2020 Bulkers — Investor Presentation 2025

Nov 12, 2025

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Q3 2025 Results presentation November 12, 2025

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Disclaimer

This presentation (the "Presentation") has been prepared by 2020 Bulkers Ltd. (the "Company") and is made November 12, 2025, solely for information purposes. The Presentation does not constitute any recommendation to buy, sell or otherwise transact with any securities issued by the Company.

No representation, warranty or undertaking, express or implied, is made by the Company and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The Company shall have no responsibility or liability whatsoever (for negligence or otherwise) for any loss arising from the use by any person or entity of the information set forth in the Presentation. All information set forth in the Presentation may change materially and without notice. In making the Presentation public the Company undertakes no obligation to provide additional information or to make updates thereto. The information set forth in the Presentation should be considered in the context of the circumstances prevailing at the date hereof and has not been and will not be updated to reflect material developments which may occur after such date unless specifically stated in such update(s).

Matters discussed in the Presentation include "forward looking statements". "Forward looking statements" are statements that are not historical facts and are usually identified by words such as "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" etc. These "forward looking statements" reflect the Company's beliefs, intentions and current expectations concerning, among other things, the Company's results, financial condition, liquidity position, prospects, growth and strategies. "Forward looking statements" include statements regarding: objectives, goals, strategies, outlook and growth prospects, future plans, events or performance and potential for future growth, liquidity, capital resources and capital expenditures, economic outlook and industry trends, developments in the Company's market, the impact of regulatory initiatives and the strength of the Company's competitors. "Forward looking statements" involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The "forward looking statements" included herein are based upon various assumptions, many of which, in turn, are based upon further assumptions. This includes, without limitation, the Company's review of historical operating trends, data contained in the Company's records and data available from third parties. Although the Company believes that these assumptions were reasonable when the relevant statements were made, they are inherently subject to significant known and unknown risks, uncertainties, contingencies and other factors which are difficult or impossible to predict and which are beyond the Company's control. "Forward looking statements" are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors which are inherent thereto could cause the actual results of operation, financial condition and liquidity position of the Company or the industry in which it operates to differ materially from those results which, expressed or implied, are contained herein. No representation to the effect that at any of the "forward looking statements" or forecasts will come to pass or that any forecasted result will be achieved are made.

The Presentation and the information contained herein does not constitute or form a part of and should not be construed as an offer for sale or subscription or of solicitation or invitation of any offer to subscribe for or purchase any securities issued by the Company.

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Highlights

Q3 2025 Highlights:

• The Company reported net profit of US$9.8 million and EBITDA of US$14.2 million for the third quarter of 2025.
• The Company achieved average time charter equivalent earnings of approximately US$35,100 per day, gross.
• The Company declared total dividends of US$0.54 per share for the months of July, August and September 2025.
• The Company entered into hedging transactions through FFAs effectively securing an average fixed rate of approximately US$33,700 per day, gross, for two vessels from August 1 to December 31, 2025.
• The Company signed agreements to sell the vessels Bulk Sandefjord, Bulk Santiago and Bulk Shenzhen for a total consideration of US$209 million with agreed delivery in Q1 2026.

Subsequent events:

• The Company signed an agreement to sell the vessel Bulk Sao Paulo for a total consideration of US$72.75 million with agreed delivery in Q1 2026.
• Achieved average time charter equivalent earnings for October 2025 of approximately US$36,000, per day, gross.
• In November 2025, the Company declared a dividend of US$0.19 per share for October 2025.

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Key Financials Q3 2025

Income Statement Comments

USD million, except per share data Q3 2025 Operating Revenues and other income 19.3 Vessel operating expenses (3.7) Voyage expenses and commission (0.2) General and administrative expenses (1.2) Depreciation and amortization (2.5) Total operating expenses (7.6) Operating Profit 11.7 Interest expense (1.9) Other financial income (expense) 0.1 Total financial expense, net (1.8) Net income before income taxes 9.9 Tax expense (0.1) Net profit 9.8

Earnings per share (USD/share) 0.43

• Net profit of US$9.8 million
• Operating profit of US$11.7 million
• EBITDA of US$14.2 million
• Earnings per share of US$0.43
• Operating revenues and other income of US$19.3 million. Average time charter equivalent earnings of approx. US$35,100 per day, gross.
• Vessel operating expenses of US$3.7 million. Average operating expenses of approx. US$6,600 per day per vessel
• G&A was US$1.2 million. 2020 Bulkers recognized US$0.5 million in management fees for Q3 included in Operating revenues.
• Interest expense of US$1.9 million.

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Key Financials Q3 2025

Balance Sheet Summary Comments

	September 30,
USD million	2025
Total assets	263.0
Equity	148.0
Cash and cash equivalents	15.2
Interestbearingdebt	112.5

• Shareholders' equity of US$148.0 million
• Interest bearing debt of US$112.5 million. No amortization until maturity in April 2029.
• Cash flow from operations was US$12.2 million in Q3 2025
• Dividends in total of US$0.54 per share declared for the months of July, August and September 2025.
• Solid liquidity position with US$15.2 million of cash.

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2020 Bulkers

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• Cash breakeven of US$11,500 per day, requires Capesize rates of US$7,500 per day

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Illustrative annualized FCF per share

2025 FFA curve is US$25,500 for a standard Capesize

1) Indicative calculation based on current operating budgets, vessel employment, FX rates and fuel prices. Actual results may deviate.

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Baltic 5TC Index

• Bauxite tonne-miles grew 15% year on year in q3
• Iron ore tonne-miles grew 3% year on year in q3

Source: Shipping Intelligence Network, Arrow

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Capesize tonne-miles Q3 2025

Capesize Daily Billion Tonne-mile Development Cape tonne-mile development year on year Q3

Tonne-mile Growth	Q1 2025	Q2 2025	Q3 2025
Y/Y Capesize	-3.0%	-1.2%	+2%

• Bauxite +15%
• Iron ore +3%
• Coal -15%
• Iron ore exports from Brazil +4% y-o-y
• Iron ore exports from Australia +2% y-o-y
• Bauxite exports YTD +28% y-o-y

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Coal moving back to Capesize and Newcastlemax

Source: Arrow

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Iron ore demand – Long term

China Domestic Iron Ore Production (~62% fe) China Imported Inventories – Brazil share and tonne miles rising

China Domestic IO production down 1% y/y in 2025 YTD

Brazilian Sourced IO Australian Sourced IO Implied Other Sourced IO Brazil %

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Atlantic volumes increasing Volumes representing # ships* > orderbook

First shipment of iron ore from Simandou scheduled for November 2025

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World Seaborne Bauxite Trade forecast

Source: Clarksons

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Favorable supply dynamics continue

Limited yard capacity before 2028 for Capesize / Newcastlemax Pricing about $75 mill for a Newcastlemax with scrubber

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