Navios Maritime Partners Lp · NYSE:NMM
Navios Maritime Partners Lp — Q1 2026 Earnings Presentation
32 slides from Navios Maritime Partners Lp's earnings presentation, May 21, 2026
Slide 1: First Quarter 2026 Earnings Presentation
Navios Maritime Partners L.P. (NYSE:NMM) First Quarter 2026 Earnings Presentation May 21, 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: 173-Vessel Fleet
173-Vessel Fleet 173 Vessels 15.9m DWT 287k TEU 9.1 yrs vs industry 13.7 yrs Full fleet Dry bulk & Tankers Containerships Average age Across 3 segments / 15 asset classes DWT-weighted, full fleet Dry bulk Containerships Tankers 65 Vessels 51 Vessels 57 Vessels 8.8m DWT 287,243 TEU 7.1m DWT 11.6 yrs
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 $7.0 billion value (in the water fleet) Low leverage owning, operating and chartering dry bulk, container, and tanker vessels to trader
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: Capitalizing on Volatility
Capitalizing on Volatility Disciplined action in uncertain environments ▪ Business model provides significant optionality Outcome ▪ During a turbulent period with unstable geopolitical situation and volatile markets, NMM - ➢ Monetized assets at historic premiums Increase to VLCC ➢ Captured premium c
Slide 7: Fleet Strategy
Fleet Strategy Fleet strategy | Segment-specific repositioning Outcome Tankers — Capitalizing on rate spikes and asset price dislocations ▪ Sold two aged VLCCs(1) (average 16-years) for $136.5m — ~18% above prior Contracted revenue historical peak value $4.1bn – record high ▪ Acquired and chartered-
Slide 8: Selected Segment Data
Selected Segment Data A diversified fleet with revenue visibility and measured market exposure Full fleet Average age Vessel value Contracted revenue 173 vessels 9.1 years $9.7bn $4.1bn across three segments 34% below industry average charter-free vessel value, full fleet(1) backlog through 2037 Dry
Slide 9: Recent Developments
Recent Developments Risk management + displayed action = capitalizing on opportunities Financial performance Q1 2026 | Earnings stability Debt & financing | Mitigate risk, maximum flexibility $357.0 million $212.7 million 28.3% 51% Revenue EBITDA Net LTV (Q1 2026)(1) — conservative of total debt(2)
Slide 10: Returning Capital
Returning Capital $49 million capital returned to unitholders in Q1 2026 LTM $100 million common unit repurchase program $6 million distributions in Q1 2026 LTM $43 million common units 5.8% of units outstanding(2) $5.8 per unit accretion from repurchased in Q1 2026 LTM repurchased units repurchased
Slide 11: Executing in a Dynamic Environment
Executing in a Dynamic Environment Assessing risks and uncertainties Creating revenue stability Maintaining contracted revenue EBITDA, $m Contracted revenue, $m ◼ Mercantilism ◼ Tariffs 817 810 4,079 798 3,618 3,752 3,370 3,262 ◼ Changing trade patterns 757 745 ◼ Conflicts ◼ Port fees ◼ New opportun
Slide 12: Operating Cash Flow
Operating Cash Flow 9M 2026E : $179.2 million contracted revenue in excess of cash operating cost 9M 2026E : 10,838 open/index days 9M 2026E cash operating cost comparison with contracted revenue ($m) 9M 2026E analysis of available and open/index days (# of days) 40,609 +179.2 829.4 11,263 40,609 Av
Slide 13: $4.1 Billion Contracted Revenue
$4.1 Billion Contracted Revenue Contracted Revenue Update Contracted revenue by segment, $bn Broad exposure to credit quality counterparties Q1 – Q2 2026 QTD Dry bulk $548.7 million - 0.3 ▪ $483.5 million from eight tankers (7%) ➢ $357.4 million from four NB VLCCs Tankers 1.7 for the firm period (41
Slide 14: Fleet Update 2026 YTD
Fleet Update 2026 YTD S&P Newbuilding program Fleet profile Acquisitions ■ $482.0 million acquisition of four newbuilding 26 $2.1bn $1.5bn 173 vessels scrubber-fitted VLCCs ➢ Expected delivery in H2 2028 Newbuilding Total Contracted revenue Full fleet $616.3m ■ $134.3 million acquisition of two Japa
Slide 15: Earnings Highlights
Earnings Highlights Earnings highlights Three Months Ended Three Months Ended ($th) except per unit data, TCE, Opex, active vessels and days March 31, 2026(1) March 31, 2025(2) Revenue $357,007 $304,112 EBITDA(3) $212,696 $147,608 Adjusted EBITDA(3) $204,112 $153,538 Net income $106,344 $41,727 Adju
Slide 16: Balance Sheet
Balance Sheet March 31, 2026 December 31, 2025 ($th) (unaudited) (unaudited) Cash & cash equivalents(1) 421,190 413,452 Other current assets 111,870 98,600 Vessels, net 4,454,147 4,389,868 Other non-current assets 1,020,179 1,027,066 Total Assets 6,007,386 5,928,986 Other current liabilities 163,946
Slide 17: Debt Highlights
Debt Highlights Debt update Key metrics (as of March 31, 2026) ◼ $1.9 billion aggregate value of debt-free vessels Diversified interest rate exposure, $m Debt and bareboat liabilities(1) per type, $m ➢ 55 debt-free vessels • $1.3 billion from 38 unencumbered vessels 2,412 • $0.6 billion from 17 vess
Slide 18: Industry Overview
Industry Overview
Slide 19: Strait of Hormuz: Strategic Context & Market Exposure
Strait of Hormuz: Strategic Context & Market Exposure Hormuz closure creates a major energy and shipping shock, but rerouted oil flows and spare infrastructure partly reduce the shortfall. 20 mb/d 98m MT 109 3,207 6.0 mb/d Oil exports exposed LNG exports exposed Crude tankers trapped Vessels in regi
Slide 20: Middle East Crisis — Segment Impact & Navios Positioning
Middle East Crisis — Segment Impact & Navios Positioning Direct regional exposure is limited. Navios' charter structure and fleet mix position the company to benefit from disruption rather than absorb it KEY TAKEAWAYS Limited direct exposure Rate and volume upside in tankers & dry bulk Contracted ca
Slide 21: Dry Bulk Industry Overview
Dry Bulk Industry Overview
Slide 22: Dry Bulk Fundamentals
Dry Bulk Fundamentals Global seaborne dry bulk trade Key insights Bn ton miles ◼ Global seaborne dry bulk trade reached a 35,000 record high of 5.9 billion metric tons in 2025, 30,000 marking a +1.2% year-on-year increase. +4% CAGR 25,000 ◼ Dry bulk demand driven by worldwide 20,000 economic growth.
Slide 23: 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, starting up in 2025, will add a total of 120 million 250 249 tons of annual production and exports 240 200 capacity. Full volumes
Slide 24: Tanker Industry Overview
Tanker Industry Overview
Slide 25: 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) 60 Orderbook 20+ yrs 15+ yrs Million DWT Deliveries Turning 20yrs Turni
Slide 26: Sanctions Update
Sanctions Update Sanctioned vessels: 15% of the total fleet Share of total fleet: 17% 17% 26% 13% 8% 12% 15% 51 141 61 # of vessels 324 855 118 160 VLCC Suezmax Aframax Panamax MR2 MR1 Total Sanctioned Fleet ◼ Sanctioned vessels grew substantially to 855 vessels, equivalent to ~15% of the total tank
Slide 27: Container Industry Overview
Container Industry Overview
Slide 28: Container Market
Container Market Significant ordering activity in Supply growth by segment Trade growth by trade lane larger sizes 20% 10% TEU NMM Vessels 9.0% 17.5% 18% 9% 2025 <3,000 6% 3x 16% 8% 2025 2026 3-5,999 9% 31x 14% 2026 7% 11x 12% 2027 6% 6-7,999 4% 6x 10% NMM presence 5% 4.6% 8.1% 4.0% 8-11,999 19% 8%
Slide 29: Appendix
Appendix
Slide 30: Diversification in Action
Diversification in Action Countering Segment Specific Volatility Vessel values(1) volatility per segment, $m Diversification mitigates 5% individual segment volatility 6,708 106 9 210 7,033 +5% 0% +9% Dry bulk vessels : +5% Containerships : 0% Tankers : +9% Vessel values Dry bulk Containerships Tank
Slide 31: 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 32: www.navios-mlp.com
www.navios-mlp.com 20
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