Navigator Holdings Ltd. · NYSE:NVGS
Navigator — Q2 2026 Earnings Presentation
30 slides from Navigator's earnings presentation, Aug 5, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
NVGS Second Quarter 2026 Earnings Presentation August 5, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains certain statements that may be deemed to be “forward- looking statements” within the meaning of applicable federal securities laws. Most forward-looking statements contain words that identify them as forward-looking, such as “may”, “plan”, “seek”
Slide 3: Contents
Contents ▪ Highlights ▪ Financial Update ▪ Commercial Update ▪ Recent Developments ▪ Q&A ▪ Appendices
Slide 4: 2Q 2026 Highlights – All-Time Highs in EBITDA, Net Income, EPS, and Average TCE
2Q 2026 Highlights – All-Time Highs in EBITDA, Net Income, EPS, and Average TCE Rate Financial Commercial Outlook ▪ 2Q 2026: Net income of $53.0m ($0.86/share); EBITDA of ▪ Record high average quarterly TCE* of $33,946 per day in 2Q ▪ Following an exceptionally strong 2Q 2026, both average $101.6m a
Slide 5: Financial Update
Financial Update CORPORATE PRESENTATION 2026
Slide 6: Income Statement – Record Net Income Driven by TCE, Terminal, and Vessel Sale
Income Statement – Record Net Income Driven by TCE, Terminal, and Vessel Sale 2025 2026 ▪ Highest quarterly time charter equivalent (‘TCE’) on record of $33,946 in 2Q 2026, (US$’000) Q2 Q2 compared to 2Q 2025 of $28,216, and $29,684 for 1Q 2026, driven by handysize ethylene vessel performance. Unaud
Slide 7: Disciplined Capital Management Building On Position of Strength
Disciplined Capital Management Building On Position of Strength December 31 June 30 ▪ Cash, cash equivalents and restricted cash at June 30, 2026, was $274m; and was $362m (US$’000) 2025 2026 at August 3, 2026. Audited Unaudited ▪ During 2Q 2026, we returned $10.6m across dividends and share buyback
Slide 8: Low Leverage, Strong Credit, and No Near-term Maturities Supporting Growth
Low Leverage, Strong Credit, and No Near-term Maturities Supporting Growth ▪ Continued Capital Return Policy: returned 30% of Net Income for 1Q 2026 ($6.3m buybacks plus $4.3m dividend Original At At Principal at $0.07/share), rising to 35% for 2Q 2026 (expected $14.2m buybacks plus $4.3m dividend a
Slide 9: Significant Operating Cashflow Generation and Low All-in Cash Breakeven
Significant Operating Cashflow Generation and Low All-in Cash Breakeven Operating Cashflow and Free Cashflow (LTM at end of each quarter) (US$m) ▪ Company continues to generate strong underlying operating cashflow, with (pre-capex) yield averaging 17% over last 12 months (LTM) to Jun 30, 2026, with
Slide 10: Record Quarter Underscores EBITDA Stability and Spot Market Upside
Record Quarter Underscores EBITDA Stability and Spot Market Upside ▪ Record high 2Q 2026 EBITDA of $101.6m and Adjusted EBITDA of $86.4m. ▪ Fourteen quarters in a row since 1Q 2023 have resulted in at least $60m of quarterly Adjusted EBITDA, with an average of $72m over that period. ▪ Utilization, T
Slide 11: Commercial Update
Commercial Update CORPORATE PRESENTATION 2026
Slide 12: Chokepoint Disruptions Rerouting Trade & Tightening Fleet Supply
Chokepoint Disruptions Rerouting Trade & Tightening Fleet Supply ▪ Marine traffic is deviating from historic patterns: Hormuz transits down more than 80%, pushing pressure onto the Panama Canal, where longer waiting times are in turn driving routings via the Cape of Good Hope ▪ Longer voyages and id
Slide 13: Middle East Disruption Widens Gap & U.S. Ethylene Stays The World's Cheapest
Middle East Disruption Widens Gap & U.S. Ethylene Stays The World’s Cheapest ▪ From March through May, the majority of U.S. ethylene exports headed across the Atlantic as the transatlantic arb hit record levels. Since June the pendulum has swung, with Asia now taking the majority of around 65% of et
Slide 14: 2Q26 Utilization of 90.8% Well Above Historic Range on U.S. C2 Export Surge
2Q26 Utilization of 90.8% Which Is Well Above Historic Range on Hormuz-Driven U.S. C2 Export Surge ▪ The surge in U.S. ethylene exports lifted fleet utilization, particularly across the ethane & ethylene capable segment which reached 100% utilization in April. ▪ With the majority of our ethane & eth
Slide 15: Fleet Supply Picture Remains Attractive with Low Handysize Orderbook
Fleet Supply Picture Remains Attractive with Low Handysize Orderbook Order book Existing Number of Vessels % of Fleet Navigator # of Vessels Vessels On Order (# vessels) Fleet >25 years Very Large Gas Carrier Fully-Refrigerated 418 107 >60,000 cbm 32% 45 Ethylene & Ethane 41 41 Large Gas Carrier 59,
Slide 16: Handysize Rates Holding at Elevated Levels After the Hormuz Spike
Handysize Rates Holding at Elevated Levels After the Hormuz Spike $1,700 $1,700 12-month time charter assessment $1,500 $1,500 $1,300 $1,300 TC Hire per calendar month ('000s) ▪ $1,100kpcm ethylene 12-month TC assessment though with few term transactions, the assessment $1,100 $1,100 doesn't fully r
Slide 17: Recent Developments
Recent Developments CORPORATE PRESENTATION 2026
Slide 18: Implementing Capital Return Policy of 35%; Soon Increasing Dividend to $0.08/share
Implementing Capital Return Policy of 35%; Soon Increasing Dividend to $0.08/share ▪ Our Capital Return Policy includes a fixed quarterly cash dividend coupled with an additional return of capital to equal, with the cash dividend, at least 35% of net income attributable to stockholders. ▪ During 2Q
Slide 19: Returning Capital to Shareholders Remains a Priority, Soon To Eclipse $300m
Returning Capital to Shareholders Remains a Priority, Soon To Eclipse $300m ▪ Since December 2022, including our recently declared return of capital to be distributed in 3Q26, we will have soon returned $306 million to shareholders, including ~$50 million of cash dividends and ~$256 million of share
Slide 20: Record High Ethylene Throughput 2Q 2026; Seasonal Reduction Expected 3Q 2026
Record High Ethylene Throughput 2Q 2026; Seasonal Reduction Expected 3Q 2026 ▪ Throughput in 2Q 2026 increased to a record high of 374,278 tons despite an increase in domestic ethylene prices as multiple European crackers underwent turnarounds. Furthermore, both European and Asian demand for US ethy
Slide 21: Continuing to Right-size Fleet by Selling Oldest Vessels and Non-Core Assets
Continuing to Right-size Fleet by Selling Oldest Vessels and Non-Core Assets ▪ In April 2026, we sold the Navigator Pegasus, a 2009-built Vessel Name Size (cbm) Year Built Age at Sale Sale Price $m Sale Date 22,085 cbm semi-refrigerated gas carrier to a third party for Navigator Neptune 22,085 2000
Slide 22: NVGS Analyst / Investor Day 2026 in Houston, Texas USA
NVGS Analyst / Investor Day 2026 in Houston, Texas USA Save the dates… Tuesday, November 17th ▪ Morgan’s Point Tours (ethylene export terminal and vessel) from 2:30-6:30pm ▪ Dinner at 6:30pm Wednesday, November 18th ▪ Company / industry presentations at 8:30am ▪ Lunch at 12noon ▪ Stakeholders' appre
Slide 23: Record Quarter Across Shipping and Terminal, 3Q 2026 Lower But Expected Firm
Record Quarter Across Shipping and Terminal, 3Q 2026 Lower But Expected Firm ▪ Record 2Q 2026 for Total Operating Revenue, EBITDA, Net income, and EPS, driven by all-time high TCE of $33,946, robust utilization, record terminal throughput, and gain on vessel sale ▪ Earnings underpinned by a $21,990
Slide 24: Q&A
Q&A CORPORATE PRESENTATION 2026
Slide 25: Appendices
Appendices CORPORATE PRESENTATION 2026
Slide 26: NVGS Fleet List as of August 4, 2026 (page 1 of 2)
NVGS Fleet List as of August 4, 2026 (page 1 of 2) Operating Vessel Year Built Size (cbm) Employment Status Current Cargo Time Charter Expiration Date Ethylene/ethane capable semi-refrigerated midsize Navigator Aurora 2016 37,300 Time Charter Ethane November 2031 Navigator Eclipse 2016 37,300 Time C
Slide 27: NVGS Fleet List as of August 4, 2026 (page 2 of 2)
NVGS Fleet List as of August 4, 2026 (page 2 of 2) Operating Vessel Year Built Size (cbm) Employment Status Current Cargo Time Charter Expiration Date Semi-refrigerated handysize Navigator Aries 2008 20,750 Spot LPG — Navigator Capricorn 2008 20,750 Time Charter LPG December 2026 Navigator Phoenix 2
Slide 28: Drydockings Focus on Emissions Reductions and Energy Saving Technologies
Drydockings Focus on Emissions Reductions and Energy Saving Technologies ▪ 15 vessels scheduled for drydocking during 2026, five of which have already completed by June 30, 2026. ▪ Estimate of 445 scheduled off-hire days in 2026, with budgeted annual drydocking capex of $32m in total. ▪ Continuing t
Slide 29: Contact Investor Relations
Contact Investor Relations investorrelations@navigatorgas.com CORPORATE PRESENTATION 2026 29
Slide 30: Navigator Gas
a NAVIGATOR GAS