PANL FINANCIAL STATEMENTS

Pangaea Logistic — balance sheet, income statement and cash flow trends

PANLPangaea Logistic

🇺🇸 USA · NASDAQ · Industrials · Marine Shipping

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue679.8 M $+22.6%

Gross Profit79.7 M $+6.4%

Operating Income45.8 M $+13.6%

EBITDA104.3 M $+45.2%

Net Income34.6 M $+127.2%

Peer Comparison· Marine Shipping

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
PANL	22.6%	11.7%	15.3%	5.1%
HAFNI	-8.6%	21.0%	12.3%	19.0%
HAUTO	5.7%	37.0%	23.9%	31.7%
EGGUB	14.3%	55.1%	51.5%	18.4%
WTE	-17.6%	42.5%	43.1%	29.7%
GSDDE	-1.3%	35.9%	58.5%	28.9%
Industry median	-1.4%	32.6%	37.9%	18.2%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
PANL	22.6%	11.7%	15.3%	5.1%
ASC	-13.2%	31.0%	32.7%	18.0%
SB	-1.6%	38.9%	50.0%	18.7%
HSHP	17.7%	68.6%	76.1%	20.3%
SMHI	-18.0%	19.3%	45.8%	-13.0%
GNK	2.2%	23.5%	28.9%	4.4%
Industry median	-1.4%	32.6%	37.9%	18.2%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity441.1 M $49%
Current Liabilities153.6 M $17%
Long-term Liabilities310.3 M $34%

Key Figures

YoY change

Total Assets950.7 M $+3.6%

Total Liabilities463.9 M $+2.9%

Total Equity441.1 M $+4.8%

Cash & ST Investments89.7 M $+40.3%

Total Debt360 M $-6.9%

Net Debt300.5 M $-6.9%

Peer Comparison· Marine Shipping

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
PANL	1.63	81.6%	2.59	46.4%
HAFNI	1.60	—	—	63.1%
HAUTO	2.30	—	—	53.4%
EGGUB	2.52	13.8%	-0.03	82.7%
WTE	0.98	59.4%	2.37	28.6%
GSDDE	4.84	47.2%	0.05	67.4%
Industry median	1.80	59.4%	1.54	59.5%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
PANL	1.63	81.6%	2.59	46.4%
ASC	4.87	16.1%	0.55	82.9%
SB	1.37	64.5%	2.61	59.4%
HSHP	0.95	438.5%	6.03	18.3%
SMHI	2.36	132.5%	2.92	38.7%
GNK	2.98	0.6%	-442.16	70.7%
Industry median	1.80	59.4%	1.54	59.5%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow63.1 M $-10.2%

Capital Expenditures7.1 M $-95.9%

Free Cash Flow55.9 M $+14.2%

Dividends Paid-13.5 M $-144.9%

Peer Comparison· Marine Shipping

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
PANL	9.3%	8.2%	1.1%	182.1%
HAFNI	43.1%	18.9%	10.5%	227.2%
HAUTO	70.8%	18.3%	36.5%	223.3%
EGGUB	43.1%	8.1%	35.0%	233.9%
WTE	124.0%	16.3%	107.7%	417.7%
GSDDE	39.0%	-1.5%	40.6%	135.1%
Industry median	30.8%	10.4%	19.5%	209.9%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
PANL	9.3%	8.2%	1.1%	182.1%
ASC	26.9%	-11.4%	38.4%	149.7%
SB	37.0%	7.6%	23.2%	197.3%
HSHP	42.6%	42.6%	0.0%	210.3%
SMHI	-18.5%	-34.2%	15.7%	142.3%
GNK	11.6%	-44.8%	57.4%	264.9%
Industry median	30.8%	10.4%	19.5%	209.9%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 7, 26. This content is for informational purposes only and is not investment advice.