Pyxis Tankers Inc. · NASDAQ:PXS
Pyxis Tankers — IPO Roadshow (July 2026)
25 slides from Pyxis Tankers's IPO roadshow presentation, Jul 21, 2026
Slide 1: Pyxis Tankers Company Presentation: Series B Cumulative Convertible Preferred Shares
4 PXS PYXIS TANKERS COMPANY PRESENTATION Series B Cumulative Convertible Preferred Shares July 2026 A preferred security with current income, asset-backed downside protection and equity-linked upside 7.0% $25 $15 PXSBP Cumulative Monthly Liquidation Conversion NASDAQ Income Preference Price Symbol N
Slide 2: Disclaimer & Forward-Looking Statements
DISCLAIMER & FORWARD-LOOKING STATEMENTS PXS and other applicable securities laws. The words “expecte “could”, "should", “anticipated”, “long-term”, “opportuni “potential”, “continue”, “likely”, “may”, “will, “positioned”, “possible”, “believe”, “expand” and variations of these terms and similar expr
Slide 3: Company Overview
COMPANY OVERVIEW MODERN, ECO- EFFICIENT FLEET OF TANKERS & BULKERS » 3 MR2 product tankers and 3 mid-size dry bulk carriers > Two-sector exposure enhances eamings resilience and capital allocation flexibility 6 Vessels a) FOUNDER-LED ALIGNMENT > ~59% insider ownership led by Founder, Chairman & CEO
Slide 4: Series B Preferred Investment Thesis
SeRIES B PREFERRED INVESTMENT THESIS a) © 6 MONTHLY STRONG ASSET HIGH DIVIDEND FOUNDER-LED CONVERSION NON-DILUTIVE INCOME COVERAGE COVERAGE ALIGNMENT UPSIDE GROWTH CAPITAL Cumulative prefered Backed by fleet market Small dividend burden High insider ownership Conversion Price Supports vessel dividen
Slide 5: Series B Cumulative Convertible Preferred Shares Summary
PXS SerRIES B CUMULATIVE CONVERTIBLE PREFERRED SHARES SUMMARY YRS TANKERS Secutities Offered: 7.0% Series 8 Cumulative Redeemable Perpetual Convertible Preferred Stock 7.0% per annum on the $25.00 per share liquidation preference (equivalent to $1.75 per annum per share) Dividend Rat pend evmentioee
Slide 6: Substantial Asset Coverage Supports Series B Preferred
SUBSTANTIAL ASSET COVERAGE SUPPORTS SERIES B PREFERRED PXS Large common equity cushion supports preferred downside while conversion feature provides optionality ~8.6x ~$251.3M___ (~$97.2M) Other Assets ~$6.5M Restricted Cash ~$1.4M Liquid Cash & ~$154.0M Time Deposits ($15/share) ~$18.3M ~$172.3M Fl
Slide 7: Strong Q1 2026 earnings support preferred dividend capacity and common-equity value creation
Strong Q1 2026 earnings support both preferred dividend capacity and common-equity value creation Cash Flow Generation NAV Accretion from Earnings Preferred Q1 2026 Highlights Adjusted EBITDA (+53% YoY) Net Income to PXS (+216% YoY) Daily TCE Rate ‘B Cash Breake' Current NAV Ql] 2026 Net Income attr
Slide 8: Common Equity Valuation Gap & Rerating Opportunity
COMMON Equity VALUATION GAP & RERATING OPPORTUNITY PXS PXS currently trades at a substantial discount to management-estimated NAV and is valued at attractive QI 2026 annualized earnings / cash flow multiples Attractive Earnings / Cas! Valuation Gap Flow Multiples Potential Rerating Catalysts Current
Slide 9: Use of Proceeds & Capital Allocation Strategy
Use OF PROCEEDS & CAPITAL ALLOCATION STRATEGY PXS PYKIS TANKERS Preferred capital intended to support accretive growth while preserving balance-sheet flexibility and protecting per share value Target Outcome Ise of Proceeds Accretive Vessel Acquisitions Support potential acquisition of modem eco- ef
Slide 10: Fleet Overview & Charter Coverage
FLEET OVERVIEW & CHARTER COVERAGE icient vessels - 3 MR2 product tankers & 3 mid-size dry-bulk carriers Vessel DWI Bullt Charter Rate Redelivery Shipyard Pyxis Lamda 50,145 2017 $23,000/day Sep-Dec 2026 SPP /S. Korea Pyxis Theta 51,795 2013 *$23,750/day JukSep 2027 SPP /S. Korea Pyxis Karteria 46,65
Slide 11: Strong Historical Customer Base
yy STRONG HistoRICAL CusTOMER BASE PXS Clearlak [eq Scziets Chevron TRAFIGURA COMERCIO INTERNACIONAL PMI GLENCORE EY COFCO INTL 0) Vitol A CITGO
Slide 12: Favorable Long-Term Fundamentals
FAVORABLE LONG-TERM FUNDAMENTALS PXS Favorable long-term trends, combined with constrained vessel supply, create an attractive environment for maritime assets GLOBAL MEGA TRENDS Growing Trade & Supply Chain Expanding Real Assets & Cash Flow Energy Demand Diversification Trade Routes Generation > Pop
Slide 13: Management Team
MANAGEMENT TEAM Valentios ». “Eddie” Valentis CEO & Chairman » Founded Pyxis in 2015 and Pyxis Maritime Corp. in 2007 » 25+ years of experience in ship. owning, operations and management across product tankers, dry bulk, chemical, salvage and towage > Managing Director & Principal of KONKAR SHIPPING
Slide 14: Series B Preferred Summary
SERIES B PREFERRED SUMMARY A high-yield preferred security supported by substantial asset coverage, cash-flow generation and equity-linked upside 7.0% ANNUAL INCOME PAID MONTHLY Preferred dividend paid monthly on 425 liquidation preference HIGH DIVIDEND COVERAGE Annualized @1 2026 Adjusted EBITDA co
Slide 15: Contact
CONTACT Pyxis Tankers Inc. K. Karamanli 59 Maroussi 15125, Greece www. pyxistankers.com Fotis Giannakoulis, CFO +1 917 291 7142 / +30 210 638 0200 ir@pyxistankers.com www.pyxistankers.com | NASDAQ: PXS PXS PYKIS TANKERS NASA: PxS | Pyistankers.com
Slide 16: Pyxis Highlights
Pyxis HIGHLIGHTS Modern, Eco- Efficient Fleet > Strong operating performance & high environmental standards CG Disciplined Capital Allocation > Focus on accretive growth, prudent risk management and long-term per share value creation QQ Founder-led With Strong CS) Insider Alignment > ~59% insider ow
Slide 17: Appendix A: Financial Summary - Period Ended March 31, 2026
PYAIS TANKERS NASDAQ: PAS | Pypstankers.com APPENDIX A FINANCIAL SUMMARY -— PERIOD ENDED MARCH 31, 2026
Slide 18: Unaudited Consolidated Income Statement
UNAUDITED CONSOLIDATED INCOME STATEMENT MONTHS ENDED March 31, 2025 & 2026 (UNAUDITED) Expenses: Voyage related costs and commissions, net Vessel operating expenses General and administrative expenses Management fees, related parties Management fees, other Amortization of special survey costs Deprec
Slide 19: Financial Performance
FINANCIAL PERFORMANCE PXS PYNIS TANKERS QI 2026 vs QI 2025 - Earnings inflection driven by dry-bulk surge and cost discipline Revenues, net TCE Revenues MR Daily TCE Dry-Bulk Dally TCE Vessel Opex / day Operating Income Net Income to PXS EPS (Basic & Diluted) Adjusted EBITDA Fleet Utilization $9,605
Slide 20: Capitalization as of March 31, 2026
CAPITALIZATION AS OF MARCH 31, 2026 (Amounts in thousands of U.S. dollars) Current portion of long-term debt Long-term debt, net of current portion Total long-term debt 7% Series 8 Preferred Stock Common stock Additional paid-in capital Accumulated deficit Total equity attributable to Pyxis Tankers
Slide 21: Appendix B: Market Overview
APPENDIX B MARKET OVERVIEW
Slide 22: Product Tanker Overview
PRODUCT TANKER OVERVIEW PXS S| Pyista Supportive chartering conditions driven by trade dislocation and geopolitical disruption Q1 202 $16,727 Estimated Pyxis MR tankers Cash Breakeven Near-Term Market Drivers > Recent Middle East disruptions have increased voyage uncertainty, vessel delays and ton-m
Slide 23: Dry Bulk Market Overview
Dry BULK MARKET OVERVIEW PXS Strong dry bulk recovery driven by iron ore strength, geopolitical rerouting and ton-mile expansion Dry Bulk Charter Rates ($k/day) 24.0 Jamax / Ultr 20.0 9a)e 3 2.2026 QID 16.0 11.8122 Spot Panamax/Uliramax TC! 12.0 7 9.4104 8.0 $12,655 Estimated Pyxis dry bulk vessels
Slide 24: Ship Prices
4 SHIP PRICES PXS Improved profitability and solid outlook have pushed vessel values and NAVs higher MR Product Tanker Vessel Prices ($m) 60 sy 7 Jun-26 1026 4Q25 1025 a7 SOF al 0 2 43 20% 510 500 4909.5 40 = r z x r 30 610570 530-500 22 ee 510 470 4301.0 10 5% 125225325425 QIN 2H mmm 5-yrold MR val
Slide 25: Exhibit I | Definitions
EXHIBIT I | DEFINITIONS PXS Daily fime charter equivalent ("TCE") rate is a standard shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. TCE is not calculated in accordance with US GAAP. We uflize TCE because we believe its a meaningful m