Navios Maritime Partners Lp · NYSE:NMM
Navios Maritime Partners Lp — Q3 2025 Earnings Presentation
30 slides from Navios Maritime Partners Lp's earnings presentation, Nov 18, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
Navios Maritime Partners L.P. (NYSE:NMM) Third Quarter 2025 Earnings Presentation November 18, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains and will contain forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, TCE rates and Navios Partners’ expecte
Slide 3: 171 Vessels Fleet – Average Age of 9.7 Years vs Industry Average of 13.5 Years
171 Vessels Fleet – Average Age of 9.7 Years vs Industry Average of 13.5 Years 65 Dry bulk 8.6 million dwt Average age (1): 11.7 years (industry average: 12.8 years) 35 Capesize vessels 26 Kamsarmax/panamax vessels 4 Handymax vessels 6.3 million dwt 2.1 million dwt 0.2 million dwt 51 Containerships
Slide 4: Navios Partners: A Leading Maritime Transportation Company
Navios Partners: A Leading Maritime Transportation Company Fleet - at a glance Operational highlights Financial highlights A leading maritime transportation company $6.3 billion Low leverage owning, operating and chartering dry bulk, container, and tanker vessels to traders and vessel value 34.5% ne
Slide 5: Strength Through Diversification + Strong Risk Management Culture
Strength Through Diversification + Strong Risk Management Culture Chartering Allocating capital Strengthening balance sheet Optimal vessel deployment ensuring Optimal capital allocation, where Countering segment specific consistent profitability: expected returns are favorable, by: volatility
Slide 6: Selected Segment Data
Selected Segment Data Dry bulk Containerships Tankers Total # of vessels 65 51 55 171 Fleet size Average age (yrs) 11.7 9.6 7.2 9.7 Capacity 8.6m dwt 287,243 TEU 6.4m dwt Vessel value ($m)(1) 2,115 2,277 1,919 6,311 Debt and bareboat liabilities ($m)(3) 903 843 814 2,560 Asset and market v
Slide 7: Recent Developments Q3 – Q4 2025 QTD
Recent Developments Income statement In $ million Q2 2025 Q3 2025 9M 2025 Revenue 327.6 346.9 978.6 Financial EBITDA 178.2 193.9 519.8 information(1) Adjusted EBITDA 172.6 194.0 520.2 Net Income 69.9 56.3 168.0 Balance sheet $381.6 million cash balance as of September 30, 2025 $745.3 million long-
Slide 8: Recent Developments (Cont’d)
Recent Developments (Cont’d) Sales $105.7 million gross sale proceeds Three dry bulk and three tanker vessels; • Average age of 18.6 years • Five vessels were delivered in Q3 and Q4 2025; One tanker vessel is expected to be delivered in Q4 2025 Fleet update Acquisitions Q3 – Q4 2025 QTD $460.4
Slide 9: Returning Capital to Unitholders
Returning Capital to Unitholders $42.2 million capital returned to unitholders YTD 2025 $100 million common unit repurchase program $4.5 million dividend $37.7 million common ~ 4.7% of units outstanding(5) $4.6 per unit accretion of units repurchased repurchased total units repurchased(3) $1.5 milli
Slide 10: Proven Platform - Executing Strategy in a Challenging Environment
Proven Platform - Executing Strategy in a Challenging Environment Creating revenue stability Maintaining contracted revenue Assessing risks and uncertainties Adjusted EBITDA, $m Contracted revenue, $m Geopolitical events - conflicts 748 732 702 3,370 3,618 3,658 Global tariffs 668 3,262 Changi
Slide 11: Operating Cash Flow
Operating Cash Flow Q4 2025E: $85.9 million excess contracted revenue over cash operating cost FY 2026E : $894 breakeven per open / index day Q4 2025E cash operating cost comparison with contracted revenue ($m) FY 2026E cash operating cost comparison with contracted revenue ($m) +$ 85.9 13,414 Avail
Slide 12: Fleet Modernization
Fleet Modernization Modernizing the fleet through planned acquisitions and dispositions… …optimizing our fleet profile 25 Fleet breakdown per age group and segment (# of vessels)(1) Newbuilding program(1) $1.9 billion investment 17 Containerships: $0.9 billion for eight vessels • Investment hedg
Slide 13: $3.7 Billion Contracted Revenue
$3.7 Billion Contracted Revenue Contracted revenue by segment Broad exposure to credit quality counterparties (in $ billion) Dry bulk 0.2 (6%) Tankers 1.3 (35%) Containerships 2.2 (59%) Contracted revenue by counterparty Contracted revenue by year (in $ million) 16% 26% 858 13% 693 710 635 3% 3% 468
Slide 14: Earnings Highlights
Earnings Highlights Earnings highlights (in $000) Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended except per unit data, TCE, Opex, active vessels and days September 30, 2025(1) September 30, 2024(2) September 30, 2025(3) September 30, 2024(4) Revenue $346,923 $340,835 $978,
Slide 15: Balance Sheet
Balance Sheet Balance sheet data September 30, 2025 December 31, 2024 (in $000) (unaudited) (unaudited) Cash & cash equivalents(1) 381,568 312,078 Other current assets 94,757 130,913 Vessels, net 4,528,679 4,241,292 Other non-current assets 918,207 988,957 Total Assets 5,923,211 5,673,240 Other curr
Slide 16: Debt Highlights
Debt Highlights Debt update Key metrics pro forma (as of September 30, 2025) $1.3 billion debt(2) on newbuilding vessels Debt and bareboat liabilities(1) per type, $m Diversified interest rate exposure, $m $545 million arranged • $245 million has no commitment fee • 1.5% average margin for float
Slide 17: Industry Overview
Industry Overview
Slide 18: Geopolitical Developments Result in Trade Pattern Shifts
Geopolitical Developments Result in Trade Pattern Shifts Port Fees Tariffs Red Sea Ukraine War (1 year suspension) US gradually reached preliminary Strategic maritime transit point War continues for 3rd year April 17: USTR Section 301 fee tariff agreements with major trade remains under thre
Slide 19: Dry Bulk Industry Overview
Dry Bulk Industry Overview
Slide 20: Dry Bulk Fundamentals
Dry Bulk Fundamentals Global seaborne dry bulk trade Key insights Bn ton miles Dry bulk shipping market plays a crucial 35,000 role in global trade, transporting 30,000 commodities such as iron ore, coal, grain 25,000 +4% and bauxite in large quantities 20,000 Dry bulk demand driven by worldwide
Slide 21: More Atlantic Basin Iron Ore to Drive Demand Growth From 2025
More Atlantic Basin Iron Ore to Drive Demand Growth From 2025 Additional iron ore volumes, m tones Additional iron ore volumes, m tones Key insights The Simadou project in Guinea, starting up in 2025, will add a total of 120 million tons 250 234 of annual production and exports capacity. 180 200 1
Slide 22: Tanker Industry Overview
Tanker Industry Overview
Slide 23: Tanker Fundamentals – Orderbook Mitigated by Age Profile
Tanker Fundamentals – Orderbook Mitigated by Age Profile Tanker fleet: Age composition Orderbook vs older fleet* Deliveries vs replacement needs (25,000+ DWT, 2006 = 20yrs) (25,000+ DWT, 2006 = 20yrs) (25,000+ DWT, 2006 = 20yrs) 50 Orderbook 20+ yrs 15+ yrs Million DWT Deliveries Turning 20yrs Turni
Slide 24: Tankers – Sanctions Could Result in Supply Glut
Tankers – Sanctions Could Result in Supply Glut Sanctioned trade has made up ~40% of volume recovery since 2020 Sanctioned tankers Russia Venezuela Iran Global Exports Share of total fleet: +4.5mbd 62.9 64.4 64.9 63.4 16% 17% 25% 11% 7% 11% 14% 61.1 61.4 62.6 61.9 13 57.8 65 57.4 12 60 11 55 48 10 +
Slide 25: Container Industry Overview
Container Industry Overview
Slide 26: Container Market
Container Market Significant ordering activity in larger sizes Supply growth by segment Trade growth by trade lane 18% 16.9% 7% TEU NMM Vessels 6.3% 16% 6% <3,000 4% 3x 14% 2025 5% 3-5,999 7% 31x 12% 2026 4% 3.7% 2025 3.3% 11x 2026 6-7,999 2% 10% 9.2% 3% 2.4% 6x NMM presence 8% 6.7% 2% 8-11,999 19%
Slide 27: Appendix
Appendix 27
Slide 28: Diversification in Action
Diversification in Action Countering Segment Specific Volatility Vessel values(1) volatility per segment, $m Diversification mitigates (1%) individual segment volatility 6,371 42 36 (138) 6,311 +2% +2% (7%) Dry bulk vessels : +2% Containerships : +2% Tankers : (7%) Vessel values Dry bulk Containersh
Slide 29: Definitions
Definitions EBITDA represents net income before interest and finance costs, depreciation and amortization and income taxes. Adjusted EBITDA represents EBITDA excluding certain items, as described under “Earnings Highlights”. Navios Partners uses Adjusted EBITDA as a liquidity measure and reconciles
Slide 30: www.navios-mlp.com
www.navios-mlp.com 20
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