MPC Container Ships ASA

Earnings Release • May 22, 2025

MPC Container Ships Reports Q1 2025 Results and Updated Capital Allocation Strategy

MPC Container Ships Reports Q1 2025 Results and Updated Capital Allocation Strategy

Oslo, Norway, 22 May 2025 - MPC Container Ships ("MPCC" or the "Company", Oslo

Børs Ticker: MPCC), today presented its quarterly results for the first

quarter of 2025. The Company delivered strong operational and financial

performance in the first quarter, supported by a solid contract backlog that

provides high visibility into earnings for 2025 and 2026. Strategic fleet

renewal efforts progressed with the divestment of less efficient vessels and

the delivery of a modern, dual-fuel vessel, reinforcing the company's

commitment to fleet renewal, sustainability and efficiency. The company

successfully expanded its sustainability-linked bond with a USD 75m tap issue

and entered the Japanese financing market for the first time, enhancing the

capital structure. Full-year 2025 financial guidance is reaffirmed, signaling

continued confidence in the company's outlook.

Highlights Q1 2025:

* Charter backlog of USD 1.1 billion with almost full contract coverage for

2025 (96%) and high coverage for 2026 (77%)

* Quarterly recurring dividend of USD 0.08 per share, bringing the total

dividends to over USD 1 billion declared since February 2022

* Reaffirmed guidance for 2025 of operating revenues in the range of USD

485-500 million and EBITDA in the range of USD 305-325 million

* Operating revenues of USD 127.1 million (Q1 2024: USD 147.5 million) and

EBITDA of USD 77.8 million (Q1 2024: USD 96.1 million). EBITDA adjusted for

non-recurring items was USD 66.2 million (Q1 2024: USD 96.3 million)

* Profit for the period was USD 59.7 million (Q1 2024: USD 76.5 million) and

USD 48.2 million adj. for non-recurring items (Q1 2024: USD 76.7 million)

* The balance sheet remains solid, with a leverage ratio of 32.2%

* Adj. EPS was USD 0.11 (Q1 2024: USD 0.17)

* As at 31 March 2025, the Group's fleet consisted of 59 vessels, with an

aggregate capacity of approximately 141,000 TEU

Co-CEO and CFO Moritz Fuhrmann, comments:

"In Q1 2025, we advanced our fleet renewal strategy with the delivery of our

first dual-fuel newbuilding and the sale of seven older vessels, enhancing

both efficiency and sustainability. On the financing side, we strengthened our

position through a successful tap issue of our sustainability-linked bond and

entered the Japanese financing market, reinforcing our commitment to

sustainable growth and long-term value creation."

CEO Constantin Baack added:

"Despite the current geo-political, macro-economic and regulatory environment,

the container market continues to show resilience, supported by strong

second-hand demand, firm time-charter rates as well as durations, and

basically no idle capacity.

While the overall orderbook remains significant, the limited new supply in the

small to mid-size segment, combined with an ageing fleet and shifting trade

patterns, presents a favorable supply-demand dynamic as well as opportunities

for modernization and acquisitions. In this environment, we are taking a

measured approach to new investments.

We have developed MPCC successfully in different market phases. We expect

robust growth in intra-regional trade demand, while the small to mid-sized

segments are underinvested, and we see a lot of potential going forward.

Strong investment capacity is more important than ever, ensuring that we can

act decisively when attractive opportunities arise. As we rebalance our

capital allocation approach, we continue to be committed to sustainable

dividends, but at the same time ensuring investment capacity for strategic,

opportunistic growth investments to build long-term value."

Capital allocation strategy:

The Board of Directors of MPCC has decided to rebalance the Company's capital

allocation strategy including the dividend policy. The Company remains

committed to shareholder returns. The new dividend policy combines a

sustainable, recurring cash dividend with cash earnings retained in order to

continue to develop MPCC as a leading tonnage provider and create long-term

value for the company and its shareholders through an opportunistic approach

to growth and strategic fleet renewal. The new policy will be implemented with

effect from Q2 2025, payable in Q3 2025.

The new policy will adjust the pay-out level to pay regular dividends by way

of distributing 30-50% of net profits after considering CAPEX and working

capital requirements, including liquidity reserves, and non-recurring items.

MPCC's dividend policy is based on quarterly dividend payments approved by the

Board of Directors based on the authorization from the General Meeting.

Q1 2025 Earnings Call:

Constantin Baack, CEO, and Moritz Fuhrmann, Co-CEO and CFO, will present the

results in an earnings call today at 15:00 CEST, followed by a Q&A session.

The earnings call can be accessed live via webcast and questions can be

submitted in writing. A recording will be available on demand at the Company's

website after the live event has concluded.

The Q1 2025 report and presentation materials are attached to this release and

available on the Company's website: https://www.mpc-container.com/investors/

The webcast can be accessed through the following link: Webcast Q1 2025

(https://channel.royalcast.com/landingpage/hegnarmedia/20250522_6/)

For more information, contact:

ir@mpc-container.com

About MPC Container Ships

MPC Container Ships ASA (ticker code "MPCC") is a leading container tonnage

provider focusing on small to mid-size container ships. Its main activity is

to own and operate a portfolio of container ships serving intra-regional trade

lanes on fixed-rate charters. The Company is registered and has its business

office in Oslo, Norway. For more information, please visit

www.mpc-container.com.

Forward-looking statements:

This announcement includes forward-looking statements. Such statements are

generally not historical in nature, and specifically include statements about

the Company's plans, strategies, business prospects, changes and trends in its

business, the markets in which it operates and its restructuring efforts.

These statements are made based upon management's current plans, expectations,

assumptions and beliefs concerning future events impacting the Company and

therefore involve a number of risks, uncertainties and assumptions that could

cause actual results to differ materially from those expressed or implied in

the forward-looking statements, which speak only as of the date of this news

release. Consequently, no forward-looking statement can be guaranteed. When

considering these forward-looking statements, you should keep in mind the

risks described from time to time in the Company's regulatory filings and

periodical reporting. The Company undertakes no obligation to update any

forward-looking statements to reflect events or circumstances after the date

on which such statement is made or to reflect the occurrence of unanticipated

events. New factors emerge from time to time, and it is not possible for the

Company to predict all of these factors. Further, the Company cannot assess

the impact of each such factor on its business or the extent to which any

factor, or combination of factors, may cause actual results to be materially

different from those contained in any forward-looking statement.

This information has been submitted pursuant to the Securities Trading Act §

5-12 and MAR Article 17. The information was submitted for publication at

2025-05-22 07:00 CEST.