Slide 1: 2Q 2025 Earnings Conference Call
2Q 2025 Earnings Conference Call July 31, 2025
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 2025 Overview
2Q 2025 Overview Financial Summary $ millions except earnings (loss) per share 2Q 2025 2Q 2024 Variance % 1Q 2025 Variance % Revenues $ 855.5 $ 824.4 $ 31.1 4% $ 785.7 $ 69.8 9% Operating income 131.8 120.5 11.3 9% 105.5 26.3 25% Net earnings attributable to Kirby 94.3 83.9 10.4 12% 76.0 18.3 24% Ea
Slide 4: Marine Transportation – 2Q Overview
Marine Transportation – 2Q Overview Steady market conditions but moderately impacted by navigational and lock delays Inland Healthy customer demand with disciplined execution Sustained pricing growth – Spot prices increased in the low single digits sequentially and in the mid single digits year-
Slide 5: Distribution & Services – 2Q Overview
Distribution & Services – 2Q Overview Solid performance across most of the end markets Power Generation 31% higher revenues year-over-year fueled by robust sales from data center and industrial customers Continued pace of orders with additional project wins for backup and critical power applicat
Slide 6: Marine Transportation
Marine Transportation 2Q 2025 Financial Summary $ millions 2Q 2025 2Q 2024 Variance % 1Q 2025 Variance % Revenue $ 492.6 $ 484.8 $ 7.8 2% $ 476.1 $ 16.5 3% Operating income 99.1 94.9 4.2 4% 86.6 12.5 14% Operating margin 20.1% 19.6% 0.5% 18.2% 1.9% Inland Coastal Y/Y % Q/Q % Y/Y % Q/Q % Term increas
Slide 7: Barge Construction and Retirements
Barge Construction and Retirements 2Q 2025 Update and FY 2025 Outlook Inland 2Q 2025 FY 2025(estimated) (barrels in millions) Barges Barrels Barges Barrels Beginning of period 1,111 24.6 1,094 24.2 Additions: Reactivations/new builds/acquisitions - - 21 0.5 Reductions: Retirements (2) (0.1) (5) (0.1
Slide 8: Distribution & Services
Distribution & Services 2Q 2025 Financial Summary 2025 Q2 Revenue Oil & $ millions 2Q 2025 2Q 2024 Variance % 1Q 2025 Variance % Gas Revenue $ 362.9 $ 339.6 $ 23.3 7% $ 309.5 $ 53.4 17% Power 13% Operating income 35.4 29.4 6.0 20% 22.6 12.8 57% Generation 39% Operating margin 9.8% 8.7% 1.1% 7.3% 2.5
Slide 9: Balance Sheet, Capital Expenditures, and Liquidity
Balance Sheet, Capital Expenditures, and Liquidity As of June 30, 2025 Total Cash and Available Debt Cash Equivalents Liquidity $1.1B $68M $332M 2Q 2025 Results – Net cash flow provided by operating activities: $94 million – Proceeds from retired asset sales: $11.6 million – Repurchased 331,900 sh
Slide 10: Marine Transportation – 2025 Outlook
Marine Transportation – 2025 Outlook Strong outlook with price increases offsetting inflation Inland – Constructive market dynamics due to limited new barge construction – Steady customer demand with barge utilization expected to be in the low 90% range in the third quarter – Some signs of price m
Slide 11: Distribution & Services – 2025 Outlook
Distribution & Services – 2025 Outlook Strength in power generation growth to offset softness in conventional oil and gas market Power generation – Strong sales and order growth from data center and backup power markets as demand remains robust – Extended lead times for certain OEM products could
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