Limassol 30 April 2026

Pelagic Credit Plc (the "Company" or "PLGC") has today published its first
annual report, including audited consolidated financial statements, for the
period from incorporation on 6 August 2025 to 31 December 2025.

"From the incorporation in August 2025 to our listing in March 2026, the Company
has moved from establishment to execution. An initial portfolio of four vessels
has been built in two uncorrelated market segments, all structured through
long-term bareboat charters with established counterparties. 

These transactions form the basis of the Company's business model, with a focus
on contractual cash flows and limited exposure to market volatility. As the
portfolio develops and cash flows are established, the Company expects to
initiate dividend distributions following the release of the results for the
second quarter of 2026", says CEO Tobias Backer. 

Operational and financial highlights:
o	Establishment of the Company's operating platform and execution of its first
investment during the period. 
o	Completion in October 2025 of a sale and leaseback transaction involving three
multipurpose vessels, structured as a secured financing arrangement and
recognised as a financial asset at amortised cost. 
o	The transaction was partially financed through a senior secured loan facility
of USD 25.5 million, with the remaining funding provided through equity capital.

o	For the period from incorporation to 31 December 2025, the Company generated
interest income of USD 0.8 million and reported a net profit of USD 0.35
million. 
o	As at 31 December 2025, total assets amounted to USD 43.3 million and total
equity to USD 17.6 million. 

Subsequent events:
o	On 6 March 2026, the Company completed an additional investment in an offshore
support vessel under a long-term bareboat charter arrangement. 
o	On 9 March 2026, the Company was admitted to trading on Euronext Growth Oslo
under the ticker symbol "PLGC", following a private placement raising gross
proceeds of approximately NOK 557.7 million (approximately USD 57.6 million). At
the time of listing, this implied a market capitalisation of approximately USD
75 million.
o	The Company entered into a management services agreement with H.M. Pelagic
Partners Ltd commencing 9 March 2026. 

The annual report has been prepared in accordance with IFRS Accounting Standards
as adopted by the European Union.

The annual report, including the auditor's report, is attached to this
announcement and is also available on the Company's website.

For further information, please contact:

C. Tobias Backer
Chief Executive Officer
[email protected]
+357 97 771 170 / +44 7799 815 020 / +1 917 207-8680