Navigator Holdings Ltd. · NYSE:NVGS
Navigator — Q3 2025 Earnings Presentation
32 slides from Navigator's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
NVGS Third Quarter 2025 Earnings Presentation November 5, 2025
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: 3Q 2025 Highlights – Business Remains Robust Despite Geopolitical Headlines
3Q 2025 Highlights – Business Remains Robust Despite Geopolitical Headlines Financial Commercial Outlook ▪ Reporting record Total Operating Revenue of $153m for 3Q 2025, up 8% from 3Q 2024. ▪ Highest average quarterly TCE* in the last 10 years of $30,966 ▪ Headwinds experienced in the first half of
Slide 5: Financial Update
Financial Update CORPORATE PRESENTATION 2025
Slide 6: Income Statement – Cargo Flexibility and Asset Sale Offset Geopolitical Tension
Income Statement – Cargo Flexibility and Asset Sale Offset Geopolitical Tension 2024 2025 For the third quarter 2025: (US$’000) Q3 Q3 ▪ Record quarterly TCE of $30,966, and highest quarterly EBITDA on record of Unaudited Unaudited $85.7m. Adjusted EBITDA of $76.5m, compared to $60.1m for 2Q 2025, an
Slide 7: Balance Sheet – Sustained Strength and Robust Liquidity
Balance Sheet – Sustained Strength and Robust Liquidity December 31 September 30 ▪ Cash, cash equivalents, restricted cash, and available liquidity at Sept 30, 2025 was (US$’000) $308m, which includes $40m of unsecured bonds issued at par with proceeds 2024 2025 received in April, and $300m loan fac
Slide 8: Returns to Shareholders, Comfortable Debt, Positioned For New Opportunities
Returns to Shareholders, Comfortable Debt, Positioned For New Opportunities ▪ Completed a $50m share repurchase plan that commenced in 2Q 2025, with a total of 3.4m shares repurchased at an average price of $14.68 (against the company’s estimated NAV of c. $28 per share). Original At At Facility fac
Slide 9: Cost Management Provides Headroom and Strong Base
Cost Management Provides Headroom and Strong Base Latest Estimated All-in Cash Breakeven for Full Year 2025 ▪ Continuing low all-in cash breakeven levels allow Navigator to report positive quarterly EBITDA and remain cashflow positive $25,000 even in more challenging periods, with growing headroom o
Slide 10: Continuing Strong and Stable Adjusted EBITDA Consistency
Continuing Strong and Stable Adjusted EBITDA Consistency ▪ Robust Adjusted EBITDA of $76.5m; eleven quarters in a row since 1Q 2023 have resulted in at least $60m of quarterly Adjusted EBITDA. ▪ Guidance is for 4Q 2025 Adjusted EBITDA to be as strong as 3Q25 and believe full-year 2025 result will be
Slide 11: Commercial Update
Commercial Update CORPORATE PRESENTATION 2025
Slide 12: Handysize Semi-Refrigerated TC Rates Strengthened From 2Q 25
Handysize Semi-Refrigerated TC Rates Strengthened From 2Q 2025 Ethylene Capable Vessels Adjusted Down Over Lingering Trade Uncertainties $1,700 $1,700 12-month Timecharter Assessment $1,500 $1,500 $1,025k per month / $33,7000 per day. An $1,300 $1,300 adjustment of $2,500pd due to lingering trade TC
Slide 13: Utilization Picking Up and Normalizing Above the 90% Mark
Utilization Picking Up and Normalizing Above the 90% Mark Earning days vs Utilization 100% 97.3% 96.4% 95.2% 95.4% 98.6% 98.8% 94.1% 94.4% 94.2% 93.3% 96.8% 92.5% 92.6% 91.8% 92.6% 92.1% 91.3% 96.1% 92.6% 91.3% 93.0%95.1% 94.7% 93.0% 94.2% 92.0% 91.0% 90.5% 90.5% 90.9% 90.5%90.1% 90.9% 90.0% 95.0% 9
Slide 14: Utilization Rebounding – Diversification Remains Key
Utilization Rebounding – Diversification Remains Key as Semi and Fully Refrigerated Ships Are Both Seeing Strengthening Demand Utilization seasonality 19x Ethylene capable vessels – Earning days vs Utilization 100% 100% 3Q 80% 95% 60% 90% Waiting for 85% 40% Chris K 80% 20% 75% 0% Oct-19 Jan-19 Jan-
Slide 15: U.S. Ethane & Ethylene Exports Impacted by Trade Uncertainties – European Demand Remains Structural
U.S. Ethane & Ethylene Exports for Asia-Pacific Customers Impacted by Trade Uncertainties – European Demand Remains Structural ▪ Asia-Pacific: Trade uncertainties between U.S. and China impacted ethylene and ethane exports during 3Q25. Lingering risk-aversion remains which has had a dampening effect
Slide 16: U.S. Ethylene Now Key to European Demand
U.S. Ethylene Now Key to European Demand ▪ Ethane Feedstock: U.S. Ethane prices remain cost-competitive, currently trading at $190pmt. ▪ Ethylene Pricing: U.S. Ethylene prices have further reduced since the spike during August 2025, currently trading at $394pmt. ▪ Arbitrage Opportunity: Delivered Et
Slide 17: Fleet Supply Picture Remains Attractive with Low Handysize Orderbook
Fleet Supply Picture Remains Attractive with Low Handysize Orderbook Handysize segment well positioned on the supply side, with only 11% on order and 22% of existing fleet above 20 years of age. Order book Existing Number of Vessels % of Fleet Navigator # of Vessels Vessels On Order (# vessels) Flee
Slide 18: Recent Developments
Recent Developments CORPORATE PRESENTATION 2025
Slide 19: Announcing New and Improved Return of Capital Policy
Announcing New and Improved Return of Capital Policy: $0.07/Share Fixed Quarterly Cash Dividend and Total 30% Net Income Payout ▪ Effective as of 3Q 2025 results, our new and improved Return of Capital policy now includes a fixed quarterly cash dividend of $0.07 (up from $0.05) per share with an add
Slide 20: Returning Capital to Shareholders Remains a Key Pillar; Soon to Exceed $210m
Returning Capital to Shareholders Remains a Key Pillar; Soon to Exceed $210m ▪ In May 2025, we announced the Board’s authorization for a new share repurchase program of up to $50m of NVGS common stock to be implemented via open market purchases, privately negotiated transactions, or in accordance wi
Slide 21: Ethylene Export Terminal Throughput Near Record High in 3Q 2025
Ethylene Export Terminal Throughput Near Record High in 3Q 2025 ▪ Throughput during 3Q 2025 remained at strong levels reaching 270,594 tons as many U.S. Gulf ethylene crackers maintained elevated production resulting in stable U.S. ethylene prices; consequently, the flex train was utilized in all th
Slide 22: Fleet Renewal Ongoing – Selling Older Vessels, Adding Ownership of JV Vessels
Fleet Renewal Ongoing – Selling Older Vessels, Adding Ownership of JV Vessels ▪ In September, we sold the Navigator Gemini, a 2009-built 20,750 cbm semi-refrigerated Handysize vessel to a third party for $30.4m netting a gain of $12.6 million; this was our sixth vessel sale since January 2022. Vesse
Slide 23: Expanding Fleet with Two Ammonia-Fueled Newbuildings on TC to Yara
Expanding Fleet with Two Ammonia-Fueled Newbuildings on TC to Yara ▪ In July, we announced a new joint venture: Navigator Amon Shipping AS (the ‘JV’). Navigator expects to acquire approximately 80% of the JV company and Amon Maritime approximately 20%. Amon is our existing joint venture partner in A
Slide 24: NVGS Analyst / Investor Days 2025 in Houston, Texas USA
NVGS Analyst / Investor Days 2025 in Houston, Texas USA Join us NEXT WEEK… Tuesday, November 11th ▪ Morgan’s Point Tours (ethylene export terminal and vessel) from 2:30-5:30pm ▪ Dinner at 6:00pm Wednesday, November 12th ▪ Company / industry presentations at 8:30am ▪ Lunch at 12noon ▪ Stakeholders' a
Slide 25: 3Q 2025 Strength Expected to Continue in 4Q 2025; 2026 Also Looking Good
3Q 2025 Strength Expected to Continue in 4Q 2025; 2026 Also Looking Good Financial Shipping Energy Infrastructure ▪ Record EBITDA of $85.7m and, excluding profit on sale ▪ Average fleet utilization was 89.3% for 3Q 2025 and ▪ Morgan’s Point ethylene export volumes remained of older vessel, Adjusted
Slide 26: Q&A
Q&A CORPORATE PRESENTATION 2025
Slide 27: Appendices
Appendices CORPORATE PRESENTATION 2025
Slide 28: NVGS Fleet List as of Nov 4, 2025 (page 1 of 2)
NVGS Fleet List as of Nov 4, 2025 (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 December 2026 Navigator Eclipse 2016 37,300 Time Char
Slide 29: NVGS Fleet List as of Nov 4, 2025 (page 2 of 2)
NVGS Fleet List as of Nov 4, 2025 (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 Time Charter LPG June 2026 Navigator Capricorn 2008 20,750 Time Charter LPG December 2025 Naviga
Slide 30: Drydockings Focus on Emissions Reductions and Fuel Savings Initiatives
Drydockings Focus on Emissions Reductions and Fuel Savings Initiatives ▪ 14 vessels scheduled for drydocking during 2025, 12 of which have already completed to date. ▪ Estimate of 429 scheduled off-hire days, with budgeted drydocking capex of $28.8m in total across full-year 2025. ▪ Average cost of
Slide 31: Contact Investor Relations
Contact Investor Relations investorrelations@navigatorgas.com CORPORATE PRESENTATION 2025 31
Slide 32: a NAVIGATOR GAS
a NAVIGATOR GAS