Toro Corp. Reports Net Income of $1.6 Million for the Three Months Ended December 31, 2025 and $5.9 Million for the Year Ended December 31, 2025

Limassol, Cyprus - April 15, 2026

Toro Corp. (NASDAQ: TORO), ("Toro", or the "Company"), a global energy transportation provider, today announced its results for the three months and the year ended December 31, 2025.

Highlights of the Fourth Quarter Ended December 31, 2025:

• Total vessel revenues from continuing operations: $6.1 million, as compared to $5.2 million for the three months ended December 31, 2024, or a 17.3% increase;
• Net income from continuing operations: $1.4 million, as compared to $1.0 million for the three months ended December 31, 2024, or a 40% increase;
• Net income: $1.6 million, as compared to $1.0 million for the three months ended December 31, 2024, or a 60% increase;
• Earnings/(Loss) per common share, basic, from continuing operations: $0.02 per share, as compared to $(0.01) per share for the three months ended December 31, 2024;
• EBITDA(1) from continuing operations: $2.2 million, as compared to $0.2 million for the three months ended December 31, 2024;
• Cash of $87.4 million as of December 31, 2025, as compared to $37.2 million as of December 31, 2024;
• On October 13, 2025, we and Castor Maritime Inc. ("Castor") agreed to the full redemption of 60,000 shares of Castor's 8.75% Series E Cumulative Perpetual Convertible Preferred Shares issued by Castor in September 2025 (the "Series E Preferred Shares"), for a cash consideration equal to the stated amount of the Series E Preferred Shares of $60.0 million plus 0.523% thereof, including accrued and unpaid distributions; and
• On December 5, 2025, we declared a one-time, special dividend of $1.75 per common share, consisting of either cash or our common shares. The dividend was payable to our shareholders of record at the close of business on December 16, 2025 and was paid on January 16, 2026 in the form of approximately $9.3 million in cash and 7,378,575 shares of our common stock.

Highlights of the Year Ended December 31, 2025:

• Total vessel revenues from continuing operations: $21.1 million, as compared to $22.4 million for the year ended December 31, 2024, or a 5.8% decrease;
• Net income from continuing operations: $5.6 million, as compared to $5.5 million for the year ended December 31, 2024, or a 1.8% increase;
• Net income: $5.9 million, as compared to $25.2 million for the year ended December 31, 2024, or a 76.6% decrease;
• Earnings/(Loss) per common share, basic, from continuing operations: $0.06 per share, as compared to $(0.04) per share for the year ended December 31, 2024;
• EBITDA(1) from continuing operations: $6.0 million, as compared to $1.9 million for the year ended December 31, 2024;
• The spin-off of our Handysize tanker segment to a new Nasdaq-listed company, Robin Energy Ltd. ("Robin"), was completed on April 14, 2025 (the "Robin Spin-Off");
• On May 5, 2025, the $100.0 million senior term loan facility from Toro to Castor was fully repaid; and
• During the year ended December 31, 2025, we completed two vessel acquisitions and two vessel disposals.

(1) EBITDA is not a recognized measure under United States generally accepted accounting principles ("U.S. GAAP"). Please refer to Appendix B for the definition and reconciliation of this measure to Net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.

Management Commentary:

Mr. Petros Panagiotidis, Chief Executive Officer of the Company, commented: "We concluded 2025 while continuing our strategic fleet adjustments and aligning our assets with market opportunities. We maintained a steady operational rhythm, contributing to a stable business environment throughout the year. On January 16, 2026, we successfully completed a dividend distribution that included a scrip option, aligned with our financial discipline. Our financial position remains robust and we remain focused on our long-term financial health."

Earnings Commentary:

Fourth quarter ended December 31, 2025, and 2024 Results
Total vessel revenues from continuing operations increased to $6.1 million for the three months ended December 31, 2025, compared to $5.2 million for the same period in 2024. This $0.9 million increase mainly reflects the higher contractual hire rates for our LPG carrier and MR tanker vessels, partially offset by the decrease in the Available Days (as defined below) of our fleet to 368 days in the three months ended December 31, 2025 from 460 days in the same period in 2024, due to the change in the composition of our fleet. During the three months ended December 31, 2025, our fleet earned an average Daily TCE Rate of $15,635, compared to $10,724 in the same period of 2024, this increase is mainly due to the change in the composition of our fleet. Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.

Voyage expenses from continuing operations for our fleet increased to $0.4 million in the three months ended December 31, 2025, from $0.3 million in the same period in 2024. This increase of $0.1 million was mainly associated with the increased related party brokerage commission expenses.

The decrease in vessel operating expenses from continuing operations by $0.2 million to $2.3 million in the three months ended December 31, 2025, from $2.5 million in the same period in 2024, mainly reflects the decrease in the Ownership Days (as defined below) of our fleet to 368 days in the three months ended December 31, 2025, from 460 days in the corresponding period in 2024, partially offset by the increase in the Daily vessel operating expenses (defined below) of the vessels in our fleet to $6,206 in the three months ended December 31, 2025 from $5,349 in the same period in 2024, mainly due to the change in the composition of our fleet following the addition of the MR tanker vessels which incur higher Daily vessel operating expenses than the LPG carrier vessels.

Management fees from continuing operations decreased to $0.4 million in the three months ended December 31, 2025, from $0.5 million in the corresponding period in 2024. This decrease of $0.1 million reflects the decrease in the Ownership Days of our fleet, offset by the increase in management fees from $1,071 per vessel per day to $1,100 per vessel per day effective July 1, 2025, under the terms of the amended and restated master management agreement between us, our ship owning subsidiaries and Castor Ships S.A.

Depreciation expenses from continuing operations amounted to $1.4 million in the three months ended December 31, 2025, whereas, in the same period of 2024, depreciation expenses amounted to $1.1 million. This increase is mainly due to higher depreciation expenses of M/T Wonder Altair and M/T Wonder Maia, offset by the decrease in the Ownership Days of our fleet in the three months ended December 31, 2025, compared to the same period in 2024. Dry-dock amortization charges from continuing operations amounted to $0.1 million for the three months ended December 31, 2025, compared to a charge of $0.2 million in the three months ended December 31, 2024. For the period of three months ended December 31, 2025, the dry-dock amortization charges are related to LPG Dream Arrax and LPG Dream Vermax which completed their scheduled dry-dock in the second quarter of 2025 and third quarter of 2025, respectively. For the period of three months ended December 31, 2024, the dry-dock amortization charges are related to M/T Wonder Mimosa, which completed its scheduled dry-dock in the third quarter of 2024.

General and administrative expenses from continuing operations in the three months ended December 31, 2025, amounted to $2.5 million, whereas, in the same period of 2024, general and administrative expenses totaled $2.4 million. This increase is mainly associated with the stock-based compensation cost for non-vested shares granted under our Equity Incentive Plan amounting to $1.2 million and $1.0 million for the three months ended December 31, 2025 and 2024 respectively.

Interest and finance costs, net, from continuing operations amounted to $(0.7) million in the three months ended December 31, 2025, whereas, in the same period of 2024, interest and finance costs, net amounted to $(2.1) million. This variation is mainly due to the decrease in interest income we earned from our time and cash deposits due to decreased average cash balances and interest rates during the three months ended December 31, 2025, as compared with the same period of 2024.

Net income and comprehensive income from discontinued operations, net of taxes amounted to $0.2 million in the three months ended December 31, 2025, whereas, in the same period of 2024, net loss and comprehensive loss from discontinued operations, net of taxes amounted to $(0.02) million. This increase is mainly due to recovery of U.S. tax provisions during the three months ended December 31, 2025.

Full report

Toro Corp., press release