$EHLD

Euroholdings Ltd.

CIK:0002032779|SEC Filings

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Time charter revenue	$ 11,919,860	$ 16,043,730	$ 17,458,102
Voyage charter revenue	1,892,232	473,055	0
Commissions (including $227,556, $207,338, and $183,147, respectively, to related parties)	(583,741)	(876,154)	(961,530)
Net revenue	13,228,351	15,640,631	16,496,572
Operating expenses / (income)
Voyage expenses	814,615	1,010,520	253,264
Vessel operating expenses (including $56,279, $61,798 and $49,167, respectively, to related parties)	4,683,815	6,351,471	6,492,939
Vessel depreciation	302,962	43,070	1,465,858
Dry-docking expenses	586,176	2,616,834	888,266
Related party management fees	880,359	971,346	927,573
General and administrative expenses (including $436,493, $394,516 and $395,833, respectively, to related party)	1,497,535	817,098	780,439
Net gain on sale of vessel (including nil, nil and $131,500, respectively, to related party)	(10,230,210)	0	0
Other operating income	0	0	(2,271,816)
Total operating expenses / (income), net	(1,464,748)	11,810,339	8,536,523
Operating income	14,693,099	3,830,292	7,960,049
Other (expenses) / income
Interest and other financing costs	(137,787)	(65,989)	(224,874)
Interest income	226,779	0	0
Foreign exchange (loss) / gain	(23,665)	8,940	(2,681)
Other (expenses) / income, net	65,327	(57,049)	(227,555)
Net income	$ 14,758,426	$ 3,773,243	$ 7,732,494
Weighted average number of shares outstanding during the year, basic and diluted	2,799,666	2,780,855	2,780,855
Earnings per share, basic and diluted	$ 5.27	$ 1.36	$ 2.78

Combined carve-out statements of cash flows - USD ($)	12 Months Ended
Combined carve-out statements of cash flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 14,758,426	$ 3,773,243	$ 7,732,494
Adjustments to reconcile net income to net cash provided by operating activities:
Vessel depreciation	302,962	43,070	1,465,858
Share-based compensation	286,080	0	0
Gain on sale of vessel	(10,230,210)	0	0
Amortization for deferred financing costs	2,811	33,740	19,600
Changes in operating assets and liabilities:
Trade accounts receivable	(1,387,900)	77,430	635,153
Other receivables	(128,901)	199,855	(64,311)
Due from related companies	(78,932)	(353,109)	(868)
Inventories	36,840	(343,650)	(17,140)
Prepaid expenses	(108,701)	(55,642)	(12,146)
Increase / (decrease) in:
Trade accounts payable	(604,515)	944,801	5,653
Accrued expenses	(191,790)	551,605	(89,541)
Deferred revenues	1,286,221	90,053	(378,093)
Net cash provided by operating activities	3,942,391	4,961,396	9,296,659
Cash flows from investing activities:
Cash paid for vessel acquisition and vessel improvements	(31,981,257)	(208,134)	(556,722)
Net proceeds from sale of vessel	12,875,487	0	0
Net cash used in investing activities	(19,105,770)	(208,134)	(556,722)
Cash flows from financing activities:
Proceeds from long-term bank loan	20,000,000	0	0
Repayment of long-term bank loan	0	(1,925,000)	(700,000)
Loan arrangement fees paid	(140,000)	0	0
Net transfers to former parent	0	(3,192,108)	(8,373,758)
Dividends paid	(1,182,979)	0	0
Net cash (used in) / provided by financing activities	18,677,021	(5,117,108)	(9,073,758)
Net (decrease) / increase in cash and cash equivalents	3,513,642	(363,846)	(333,821)
Cash, cash equivalents and restricted cash at beginning of year	129,541	493,387	827,208
Cash, cash equivalents and restricted cash at end of year	3,643,183	129,541	493,387
Cash breakdown
Cash and cash equivalents	3,343,183	129,541	493,387
Restricted cash, long term	300,000	0	0
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	3,643,183	129,541	493,387
Supplemental cash flow information:
Cash paid for interest	0	54,636	208,049
Non-cash investing activities:
Capital expenditures for vessel acquisition and vessel improvements included in liabilities	$ 0	$ 103,537	$ 0

Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 3,343,183	$ 129,541
Trade accounts receivable	1,831,129	443,229
Other receivables	194,160	65,259
Inventories	611,039	647,879
Prepaid expenses	216,500	107,799
Due from related companies	1,059,884	980,952
Total current assets	7,255,895	2,374,659
Long-term assets
Vessels, net	35,168,249	6,238,768
Restricted cash	300,000	0
Total assets	42,724,144	8,613,427
Current liabilities
Long-term bank loan, current portion	1,516,677	0
Trade accounts payable	802,229	1,510,281
Accrued expenses	518,797	710,587
Deferred revenues	1,440,012	153,791
Total current liabilities	4,277,715	2,374,659
Long-term liabilities
Long-term bank loan, net of current portion	18,346,134	0
Total long-term liabilities	18,346,134	0
Total liabilities	22,623,849	2,374,659
Shareholders' equity
Common stock (par value $0.01, 100,000,000 shares authorized, 0 and 2,816,615 issued and outstanding, respectively	28,166	0
Additional paid-in capital	6,496,682	0
Net former parent investment	0	6,238,768
Retained earnings	13,575,447	0
Total shareholders' equity	20,100,295	6,238,768
Total liabilities and shareholders' equity	$ 42,724,144	$ 8,613,427