Long-term debt, net of current portion	$	1,246,707			$	1,604,433
Fair value of derivatives, net of current portion		45				–
Unearned revenue, net of current portion		43,161				32,443
Other non-current liabilities		15,225				14,872
Total non-current liabilities	$	1,305,138			$	1,651,748
COMMITMENTS AND CONTINGENCIES		–				–
STOCKHOLDERS’ EQUITY:
Preferred stock	$	–			$	–
Common stock		13				13
Treasury stock		(120,095	)			(120,095	)
Additional paid-in capital		1,333,223				1,340,272
Retained earnings		868,733				1,067,041
Accumulated other comprehensive income / (loss)		4,320				(1,035	)
Total Costamare Inc. stockholders’ equity	$	2,086,194			$	2,286,196
Non-controlling interest		72,762				72,643
Total stockholders’ equity		2,158,956				2,358,839
Total liabilities and stockholders’ equity	$	3,862,662			$	4,363,865

~ uniQure to host earnings call on Wednesday, November 4, 2026 at 8:30 a.m. ET ~

LEXINGTON, Mass. and AMSTERDAM, Oct. 28, 2026 (GLOBE NEWSWIRE) — uniQure N.V. (NASDAQ: QURE), a leading gene therapy company advancing transformative therapies for patients with severe medical needs will report third quarter 2026 financial results before market open on Wednesday, November 4, 2026. Management will then host a conference call at 8:30 a.m. ET.

The event will be webcast under the Events & Presentations section of uniQure’s website at https://www.uniqure.com/investors-media/events-presentations, and following the event a replay will be archived for 90 days. Analysts wishing to participate in the question and answer session should access the live call by dialing (646) 307-1963 or toll-free (800) 715-9871 and entering conference ID 5075555. If you are joining the conference call, please join 15 minutes before the start time.

About uniQure

uniQure is delivering on the promise of gene therapy – single treatments with potentially curative results. The approvals of uniQure’s gene therapy for hemophilia B – an historic achievement based on more than a decade of research and clinical development – represent a major milestone in the field of genomic medicine and ushers in a new treatment approach for patients living with hemophilia. uniQure is now advancing a pipeline of proprietary gene therapies for the treatment of patients with Huntington’s disease, refractory temporal lobe epilepsy, Fabry disease, and other severe diseases. www.uniQure.com

uniQure Contacts:

FOR INVESTORS:	FOR MEDIA:
Chiara Russo	Tom Malone
Direct: 781-491-4371	Direct: 339-970-7558
Mobile: 617-306-9137	Mobile:339-223-8541
c.russo@uniQure.com	t.malone@uniQure.com

– Explore-CKD met its primary endpoint; lorundrostat 25 mg once daily added to an SGLT2 inhibitor achieved a statistically significant reduction in systolic blood pressure at four weeks –

– New hormonal and urinary protein data show a 41.5% reduction in serum aldosterone with additional significant reductions in albuminuria and proteinuria –

RADNOR, Pa., Oct. 28, 2026 (GLOBE NEWSWIRE) — Mineralys Therapeutics, Inc. (Nasdaq: MLYS), a biopharmaceutical company focused on developing medicines to target hypertension and aldosterone-related adverse outcomes in comorbid conditions such as chronic kidney disease (CKD), obstructive sleep apnea and other diseases driven by dysregulated aldosterone, today announced that the full results from the Phase 2 Explore-CKD trial of lorundrostat in participants with uncontrolled hypertension, CKD and albuminuria have been published in Kidney International and are available online.

The Explore-CKD trial evaluated the efficacy and safety of lorundrostat, an aldosterone synthase inhibitor, added to guideline-directed background therapy in 59 participants with uncontrolled hypertension, stage 1 to 3b CKD and albuminuria (albumin loss in the urine), an early manifestation of kidney damage.

“Chronic kidney disease and hypertension are pathologically linked, and approximately 76% of patients with both CKD and hypertension have uncontrolled blood pressure despite treatment with multiple antihypertensive medications,” said Matthew R. Weir, MD, Director of the Division of Nephrology at the University of Maryland Medical Center, Professor of Medicine at the University of Maryland School of Medicine, lead author of the publication and scientific consultant for Mineralys. “The Explore-CKD results demonstrate that lorundrostat may help CKD patients reduce otherwise uncontrolled high blood pressure and potentially improve their kidney function.”

“With this publication we have additional peer-reviewed evidence demonstrating the potential benefits of lorundrostat for people living with uncontrolled or resistant hypertension and CKD, a population that is especially difficult to treat,” said Terry Ferguson, MD, Chief Medical Officer of Mineralys Therapeutics. “There were consistent reductions in urinary protein loss, along with the expected reductions in serum aldosterone levels. Further evaluation of lorundrostat as a therapeutic approach for lowering blood pressure and reducing albuminuria in participants with CKD will follow shortly, with longer-term data from Explore-CKD participants enrolled in the Transform-HTN open-label extension study.”

Key Findings from Explore-CKD

Explore-CKD randomized 59 participants at 42 sites in the United States. Participants had a mean age of 64.6 years and a mean body mass index of 33.1 kg/m2, and 76% had type 2 diabetes. Of the participants, 30.5% were female, 16.9% were Black or African American and 42.4% were Hispanic or Latino. At baseline, mean automated office systolic blood pressure (AOSBP) was 149 mmHg, UACR (urinary albumin-to-creatinine ratio, an indicator of kidney protein loss) was 516.8 mg/g and mean estimated glomerular filtration rate (eGFR) was 43 mL/min/1.73m2 based on cystatin C. Overall, 64.4% of participants were taking three or more antihypertensive medications.

The primary efficacy endpoint was the change from baseline in systolic blood pressure at week four in the active versus placebo treatment period. At week four, lorundrostat 25 mg once daily achieved a 9.3 mmHg reduction in AOSBP, compared with a 1.8 mmHg reduction for placebo, yielding a placebo-adjusted reduction of 7.5 mmHg (95% CI, -12.3 to -2.7; p=0.0024). Automated office diastolic blood pressure was reduced by 3.9 mmHg with lorundrostat and 1.4 mm Hg with placebo.

Lorundrostat also reduced UACR by 30.5% from baseline and by 25.6% placebo-adjusted (p=0.0015) at week four. The placebo-adjusted reductions were also significant for 24-hour UACR (26.1%; p<0.0001) and 24-hour urine protein-to-creatinine ratio (22.1%; p=0.0002).

Serum aldosterone decreased by 41.5% with lorundrostat and increased by 1.8% with placebo, and plasma renin activity rose by 75.2% and 4.2%, respectively. No clinically meaningful changes in serum cortisol were observed in either treatment sequence.

The nature and incidence of adverse events were similar to those in prior lorundrostat trials and consistent with its mechanism of action.

About Explore-CKD

The Explore-CKD trial (NCT06150924) was a randomized, double-blind, placebo-controlled, two-period, two-sequence (2×2) crossover Phase 2 clinical trial. This trial was designed to evaluate blood pressure reduction and safety of 25 mg once-daily lorundrostat when added to background treatment with an ACEi or ARB and an SGLT2 inhibitor for the treatment of hypertension in participants with CKD with an estimated glomerular filtration rate (eGFR) ≥ 30 mL/min/1.73m2 and albuminuria (UACR of 200-5,000 mg/g). The primary efficacy endpoint of the trial was change from baseline in systolic blood pressure at week four in the active versus placebo treatment period. Exploratory endpoints included change from baseline in UACR and eGFR at week four in the active versus placebo treatment period.

About Chronic Kidney Disease (CKD)

CKD, which is characterized by the gradual loss of kidney function, is estimated to affect more than 10% of the global population and is one of the leading causes of mortality worldwide. According to the U.S. Centers for Disease Control and Prevention (CDC), more than 1 in 10 (14%) adults aged 18 or older (approximately 37 million people) are estimated to have CKD. Approximately 21% of adults with high blood pressure are estimated to have CKD. The relationship between these conditions is tightly linked: sustained hypertension may contribute to impaired kidney function, and progressive decrease in kidney function may lead to worsening blood pressure. When CKD is present in patients with hypertension, the risk of cardiovascular disease and mortality rises significantly.

Emerging evidence points to dysregulated aldosterone as a key driver of both diseases. Excess aldosterone promotes sodium retention, vascular inflammation and fibrosis, contributing to both uncontrolled blood pressure and kidney injury. Despite the availability of existing therapies, a significant proportion of patients remain uncontrolled or undertreated. Early detection and targeted interventions that address underlying mechanisms, such as aldosterone dysregulation, may offer the potential to slow CKD progression, reduce cardiovascular risk and improve long-term outcomes. Without effective management, CKD can advance to kidney failure, requiring dialysis or transplantation.

About Hypertension

Having sustained, elevated blood pressure (or hypertension) increases the risk of heart disease, heart attack and stroke, which are leading causes of death in the United States. In 2022, more than 685,000 deaths in the United States included hypertension as a primary or contributing cause. Hypertension and related health issues resulted in an estimated annual economic burden of about $219 billion in the United States in 2019.

Less than 50% of hypertensive patients achieve their blood pressure goal with currently available medications. Dysregulated aldosterone levels are a key factor in driving hypertension in approximately 30% of all hypertensive patients.

About Lorundrostat

Lorundrostat is an investigational, proprietary, orally administered, highly selective aldosterone synthase inhibitor being developed for the treatment of uncontrolled hypertension (uHTN) or resistant hypertension (rHTN), as well as related comorbidities, such as chronic kidney disease, obstructive sleep apnea and other diseases driven by dysregulated aldosterone. Lorundrostat was designed to reduce aldosterone levels by inhibiting CYP11B2, the enzyme responsible for its production. Lorundrostat has 374-fold selectivity for aldosterone-synthase inhibition versus cortisol-synthase inhibition in vitro, has an observed half-life of 10-12 hours and demonstrated a 40-70% reduction in plasma aldosterone concentration in participants with hypertension.

Mineralys has completed six late-stage clinical trials of lorundrostat supporting its efficacy and safety profile while also validating aldosterone as an integral therapeutic target in uHTN and rHTN. The clinical program includes two pivotal, registrational trials, the Phase 3 Launch-HTN trial and Phase 2 Advance-HTN trial, which support the robust, durable and clinically meaningful reductions in systolic blood pressure by lorundrostat. Lorundrostat was well tolerated in both trials with a favorable safety profile.

About Mineralys

Mineralys Therapeutics is a biopharmaceutical company focused on developing medicines to target hypertension and related comorbidities such as chronic kidney disease, obstructive sleep apnea and other diseases driven by dysregulated aldosterone. Its initial product candidate, lorundrostat, is an investigational, proprietary, orally administered, highly selective aldosterone synthase inhibitor. Mineralys is based in Radnor, Pennsylvania, and was founded by Catalys Pacific. For more information, please visit https://mineralystx.com. Follow Mineralys on LinkedIn, X and Bluesky.

Forward-Looking Statements

Mineralys Therapeutics cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. The forward-looking statements are based on Mineralys’ current beliefs and expectations and include, but are not limited to, statements regarding the potential therapeutic benefits of lorundrostat. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Mineralys’ business, including, without limitation: any delays in the Food and Drug Administration’s (FDA) review of Mineralys’ accepted new drug application (NDA), including as a result of a government shutdown or reductions in agency funding or personnel; the results of Mineralys’ clinical trials, including the Launch-HTN and Advance-HTN trials, may not be deemed sufficient by the FDA to serve as the basis for regulatory approval of lorundrostat; later developments with the FDA may be inconsistent with the feedback from prior meetings, including whether the proposed pivotal program will support registration of lorundrostat following the FDA’s review of Mineralys’ NDA submission; the risk that future funding under the secured debt facility may not be available on the timeframe Mineralys expects, or at all, including as a result of its failure to meet the conditions required for such funding or failure to comply with the affirmative and negative covenants under the debt facility; Mineralys may not be able to reach agreement on the proposed termination of its license agreement with Tanabe on its expected timeframe, or at all; Mineralys’ future performance is dependent entirely on the success of lorundrostat; potential delays in the commencement, enrollment and completion of clinical trials and nonclinical studies; Mineralys’ dependence on third parties in connection with manufacturing, research and clinical and nonclinical testing; unexpected adverse side effects or inadequate efficacy of lorundrostat that may limit its development, regulatory approval and/or commercialization; unfavorable results from clinical trials and nonclinical studies; results of prior clinical trials and studies of lorundrostat are not necessarily predictive of future results; macroeconomic trends and uncertainty with regard to high interest rates, elevated inflation, tariffs and other trade policies, and the potential for a local and/or global economic recession; Mineralys’ ability to maintain undisrupted business operations due to any pandemic or future public health concerns; regulatory developments in the United States and foreign countries; Mineralys’ reliance on its exclusive license with Tanabe to provide Mineralys with intellectual property rights to develop and commercialize lorundrostat; and other risks described in Mineralys’ filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in its annual report on Form 10-K, and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Mineralys undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact:

Investor Relations
investorrelations@mineralystx.com

Media Relations
Melyssa Weible
Elixir Health Public Relations
Email: mweible@elixirhealthpr.com

Raises Full Year Revenue Guidance to at Least 29% Growth or $290 million

ALACHUA and TAMPA, Fla., Oct. 28, 2026 (GLOBE NEWSWIRE) — Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and marketing innovative surgical solutions for the restoration of peripheral nerve function, today reported financial results and business highlights for the third quarter ended September 30, 2026.

Third Quarter Financial Results

• Revenue was $75.8 million, an increase of 26.2% compared to $60.1 million in the third quarter of 2025.
• Gross margin was 74.8% compared to 76.6% in the third quarter of 2025.
• Net income was $2.3 million, or $0.04 per share, compared to $0.7 million, or $0.01 per share for the third quarter of 2025.
• Adjusted net income was $13.1 million, or $0.21 per share, as compared to $6.1 million, or $0.12 per share for the third quarter of 2025.
• Adjusted EBITDA was $13.4 million, compared to $9.2 million for the third quarter of 2025.
• Cash and cash equivalents, restricted cash, and investments as of September 30, 2026 was $350.1 million, as compared to $113.4 million as of June 30, 2026, an increase of $236.7 million.

“We are delighted with our third-quarter and year-to-date revenue performance and the progress we continue to make across each of Axogen’s strategic plan priorities,” said Michael Dale, President and CEO of Axogen, Inc. “Our strong growth across all markets, continues to validate our market development strategies and the strength of our commercial execution. We remain well positioned to achieve our 2026 revenue guidance and longer-term strategic objectives.”

Summary of Business Highlights

• Year-to-date revenue growth through the third quarter of 2026 was broad-based across Extremities, Oral Maxillofacial & Head and Neck, and Breast, driven by 20% plus year-over-year account productivity, expanding sales force coverage, and improving commercial insurance coverage and payment.
   
• Received positive coverage decisions from Elevance and Aetna; commercial payer coverage for Avance is now approximately 96% of covered lives in the United States.
   
• We closed an upsized public offering with the sale of 5,646,500 shares of common stock and receipt of $225 million of net proceeds. $200 million of the net proceeds were used to fund the BioCircuit acquisition and $1.9 million were used to fund transaction related expenses, with the remaining funds available for general corporate purposes.
   
• On October 1, 2026, we completed the acquisition of BioCircuit Technologies, Inc. (“BioCircuit”), a privately held medical device company and developer of NerveTape^®.
   
• Based on positive clinical study outcomes, we have made the decision to initiate Prostate market development beginning in 2027. Axogen management will host a prostate specific investment-community conference call and webcast on November 9, 2026 at 9:00 a.m. Investors interested in participating in the conference call by phone may dial toll-free at (877) 407-0993 or use the direct dial-in number at (201) 689-8795. A live webcast, an archived replay, and presentation slides from the event will be available on the Investors page of the Company’s website at www.axogeninc.com.

2026 Financial Guidance

For 2026, we expect full-year revenue of at least $290 million, representing growth of at least 29%, including at least $7 million revenue from the BioCircuit acquisition. Excluding BioCircuit, we expect organic revenue to be at least $283 million, representing growth of at least 26%. We continue to expect gross margin to be at least 73%, and positive free cash flow for the full-year.

Conference Call

The Company will host a conference call and webcast for the investment community today at 8:00 a.m. ET. Investors interested in participating in the conference call by phone may do so by dialing toll free at (877) 407-0993 or use the direct dial-in number at (201) 689-8795. Those interested in listening to the conference call live via the internet may do so by visiting the Investors page of the Company’s website at www.axogeninc.com and clicking on the webcast link.

Following the conference call, a replay will be available in the Investors section of the Company’s website at www.axogeninc.com under Investors.

About Axogen

Axogen (AXGN) is the leading company focused specifically on the science, development and commercialization of technologies for peripheral nerve regeneration and repair. Axogen employees are passionate about providing the opportunity to restore nerve function and quality of life for patients with peripheral nerve injuries by providing innovative, clinically proven and economically effective repair solutions for surgeons and healthcare providers. Peripheral nerves provide the pathways for both motor and sensory signals throughout the body. Every day people suffer traumatic injuries or undergo surgical procedures that impact the function of their peripheral nerves. Physical damage to a peripheral nerve or the inability to properly reconnect peripheral nerves can result in the loss of muscle or organ function, the loss of sensory feeling, or the initiation of pain.

Axogen’s product portfolio includes Avance^® (acellular nerve allograft-arwx), Avance^® Nerve Graft, Axoguard Nerve Connector^®, Axoguard Nerve Protector^®, Axoguard HA+ Nerve Protector™, Axoguard Nerve Cap^®, Avive+ Soft Tissue Matrix^®, and NerveTape^®_.

For more information, visit www.axogeninc.com.

Cautionary Statements Concerning Forward-Looking Statements

This press release and accompanying earnings call contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements under the heading “2026 Financial Guidance” and statements regarding our ability to successfully integrate BioCircuit and realize the anticipated benefits of the acquisition, our business model optimization plans; market development strategies and objectives; our strategic investments, including the expected benefits and opportunities of such investments; our expectations around the potential positive impact on our business of expanded coverage and reimbursement for peripheral nerve injuries using synthetic conduits or allografts; our ability to sustain growth, operate profitably, generate positive cash flows, and fund our market development initiatives. These statements are based on management’s current expectations and estimates of trends and economic factors in the markets in which we are active. Words such as “expects,” “anticipates,” “objectives,” “targets,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “continue,” “may,” “should,” “will,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Actual results or events could differ materially from those described in any forward-looking statements as a result of factors, including, without limitation, the risks and challenges associated with integrating BioCircuit and the realization of the anticipated benefits of the acquisition, disruptions from global supply chain issues, inflation, hospital staffing challenges, product development timelines, regulatory processes, financial performance, surgeon adoption rates, market awareness of our products, the estimated total addressable market, as well as those risk factors described under Part I, Item 1A, “Risk Factors,” in our most recent Annual Report on Form 10-K and other risks and uncertainties that may be detailed from time to time in reports filed by the Company with the SEC. Forward-looking statements are not a guarantee of future performance, and actual results may differ materially from those projected. Forward-looking statements speak only as of the date they are made and, except as required by applicable law, we assume no responsibility to publicly update or revise any forward-looking statements.

About Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, we use the non-GAAP financial measures of EBITDA, which measures earnings before interest, income taxes, depreciation and amortization, EBITDA margin, and Adjusted EBITDA, which further excludes non-cash stock-based compensation expense, BioCircuit transaction and integration costs, and the loss on extinguishment of debt, and Adjusted EBITDA margin. We also use the non-GAAP financial measures of Adjusted Net Income and Adjusted Net Income Per Common Share – diluted which excludes non-cash stock-based compensation expense, BioCircuit transaction and integration costs, and the loss on extinguishment of debt from Net Income (Loss) and Net Income (Loss) Per Common Share – diluted. Additionally, we use the non-GAAP financial measure of Free Cash Flow which consists of net cash provided by operating activities, less expenditures for property and equipment, and intangible assets.

These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of the non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP should be carefully evaluated.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because (i) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (ii) they are used by our institutional investors and the analyst community to help them analyze the performance of our business.

Contact: Axogen, Inc. InvestorRelations@axogeninc.com

Axogen, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share amounts)
​	September 30, 2026				December 31, 2025
Assets					​
Current assets
Cash and cash equivalents	$	328,888			$	35,548
Restricted cash		2,000				4,000
Investments		19,180				5,980
Accounts receivable, net of allowance for doubtful accounts of $770 and $948, respectively		34,008				26,169
Inventory		49,063				42,373
Prepaid expenses and other assets		4,953				6,352
Total current assets		438,092				120,422
Property and equipment, net		81,946				81,783
Operating lease right-of-use assets		13,394				12,732
Intangible assets, net		7,910				6,750
Other assets, net		8,997				—
Total assets	$	550,339			$	221,687
​
Liabilities and shareholders’ equity
Current liabilities
Accounts payable and accrued expenses	$	34,626			$	21,184
Current maturities of long-term lease obligations		1,830				2,372
Total current liabilities		36,456				23,556
​
Long-term debt, net of debt discount and financing fees		—				48,387
Long-term lease obligations		17,639				16,870
Debt derivative liabilities		—				3,886
Other long-term liabilities		141				141
Total liabilities		54,236				92,840
​
Shareholders’ equity
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 59,724,524 and 47,199,797 shares issued and outstanding, respectively		597				472
Additional paid-in capital		821,235				435,338
Accumulated deficit		(325,729	)			(306,963	)
Total shareholders’ equity		496,103				128,847
Total liabilities and shareholders’ equity	$	550,339			$	221,687

Axogen, Inc. Condensed Consolidated Statements of Operations (unaudited) (in thousands, except share and per share amounts)​
​	Three Months Ended								Nine Months Ended
​	September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Revenues	$	75,834			$	60,082			$	207,022			$	165,304
Cost of goods sold		19,103				14,089				53,428				42,360
Gross profit		56,731				45,993				153,594				122,944
Costs and expenses
Sales and marketing		30,361				25,680				89,821				70,529
Research and development		8,950				7,565				25,056				20,509
General and administrative		16,465				10,836				42,750				29,983
Total costs and expenses		55,776				44,081				157,627				121,021
Income (loss) from operations		955				1,912				(4,033	)			1,923
Other income (expense)
Investment income		1,431				319				2,985				816
Interest expense		(1	)			(1,757	)			(696	)			(5,984	)
Loss on extinguishment of debt		—				—				(16,849	)			—
Change in fair value of debt derivative liabilities		—				209				—				531
Other (expense) income, net		(51	)			25				(173	)			167
Total other income (expense), net		1,379				(1,204	)			(14,733	)			(4,470	)
Net income (loss)	$	2,334			$	708			$	(18,766	)		$	(2,547	)
Weighted average common shares outstanding — basic		55,158,424				46,494,598				53,437,633				45,905,069
Weighted average common shares outstanding — diluted		61,525,789				49,088,436				53,437,633				45,905,069
Net income (loss) per common share — basic	$	0.04			$	0.02			$	(0.35	)		$	(0.06	)
Net income (loss) per common share — diluted	$	0.04			$	0.01			$	(0.35	)		$	(0.06	)

​

Axogen, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands)​
​	Nine Months Ended
​	September 30, 2026				September 30, 2025
Cash flows from operating activities:	​
Net loss	$	(18,766	)		$	(2,547	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation		4,787				5,027
Amortization of right-of-use assets		1,305				294
Amortization of intangible assets		329				221
Amortization of debt discount and deferred financing fees		68				666
Provision for bad debts		4				358
Loss on disposal of equipment		26				—
Change in fair value of debt derivative liabilities		—				(531	)
Investment gains, net		(191	)			(238	)
Loss on extinguishment of debt		16,849				—
Stock-based compensation expense		24,403				13,501
Change in operating assets and liabilities:
Accounts receivable		(7,843	)			(7,028	)
Inventory		(6,690	)			(7,398	)
Prepaid expenses and other assets		1,399				(619	)
Other assets, net		(1,989	)			—
Accounts payable and accrued expenses		13,359				(2,985	)
Operating lease obligations		(1,724	)			(833	)
Cash paid for interest portion of financing lease obligations		(4	)			(3	)
Other long-term liabilities		—				(111	)
Net cash provided by (used in) operating activities		25,322				(2,226	)
​	​
Cash flows from investing activities:	​
Purchase of property and equipment		(5,074	)			(2,498	)
Purchase of investments		(27,209	)			(13,723	)
Proceeds from sale of investments		14,200				8,000
Purchases of equity investments held at cost		(7,008	)			—
Cash payments for intangible assets		(1,306	)			(1,138	)
Net cash used in investing activities	$	(26,397	)		$	(9,359	)
​	(CONTINUED…)
Cash flows from financing activities:	​
Proceeds from issuance of common stock	$	359,622			$	—
Payment of stock issuance costs		(1,341	)			—
Repayment of long-term debt		(48,585	)			—
Fees paid to lender related to debt extinguishment		(20,498	)			—
Fees paid to third parties related to debt extinguishment		(107	)			—
Payments of employee tax withholding on vested stock awards		(9,447	)			—
Cash paid for debt portion of financing lease obligations		(14	)			(11	)
Proceeds from exercise of stock options and ESPP stock purchases		12,785				5,944
Net cash provided by financing activities		292,415				5,933
Net increase (decrease) in cash and cash equivalents, and restricted cash		291,340				(5,652	)
Cash and cash equivalents, and restricted cash, beginning of period		39,548				33,554
Cash and cash equivalents, and restricted cash, end of period	$	330,888			$	27,902

Axogen, Inc. Condensed Consolidated Statements of Changes in Shareholders’ Equity (unaudited) (in thousands, except share amounts)​
​	Common Stock					Additional Paid-in Capital				Accumulated Deficit				Total Shareholders’ Equity
​	Shares		Amount
Three Months Ended September 30, 2026
Balance at June 30, 2026	53,656,293		$	537		$	583,783			$	(328,063	)		$	256,257
Net income	—			—			—				2,334				2,334
Issuance of common shares	5,646,500			57			224,972				—				225,029
Stock-based compensation	—			—			8,794				—				8,794
Issuance of restricted and performance stock units, net of shares withheld for withholding taxes	9,507			—			(174	)			—				(174	)
Exercise of stock options	412,224			3			3,860				—				3,863
Balance at September 30, 2026	59,724,524		$	597		$	821,235			$	(325,729	)		$	496,103
​	​		​			​				​				​
Nine Months Ended September 30, 2026	​		​			​				​				​
Balance at December 31, 2025	47,199,797		$	472		$	435,338			$	(306,963	)		$	128,847
Net loss	—			—			—				(18,766	)			(18,766	)
Issuance of common shares	10,246,500			103			358,178				—				358,281
Stock-based compensation	—			—			24,403				—				24,403
Issuance of restricted and performance stock units, net of shares withheld for withholding taxes	1,130,195			11			(9,458	)			—				(9,447	)
Exercise of stock options and employee stock purchases under the ESPP	1,148,032			11			12,774				—				12,785
Balance at September 30, 2026	59,724,524		$	597		$	821,235			$	(325,729	)		$	496,103
Three Months Ended September 30, 2025
Balance at June 30, 2025	45,765,290		$	457		$	406,334			$	(294,515	)		$	112,276
Net income	—			—			—				708				708
Stock-based compensation	—			—			5,424				—				5,424
Issuance of restricted and performance stock units	81,925			1			(1	)			—				—
Exercise of stock options	270,068			3			2,394				—				2,397
Balance at September 30, 2025	46,117,283		$	461		$	414,151			$	(293,807	)		$	120,805
Nine Months Ended September 30, 2025
Balance at December 31, 2024	44,148,836		$	441		$	394,726			$	(291,260	)		$	103,907
Net loss	—			—			—				(2,547	)			(2,547	)
Stock-based compensation	—			—			13,501				—				13,501
Issuance of restricted and performance stock units	1,301,062			13			(13	)			—				—
Exercise of stock options and employee stock purchases under the ESPP	667,385			7			5,937				—				5,944
Balance at September 30, 2025	46,117,283		$	461		$	414,151			$	(293,807	)		$	120,805

Axogen, Inc. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (unaudited) (in thousands, except share and per share amounts)​
EBITDA & Adjusted EBITDA	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net income (loss)	$	2,334		$	708		$	(18,766)		$	(2,547)
Depreciation and amortization expense		1,694			1,730			5,116			5,248
Investment income		(1,431)			(319)			(2,985)			(816)
Income tax expense (benefit)		32			(62)			220			4
Interest expense		1			1,757			696			5,984
EBITDA – non-GAAP		2,630			3,814			(15,719)			7,873
EBITDA margin – non-GAAP		3.5%			6.3%			(7.6)%			4.8%
Non-cash stock-based compensation expense		8,794			5,424			24,403			13,501
BioCircuit transaction and integration costs		1,969			—			1,969			—
Loss on extinguishment of debt		—			—			16,849			—
Adjusted EBITDA – non-GAAP	$	13,393		$	9,238		$	27,502		$	21,374
Adjusted EBITDA margin – non-GAAP		17.7			15.4%			13.3%			12.9%

​

Adjusted Net Income	Three Months Ended September 30, 2026
	GAAP Results				Non-cash Stock-based Compensation Expense				BioCircuit Transaction and Integration Costs				Adjusted Results
Revenues	$	75,834			$	—			$	—			$	75,834
Cost of goods sold		19,103				(695	)			—				18,408
Gross profit		56,731				695				—				57,426
Costs and expenses
Sales and marketing		30,361				(2,176	)			—				28,185
Research and development		8,950				(1,826	)			—				7,124
General and administrative		16,465				(4,097	)			(1,969	)			10,399
Total costs and expenses		55,776				(8,099	)			(1,969	)			45,708
Income from operations		955				8,794				1,969				11,718
Other income (expense)
Investment income		1,431				—				—				1,431
Interest expense		(1	)			—				—				(1	)
Other expense, net		(51	)			—				—				(51	)
Total other income, net		1,379				—				—				1,379
Net income	$	2,334			$	8,794			$	1,969			$	13,097
Weighted average common shares outstanding – diluted		61,525,789				61,525,789				61,525,789				61,525,789
Net income per common share – diluted	$	0.04			$	0.14			$	0.03			$	0.21

Axogen, Inc. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (unaudited) (in thousands, except share and per share amounts)​
Adjusted Net Income	Three Months Ended September 30, 2025
	GAAP Results				Non-cash Stock-based Compensation Expense				Adjusted Results
Revenues	$	60,082			$	—			$	60,082
Cost of goods sold		14,089				(706	)			13,383
Gross profit		45,993				706				46,699
Costs and expenses
Sales and marketing		25,680				(1,524	)			24,156
Research and development		7,565				(1,047	)			6,518
General and administrative		10,836				(2,147	)			8,689
Total costs and expenses		44,081				(4,718	)			39,363
Income from operations		1,912				5,424				7,336
Other income (expense)
Investment income		319				—				319
Interest expense		(1,757	)			—				(1,757	)
Change in fair value of debt derivative liabilities		209				—				209
Other income, net		25				—				25
Total other expense, net		(1,204	)			—				(1,204	)
Net income	$	708			$	5,424			$	6,132
Weighted average common shares outstanding – diluted		49,088,436				49,088,436				49,088,436
Net income per common share – diluted	$	0.01			$	0.11			$	0.12

Axogen, Inc. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (unaudited) (in thousands, except share and per share amounts)​
Adjusted Net Income	Nine Months Ended September 30, 2026
	GAAP Results				Non-cash Stock-based Compensation Expense				BioCircuit Transaction and Integration Costs				Loss on Extinguishment of Debt			Dilutive Shares Impact(1)				Adjusted Results
Revenues	$	207,022			$	—			$	—			$	—						$	207,022
Cost of goods sold		53,428				(2,824	)			—				—							50,604
Gross profit		153,594				2,824				—				—							156,418
Costs and expenses
Sales and marketing		89,821				(5,737	)			—				—							84,084
Research and development		25,056				(5,040	)			—				—							20,016
General and administrative		42,750				(10,802	)			(1,969	)			—							29,979
Total costs and expenses		157,627				(21,579	)			(1,969	)			—							134,079
(Loss) income from operations		(4,033	)			24,403				1,969				—							22,339
Other income (expense)
Investment income		2,985				—				—				—							2,985
Interest expense		(696	)			—				—				—							(696	)
Loss on extinguishment of debt		(16,849	)			—				—				16,849							—
Other expense, net		(173	)			—				—				—							(173	)
Total other (expense) income, net		(14,733	)			—				—				16,849							2,116
Net (loss) income	$	(18,766	)		$	24,403			$	1,969			$	16,849						$	24,455
Weighted average common shares outstanding – diluted		53,437,633				53,437,633				53,437,633				53,437,633			6,097,037				59,534,670
Net (loss) income per common share – diluted	$	(0.35	)		$	0.46			$	0.04			$	0.32		$	(0.04	)		$	0.41

(1)

Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP.

Axogen, Inc. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (unaudited) (in thousands, except share and per share amounts)​
Adjusted Net Income	Nine Months Ended September 30, 2025
	GAAP Results				Non-cash Stock-based Compensation Expense				Dilutive Shares Impact(1)				Adjusted Results
Revenues	$	165,304			$	—							$	165,304
Cost of goods sold		42,360				(1,406	)							40,954
Gross profit		122,944				1,406								124,350
Costs and expenses
Sales and marketing		70,529				(3,422	)							67,107
Research and development		20,509				(2,796	)							17,713
General and administrative		29,983				(5,877	)							24,106
Total costs and expenses		121,021				(12,095	)							108,926
Income from operations		1,923				13,501								15,424
Other income (expense)
Investment income		816				—								816
Interest expense		(5,984	)			—								(5,984	)
Change in fair value of debt derivative liabilities		531				—								531
Other income, net		167				—								167
Total other expense, net		(4,470	)			—								(4,470	)
Net (loss) income	$	(2,547	)		$	13,501							$	10,954
Weighted average common shares outstanding – diluted		45,905,069				45,905,069				3,068,714				48,973,783
Net (loss) income per common share – diluted	$	(0.06	)		$	0.29			$	(0.01	)		$	0.22

(1)

Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP.

Free Cash Flow	Nine Months Ended
	September 30, 2026				September 30, 2025
Net cash provided by (used in) operating activities	$	25,322			$	(2,226	)
Purchase of property and equipment		(5,074	)			(2,498	)
Cash payments for intangible assets		(1,306	)			(1,138	)
Free cash flow	$	18,942			$	(5,862	)