Navios Maritime Partners Lp · NYSE:NMM
Navios Maritime Partners Lp — Q4 2025 Earnings Presentation
31 slides from Navios Maritime Partners Lp's earnings presentation, Feb 19, 2026
Slide 1: Fourth Quarter 2025 Earnings Presentation
Navios Maritime Partners L.P. (NYSE:NMM) Fourth Quarter 2025 Earnings Presentation February 19, 2026
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-Vessel Fleet
171-Vessel Fleet 67 Dry bulk 9.0 million dwt Average age (1): 11.5 years (industry average: 12.9 years) 37 Capesize vessels 26 Kamsarmax/panamax vessels 4 Handymax vessels 6.7 million dwt 2.1 million dwt 0.2 million dwt 51 Containerships 287,243 TEU Average age (1): 9.8 years (industry average: 14.3
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 $6.6 billion vessel value Low leverage owning, operating and chartering dry bulk, container, and tanker vessels to traders and $8.8 bil
Slide 5: Strength Through Diversification + Strong Risk Management Culture
Strength Through Diversification + Strong Risk Management Culture Chartering Allocating capital Strengthening balance sheet ◼ Optimal vessel deployment ensuring ◼ Optimal capital allocation, where ◼ Countering segment specific consistent profitability: expected returns are favorable, by: volatility
Slide 6: Selected Segment Data
Selected Segment Data Dry bulk Containerships Tankers Total ➢ # of vessels 67 51 53 171 Fleet size(5) ➢ Average age (yrs) 11.5 9.8 6.5 9.6 ➢ Capacity 9.0m dwt 287,243 TEU 5.8m dwt ➢ Vessel value ($m)(1) 2,216 2,289 2,048 6,553 ➢ Debt and bareboat liabilities ($m)(3) 2,441 Asset and market value(2) ➢
Slide 7: Recent Developments
Recent Developments $m Q3 2025 Q4 2025 FY 2025 Revenue 346.9 365.6 1,344.1 Financial EBITDA 193.9 224.8 744.6 information(1) Net Income 56.3 117.3 285.3 ▪ $580 million available liquidity as of December 31, 2025 ▪ $1.3 billion value from 37 unencumbered vessels(3) Return of capital ▪ Dividend distri
Slide 8: Returning Capital
Returning Capital Dividend distributions $100 million common unit repurchase program 20% increase in distributions - Dividend distributions in 2025 ~ 5.3% of units outstanding(1) $5.2 per unit accretion from effective Q1 2026 repurchased units repurchased(3) ▪ $0.24 per unit annually ▪ $6.0 million
Slide 9: Executing in a Dynamic Environment
Executing in a Dynamic Environment Assessing risks and uncertainties Creating revenue stability Maintaining contracted revenue ◼ Mercantilism EBITDA & Adjusted EBITDA, $m Contracted revenue, $m ◼ Tariffs 817 798 748 757 732 3,618 3,752 745 728 3,370 3,262 ◼ Changing trade patterns 668 ◼ Conflicts ◼
Slide 10: Operating Cash Flow
Operating Cash Flow FY 2026E : $172.7 million contracted revenue in excess of cash operating cost FY 2026E : 15,565 open/index days FY 2026E cash operating cost comparison with contracted revenue ($m) FY 2026E analysis of available and open/index days (# of days) 54,392 +172.7 1,043.1 14,788 54,392
Slide 11: $3.8 Billion Contracted Revenue
$3.8 Billion Contracted Revenue Contracted Revenue Contracted revenue by segment, $bn Broad exposure to credit quality counterparties Q4 2025 – 2026 YTD Dry bulk 0.3 $260.9 million - (9%) Tankers 1.3 ▪ $97.1 million from five (34%) containerships Containerships ➢ Average rate: $29,572 net 2.2 per da
Slide 12: Fleet Update Q4 2025 – 2026 YTD
Fleet Update Q4 2025 – 2026 YTD Acquisitions Sales $134.3 million $136.5 million Deliveries ▪ $134.3 million acquisition of two ▪ $136.5 million gross sale ▪ Delivery of one newbuilding Japanese newbuilding capesize proceeds from the sale of two aframax/LR2 tanker vessels (with scrubbers) VLCC tanke
Slide 13: Fleet Modernization
Fleet Modernization …planned acquisitions and dispositions… …while optimizing the fleet profile 26 Newbuilding program(1) Fleet breakdown per age group and segment (# of ◼ $1.9 billion investment vessels)(1) ➢ Dry bulk: $0.1 billion for two vessels 16 # of vessels • $0.1 billion minimum contracted r
Slide 14: Earnings Highlights
Earnings Highlights Earnings highlights ($th) except per unit data, TCE, Opex, active Three Months Ended Three Months Ended Year Ended Year Ended vessels and days December 31, 2025(1) December 31, 2024(2) December 31, 2025(3) December 31, 2024(4) Revenue $365,550 $332,521 $1,344,143 $1,334,066 EBITD
Slide 15: Balance Sheet
Balance Sheet December 31, 2025 December 31, 2024 ($th) (unaudited) (unaudited) Cash & cash equivalents(1) 413,452 312,078 Other current assets 98,600 130,913 Vessels, net 4,389,868 4,241,292 Other non-current assets 1,027,066 988,957 Total Assets 5,928,986 5,673,240 Other current liabilities 177,78
Slide 16: Debt Highlights
Debt Highlights Debt update Key metrics (as of December 31, 2025) ◼ $1.4 billion debt(3) on newbuilding vessels Diversified interest rate exposure, $m Debt and bareboat liabilities(1) per type, $m ➢ $760 million arranged • $460 million without any commitment fee 2,441 • 1.6% average margin for float
Slide 17: Industry Overview
Industry Overview
Slide 18: Geopoliticals Driving New Trade Patterns
Geopoliticals Driving New Trade Patterns Tariffs / New Trade Venezuela / Agreements Red Sea Ukraine War Iran ◼ US reached preliminary tariff ◼ Strategic maritime transit point ◼ War continues for 4th year ▪ Venezuela: agreements with major trade partners remains under threat ▪ President Maduro captu
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 +4% CAGR 25,000 and bauxite in large quantities 20,000 ◼ Dry bulk demand driven by worl
Slide 21: More Atlantic Basin Iron Ore to Drive Demand Growth
More Atlantic Basin Iron Ore to Drive Demand Growth Additional iron ore volumes, m tons Additional iron ore volumes, m tons Key insights ◼ The Simandou project in Guinea, started its first shipment in November 2025. It is 250 249 expected to add a total of 120 million tons 240 200 231 of annual prod
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: Venezuela: Transition from Sanctioned to Non-sanctioned Crude Exports
Venezuela: Transition from Sanctioned to Non-sanctioned Crude Exports Crude tanker trade set to benefit from dark fleet displacement and increased export volumes Venezuelan Seaborne Crude Exports By % Share of Global Oil Reserves / Production Venezuelan Oil Production, m. bpd Destination, m. bpd 4.0
Slide 25: Tankers – Sanctions reducing Russian crude exports to India, China
Tankers – Sanctions reducing Russian crude exports to India, China Russian exports to China and India reduced by 33% and Sanctioned vessels: 15% of the total fleet 70% since December : 12% of total seaborne oil trade Share of total fleet: 4 8% MBPD Rus/India Rus/China 17% 17% 25% 11% 12% 15% 3.5 3 5
Slide 26: Container Industry Overview
Container Industry Overview
Slide 27: Container Market
Container Market Significant ordering activity in larger sizes Supply growth by segment Trade growth by trade lane 20% 10% TEU NMM Vessels 9.1% 18% 17.4% 9% <3,000 5% 3x 16% 8% 2025 3-5,999 9% 31x 14% 2026 7% 2025 11x 12% 6% 2026 6-7,999 4% 6x 10% NMM presence 8.8% 5% 4.5% 8-11,999 18% 8% 7.0% 3.8%
Slide 28: Appendix
Appendix
Slide 29: Diversification in Action
Diversification in Action Countering Segment Specific Volatility Vessel values(1) volatility per segment, $m Diversification mitigates 5% individual segment volatility 6,252 163 90 48 6,553 +8% +4% +2% Dry bulk vessels : +8% Containerships : +4% Tankers : +2% Vessel values Dry bulk Containerships Ta
Slide 30: 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 31: www.navios-mlp.com
www.navios-mlp.com 20
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