Kirby Corporation · NYSE:KEX
Kirby — Investor Presentation (November 2025)
53 slides from Kirby's investor presentation, November 2025
Slide 1: Kirby Corporation Investor Presentation
Kirby Corporation Investor Presentation November 2025
Slide 2: Forward Looking Statements Non-GAAP Financial Measures
Forward Looking Statements Non-GAAP Financial Measures Statements contained in this presentation with respect to the future are forward-looking statements. These statements reflect management’s reasonable judgment with respect to future events. Forward- looking statements involve risks and uncertain
Slide 3: Connecting Markets & Powering Industry
Connecting Markets & Powering Industry
Slide 4: KEX Overview
The premier and largest inland and coastwise tank barge fleets in the United States specializing in the safe and efficient transport of critical energy KEX Overview and petrochemical products & Nationwide provider of power generation equipment across diversified industries and leader in industrial d
Slide 5: Driving Energy Solutions & Powering Domestic Supply Chains
KEX Overview Driving Energy Solutions & Powering Domestic Supply Chains Marine Transportation Distribution and Services The premiere and largest inland and coastwise tank Nationwide service provider and distributor of barge fleets in the United States specializing in the engines, transmissions, part
Slide 6: Why Invest in Kirby?
Why Invest in Kirby? Proven track record of success over the long- term Two strong franchises – Marine Transportation – Distribution and Services Purpose-built management team with decades of relevant experience in both core businesses Disciplined financial management – Investment-grade bala
Slide 7: Public Market Information
NYSE: KEX Share Price $104.33 on October 30, 2025 Public Market Share outstanding $54.7MM as of September 30, 2025 Information Market Capitalization $5,707 MM Net Debt* $1,002 MM as of September 30, 2025 Enterprise Value $6,709MM KEX Overview *Net debt = Total debt less cash and cash equivalents 7
Slide 8: Marine Transportation Acquisitions
Marine Transportation Acquisitions Through consolidating acquisitions, Kirby is the nation’s premier tank barge company with a young and efficient fleet. Acquired and integrated 1,581 tank barges Dow Alliance Alamo Brent Internationa Sabine Ole Man Chotin Chemical Marine Inland Towing Cargo l Barge
Slide 9: Distribution & Services Expansions
Distribution & Services Expansions Kirby’s distribution and services business is one of the nation’s leading service providers and distributors of engines, transmissions, parts, industrial equipment, oilfield service equipment, and electrical power generation equipment Acquisitions Acquisitions Cont
Slide 10: Historic Revenue Growth
Historic Revenue Growth Marine Transportation and Distribution and Services – Revenue from Continuing Operations CAGR: 8% 3500 3000 $3,266 $3,092 $2,971 $2,838 $2,785 2500 $2,566 2000 $2,242 $2,214 $2,247 $2,171 In Millions $2,113 $2,148 $1,850 1500 $1,771 $1,360 1000 $1,173 $1,082 $1,110 Tank barge
Slide 11: Historic EPS Growth
Historic EPS Growth Earnings Per Share, Excluding One-Time Items CAGR: 9% Tank barge industry 1 overbuilding 2011 – 2015 $5.46 Financial COVID-19 crisis ------------------------ pandemic $4.93 Oil and gas industry downturn $4.44 $4.11 1 $3.73 $3.72 $3.35 1 1 $2.91 $2.90 $2.86 $2.62 1 $2.29 $2.34 1 $
Slide 12: Marine Transportation: A Good News Story For Safety and the Environment
Marine Transportation A Good News Story For Safety and the Environment Barges: Most Fuel Barges: Lower CO2 Barges: Fewer Spills Efficient Emissions Inland waterways transportation A rail car is 30% less efficient To move an identical amount of is safest relative to Rail and Truck. than a barge
Slide 13: Strong Emphasis on Safety
Safety is the first and foremost concern in everything we do All levels of supervision have safe work responsibility The Board of Directors review safety performance of the organization Strong Emphasis on Safety Investing in safe operations is good for morale and benefits financial performance N
Slide 14: Sustainability Highlights
Sustainability Highlights 99.95% SAFE WATCHES 25% Reduction TARGET OF 1,600 with CO2e Emissions Marine Training Certificates NO HARM Disclosed per Barrel of Scope 3 Capacity By 2024 ISSUED Emissions In 2024 ACHIEVED Emissions Data Dashboard Project 40% Reduction Started construction on the nation’s
Slide 15: Marine Transportation
Marine Transportation
Slide 16: Waterways are a Crucial Link between U.S. and Global Trade
Waterways are a Crucial Link between U.S. and Global Trade Kirby operates on 12,000 miles of navigable U.S. waterways St. Paul Sioux City Mississippi River Pittsburgh System Chicago Gulf Cincinnati Intracoastal Waterway St. Louis US Coasts Charleston Tulsa St. Marks Houston New Orleans Corpus Christ
Slide 17: Industry Leader Well Positioned for Continued Growth
Industry Leader Well Positioned for Continued Growth The U.S. barge industry serves the inland waterways and U.S. coastal ports Kirby is principally in the liquid cargo transportation business - Inland share (barge count): 28%* - Coastal share (capacity): 16%** No competition from fore
Slide 18: Marine Transportation Demand Drivers
Marine Transportation Demand Drivers Inland & Offshore Drivers Products: Benzene, Styrene, Methanol, Naphtha, Acrylonitrile, Xylene, Caustic Soda, Butadiene, Propylene Revenue by Product1 Drivers: 30% Consumer Durables | 70% Consumer Non-Durables 48% 3% Agricultural Petrochemicals Products: Resident
Slide 19: Common Products Moved - Inland
Common Products Moved - Inland Black Oil Pressurized Petrochemicals Refined Products Agriculture Product list: Product list: Product list: Product list: Product list: Crude Oil LPG Methanol Kerosene/Jet Fuel Ammonia Asphalt Propane Ethanol Gasoline Ammonium Fuel Oil Butadiene
Slide 20: Inland Market
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Slide 21: Number of Inland Tank Barges
Number of Inland Tank Barges Kirby expects no material new barge construction in 2025 due to historically high new barge prices 4,300 3,997 4,100 3,900 3,700 3,500 2% CAGR over last 20 years 3,300 3,100 2,900 0% 2,700 CAGR over last 5 years 2,500 2,300 2,100 *Barge count estimated as of September 30
Slide 22: Flexible Fleet Size Keeps Utilization High
Flexible Fleet Size Keeps Utilization High Better asset utilization through scale advantages Tank Barge Fleet Towboat Fleet Large fleet facilitates better asset Operating 270 towboats* utilization Chartered towboats used to flex - More backhaul opportunities horsepower with demand - Faster bar
Slide 23: Kirby Inland Fleet by Barge Type
Kirby Inland Fleet by Barge Type* Petrochemicals / Refined Products 850 - High-capacity pumps; -Specialty coated tanks Black Oil & Bunkering 158 - Self-contained heating systems Pressure 87 - Pressurized tanks Anhydrous Ammonia 10 - Refrigeration tanks * Barge counts as of September 30, 2025 23 Mari
Slide 24: Inland Barge Fleet by Operator
Inland Barge Fleet by Operator Tank Barges Operated Kirby Corporation* 1,105 American Commercial Lines LLC. 385 Canal Barge Company 358 MPLX (“Hardin St. Marine”) 315 Ingram Barge Company 283 Southern Towing / Devall Barge Line 224 Florida Marine 206 Blessey Marine Services 168 Enterprise Products P
Slide 25: Kirby Growth and Asset Replacement Strategy Based on Counter Cyclical Acquisitions
Kirby Growth and Asset Replacement Strategy Based on Counter Cyclical Acquisitions Kirby is focused on growth while replenishing and reducing the age of its inland barge fleet through asset acquisitions vs. newbuilds Number Kirby’s Inland Barge Fleet Over Time vs. Industry of Barges Kirby Count Inde
Slide 26: Kirby Inland Marine – Increase in Earnings Potential
Kirby Inland Marine – Increase in Earnings Potential Significant growth while improving asset quality Number of Inland Inland Bbl Capacity (MM Inland Average Barge Age Barges Bbls) 31% 42% 3.2 Years 1,105 17.6 24.5 841 14.4 17.3 2017 2025 2017 2025 2017 2025 Increase in operational scale and earning
Slide 27: Inland Barge Utilization and Margins Improving From Lows
Inland Barge Utilization and Margins Improving From Lows Margins historically lag barge utilization through the cycle, but have started to improve Inland EBITDA and operating income have started to inflect Utilization % Margin % 96 36 94 92 32 90 28 88 86 24 84 82 20 80 78 16 76 12 74 72 8 70 The CO
Slide 28: Kirby Inland Marine Differentiators
Kirby Inland Marine Differentiators Safety culture High quality customer portfolio Heavily engrained in the supply chain of many blue- chip companies – Acquired Lyondell, Dow, and SeaRiver’s captive fleets Horsepower management Largest tank barge fleet – scale matters – Facilitates better
Slide 29: Coastal Market
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Slide 30: Coastal Tank Barge Fleet by Operator
Coastal Tank Barge Fleet by Operator Kirby is the second largest coastal tank barge operator by barrel capacity 5,000 100 4,500 90 4,000 80 Estimated Barrel Capacity (mm) 3,500 70 Coastal Barge Count 3,000 1 60 2,500 50 2,000 40 66 44 1,500 30 5 3 1,000 1 5 20 500 23 20 10 18 1 3 15 2 3 2- 4 8 6 8 5
Slide 31: Coastal Tank Barge Age Profile
Coastal Tank Barge Age Profile Number of barges by age and category 75kbbls to 195kbbls <75kbbls >195kbbls 0-5 Years 11 2 5-10 Years 21 8 3 32 10-15 Years 11 28 4 43 15-20 Years 49 67 116 20-25 Years 25 19 1 45 25-30 Years 6 8 14 The average age of the nation’s coastal tank barge fleet is ~17 years,
Slide 32: Kirby Coastal Marine Differentiators
Kirby Coastal Marine Differentiators Inland company key relationships – Working for blue chip refiners Younger, more efficient fleet Focus on transporting black oil and chemicals Kirby Ocean Transport – Long term contracts with 40-year relationship Counter cyclical investments 32 Marine Tr
Slide 33: Distribution & Services
Distribution & Services
Slide 34: Distribution & Services has diversified sources of revenue across multiple industries
Distribution & Services has diversified sources of revenue across multiple industries Customer Industry Base Power Generation - Oil & Gas - Distribution, Commercial & Industrial - Distribution, services, services and manufactured Distribution, services and manufactured and packaged equipment package
Slide 35: Kirby is a leader in power generation and industrial distribution
Kirby is a leader in power generation and industrial distribution Kirby D&S is the largest single distributor in the world for our OEM partners. Distributorships provide unique and exclusive OEM representation rights in assigned areas of responsibility Power Generation O&G Marine(C) Industrial Marin
Slide 36: Kirby Distribution Services locations
Kirby Distribution Services locations 36 Distribution & Services KDS locations updated 10/23/2025
Slide 37: Power Generation
Power Generation Kirby is a leading provider of power generation units across various industries Sells pre-packaged and fabricated power generation Key markets include: systems for emergency, standby, and auxiliary ‒ Nuclear power industry power ‒ Domestic utilities Provides service and parts
Slide 38: Power Generation Technology
Power Generation Technology Kirby manufactures power generation equipment that is creating opportunities in new commercial and industrial markets Natural Gas Generator Systems Mobile Power Distribution Systems High Power Output: 2.5MW+ Enables highly scalable power plants and microgrids High M
Slide 39: Commercial & Industrial
Commercial & Industrial Kirby is a leading distribution and services provider to key markets Marine On-Highway Distributes, sells parts, and services diesel engines Major service & OEM new product and replacement and transmissions parts provider for diesel engines, transmissions, and ancillary p
Slide 40: Oil and Gas
Oil and Gas Kirby is one of the largest providers of equipment, service and parts to the oilfield Manufacturing Distribution Designs and manufactures a wide array of specialized Heavy duty cycle associated with fracturing leads to the need equipment for hydraulic fracturing, acidizing, cementing
Slide 41: Financial Highlights
Financial Highlights
Slide 42: 3Q 2025 Overview
3Q 2025 Overview Financial Summary Third quarter EPS up 6% year-over-year, supported by robust power generation and solid execution Power generation revenue up 56% year-over-year and operating income up 96% year-over-year, driven by strong demand from data centers and prime power customers Gen
Slide 43: Marine Transportation – Q4 2025 Outlook
Marine Transportation – Q4 2025 Outlook Improved outlook with better utilization Inland Coastal ‒ Favorable market conditions with constrained ‒ Constructive market dynamics due to limited supply side environment driving pricing new barge construction momentum ‒ Barge utilization expected to be in t
Slide 44: Distribution & Services – Q4 2025 Outlook
Distribution & Services – Q4 2025 Outlook Strength in power generation growth to offset softness in conventional oil and gas market Power Generation Commercial & Industrial Strong sales and order growth from data center and backup power markets as demand remains robust Stable marine repair deman
Slide 45: Adjusted EBITDA Per Share
Adjusted EBITDA Per Share CAGR: 7% Tank barge industry Financial overbuilding 2011 – 2015 COVID-19 1 crisis ------------------------ pandemic $12.14 Oil and gas industry $11.23 downturn $10.49 $10.38 $9.31 $9.03 1 $8.32 $8.35 $7.95 $7.89 $7.27 $6.66 1 $6.80 $6.14 $5.73 $5.60 $5.46 $5.10 $4.39 $3.52
Slide 46: Cash Flow Generation
Cash Flow Generation Kirby consistently generates free cash flow* Free Cash Flow Capital expenditures (ex-acquisitions) Operating Cash Flow $757 $ in Millions $601 $524 $540 $512 $414 $439 $445 $416 $138 $348 $179 $84 $353 $347 $326 $264 $322 $294 $14 $185 $45 $297 $176 $121 $224 $402 $312 $355 $345
Slide 47: Capital Structure
Capital Structure 2012 to 2025 Q3 Debt-to-Total Capital 47 Financial Highlights
Slide 48: Financial Strength
Financial Strength Investment grade rating $380 million of total liquidity as of Standard & Poor’s: BBB, stable September 30, 2025 $47million of Cash and Cash Equivalents (as of Sep 30, Moody’s: Baa3, stable 2025) $500 million Bank Revolving Credit Facility $300 million 3.50% Senior Notes $500 milli
Slide 49: Appendix
Appendix
Slide 50: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Kirby reports its financial results in accordance with generally accepted accounting principles (GAAP). However, Kirby believes that certain non-GAAP financial measures are useful in managing Kirby’s businesses and evaluating Kirby’s performance.
Slide 51: Reconciliation of GAAP Net Earnings to Non-GAAP Adjusted EBITDA
Reconciliation of GAAP Net Earnings to Non-GAAP Adjusted EBITDA KIRBY CORPORATION Reconciliation of GAAP Net Earnings Attributable to Kirby to Non-GAAP Adjusted EBITDA 2025-Q3 YTD 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 ($ in millions) Net earnings (loss) attributable to Kirby $ 262.8
Slide 52: Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items
Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items KIRBY CORPORATION Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items (unaudited, $ in millions except per share amounts) Q3 2025 Q3 YTD 2025 Full Year 2024 Full Year 2023 Net Diluted Net Dilute
Slide 53: Marine Transportation Performance Measures
Marine Transportation Performance Measures KIRBY CORPORATION MARINE TRANSPORTATION PERFORMANCE MEASUREMENTS 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 1Q 2Q 3Q YTD 1Q 2Q 3Q 4Q Total Total Total Year Year Year Year Year Year Year Year Inland Performance Measurements: Ton miles (in mi