Slide 1: 2Q 2026 Earnings Conference Call
2Q 2026 Earnings Conference Call July 29, 2026
Slide 2: Disclosures
Disclosures Forward Looking Statements Statements contained in this conference call 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 uncertainties. Actual r
Slide 3: 2Q 2026 Overview
2Q 2026 Overview Financial Summary $ millions except earnings (loss) per share 2Q 2026 2Q 2025 Variance % 1Q 2026 Variance % Revenues $ 922.4 $ 855.5 $ 66.9 8% $ 844.1 $ 78.3 9% Operating income 122.4 131.8 (9.4) (7%) 107.7 14.7 14% Net earnings attributable to Kirby 89.7 94.3 (4.6) (5%) 81.2 8.5 11
Slide 4: Marine Transportation – 2Q 2026 Overview
Marine Transportation – 2Q 2026 Overview Marine transportation fundamentals strengthened during the quarter, despite fuel cost headwinds Inland ▪ Market conditions improved as the quarter progressed with an average barge utilization in the low-90% range ▪ Spot market rates improved sequentially in t
Slide 5: Distribution & Services – 2Q 2026 Overview
Distribution & Services – 2Q 2026 Overview Continued growth in power generation and strong commercial and industrial activity Power Generation ▪ Revenues increased 8% year-over-year fueled by robust sales from data center and industrial customers ▪ Continued growth in backlog supported primarily by
Slide 6: Marine Transportation - 2Q 2026 Financial Summary
Marine Transportation - 2Q 2026 Financial Summary $ millions 2Q 2026 2Q 2025 Variance % 1Q 2026 Variance % Revenue $ 537.0 $ 492.6 $ 44.4 9% $ 497.2 $ 39.8 8% Operating income 87.8 99.1 (11.3) (11%) 89.7 (1.9) (2%) Operating margin 16.4% 20.1% (3.7%) 18.0% (1.6%) Inland Coastal Y/Y % Q/Q % Y/Y % Q/Q
Slide 7: Barge Construction and Retirements
Barge Construction and Retirements 2Q 2026 Update and FY 2026 Outlook Inland 2Q 2026 FY 2026* (barrels in millions) Barges Barrels Barges Barrels Beginning of period 1,124 25.1 1,105 24.5 Additions: Reactivations/new builds/acquisitions 13 0.2 36 0.9 Reductions: Retirements (3) (0.1) (5) (0.1) End o
Slide 8: Distribution & Services - 2Q 2026 Financial Summary
Distribution & Services - 2Q 2026 Financial Summary 2Q 2026 Revenue $ millions 2Q 2026 2Q 2025 Variance % 1Q 2026 Variance % Oil & Revenue $ 385.4 $ 362.9 $ 22.5 6% $ 346.9 $ 38.5 11% Gas 10% Operating income 38.2 35.4 2.8 8% 23.3 14.9 63% Power Generation Operating margin 9.9% 9.8% 0.1% 6.7% 3.2% 4
Slide 9: Financial Highlights
Financial Highlights As of June 30, 2026 Total Cash and Available Debt Cash Equivalents Liquidity $1.0B $39M $566M ▪ 2Q 2026 Results – EPS: $1.67 / share – Net cash provided by operating activities: $72.2 million – Capital expenditures: $71.5 million – Free cash flow (non-GAAP): $0.7 million – Repur
Slide 10: Marine Transportation – 2026 Outlook
Marine Transportation – 2026 Outlook Positive outlook supported by favorable supply dynamics and improving demand fundamentals ▪ Inland – Constructive market dynamics driven by strong customer demand and limited newbuild activity – Barge utilization anticipated to be in the low-90% range – Full year
Slide 11: Distribution & Services – 2026 Outlook
Distribution & Services – 2026 Outlook Strong demand in power generation and marine repair to drive segment results ▪ Power Generation – Solid growth supported by a strong order pipeline, an expanding backlog, and increasing customer emphasis on behind-the-meter and backup power solutions – Timing o
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