Navios Maritime Partners Lp · NYSE:NMM
Navios Maritime Partners Lp — Q2 2026 Earnings Presentation
30 slides from Navios Maritime Partners Lp's earnings presentation, Aug 20, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
Navios Maritime Partners L.P. (NYSE:NMM) Second Quarter 2026 Earnings Presentation August 20, 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: 176-Vessel Fleet
176-Vessel Fleet 176 Vessels 17.1m DWT 283k TEU 8.7 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 66 Vessels 50 Vessels 60 Vessels 9.0m DWT 282,513 TEU 8.1m 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 $7.3bn value (in the water fleet) Low leverage owning, operating and chartering dry bulk, container, and tanker vessels to traders and
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: Fleet Strategy
Fleet Strategy Fleet strategy 2026 YTD | Segment-specific repositioning Outcome Tankers — Capitalizing on rate spikes and asset price dislocations ▪ Sold two VLCCs (average 16-years) for $136.5m — ~18% above prior historical peak value Contracted revenue ▪ Acquired and chartered-out seven newbuildin
Slide 7: Recent Developments
Recent Developments Financial performance Q2 2026 | Earnings stability Debt & financing Q2 2026 | Mitigate risk, maximum flexibility $410.2m $275.2m 27.9% 50% Revenue EBITDA Net LTV(1) — conservative entry into of total debt(2) ($1.3bn) carry no LTV volatile macro environment covenants $167.9m $5.78
Slide 8: New $200m Common Unit Repurchase Program
New $200m Common Unit Repurchase Program Compounding value for unitholders $200m $170 New common unit repurchase program — 2x the size Estimated current NAV per unit(1) — up 90% since of the current program Q4 2021 Common units outstanding (m) Analysts’ estimated NAV per unit ($)(4) 30.2 170.4 143.2
Slide 9: 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 907 4,437 3,618 3,752 ◼ Changing trade patterns 3,370 3,262 817 798 ◼ Conflicts 757 745 ◼ Port fees ◼ New opportun
Slide 10: Operating Cash Flow H2 2026E
Operating Cash Flow H2 2026E $151.2m contracted revenue in excess of cash operating cost 6,250 open/index days Cash operating cost comparison with contracted revenue ($m) Analysis of available and open/index days (# of days) 27,290 6,250 +151.2 591.2 873 7,632 27,290 Available days 440.0 8,176 Fixed
Slide 11: $4.4bn Contracted Revenue
$4.4bn Contracted Revenue Contracted revenue update Contracted revenue by segment, $bn Broad exposure to credit quality counterparties Q2 – Q3 2026 QTD Dry bulk $606.3m - 0.3 (6%) ▪ $438.7m from six tankers Containerships ➢ $428.2m(1) from five NB tankers: Tankers 2.0 (46%) • $36,755 net per day ave
Slide 12: Fleet Update
Fleet Update S&P Q2–Q3 2026 QTD Newbuilding program Fleet profile Acquisitions ■ $362m acquisition of three newbuilding 29 $2.5bn $1.8bn 176 vessels scrubber-fitted VLCCs ➢ Expected delivery in H2 2028 and 2029 Newbuilding Total Contracted revenue Full fleet $432m ■ $70m acquisition of one Japanese
Slide 13: Selected Segment Data
Selected Segment Data A diversified fleet with revenue visibility and measured market exposure Full fleet Average age Vessel value Contracted revenue 176 vessels 8.7 years $10.2bn $4.4bn across three segments 36% below industry average charter-free vessel value, full fleet(1) backlog through 2037 Dr
Slide 14: Earnings Highlights
Earnings Highlights Earnings highlights ($th) except per unit data, TCE, Opex, active Three Months Ended Three Months Ended Six Months Ended Six Months Ended vessels and days June 30, 2026(1) June 30, 2025(2) June 30, 2026(3) June 30, 2025(4) Revenue $410,166 $327,558 $767,173 $631,670 EBITDA(5) $27
Slide 15: Balance Sheet
Balance Sheet June 30, 2026 December 31, 2025 ($th) (unaudited) (unaudited) Cash & cash equivalents(1) 469,293 413,452 Other current assets 133,034 98,600 Vessels, net 4,575,031 4,389,868 Other non-current assets 1,086,775 1,027,066 Total Assets 6,264,133 5,928,986 Other current liabilities 177,226
Slide 16: Debt Highlights
Debt Highlights Debt update Key metrics (as of June 30, 2026) ◼ $1.9bn aggregate value of debt-free vessels Diversified interest rate exposure, $m Debt and bareboat liabilities(1) per type, $m ➢ 55 debt-free vessels • $1.2bn from 36 unencumbered vessels 2,515 1,092 • $0.7bn from 19 vessels under unu
Slide 17: Industry Overview
Industry Overview
Slide 18: Strait of Hormuz impact: 20 mb/d of oil & 98 m Mt of LNG
Strait of Hormuz impact: 20 mb/d of oil & 98 m Mt of LNG disrupted 20mb/d 98m MT Oil Price Oil exports exposed LNG exports exposed $84 → $72 → $91 ~20% of global oil trade ~20% of global LNG supply routed via Hormuz Brent: Jun avg → early-Jul low → current 14 mb/d from alternative sources 12.8 mtpa
Slide 19: Dry Bulk Industry Overview
Dry Bulk Industry Overview
Slide 20: 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 +1.5% year-on-year increase. +4% CAGR 25,000 ◼ Dry bulk demand driven by worldwide 20,000 economic growth.
Slide 21: 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 260 249 tons of annual production and exports 250 200 240 capacity. The proj
Slide 22: Tanker Industry Overview
Tanker Industry Overview
Slide 23: 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) 70 Orderbook 20+ yrs 15+ yrs Million DWT 60 Deliveries Turning 20yrs Tu
Slide 24: Sanctions Update
Sanctions Update Sanctioned vessels: 15.3% of the total fleet Share of total fleet: 18% 17% 26% 14% 8% 11% 15% 47 149 65 # of vessels 328 875 120 166 VLCC Suezmax Aframax Panamax MR2 MR1 Total Sanctioned Fleet ◼ Sanctions exposure is concentrated in the crude tanker market: ➢ 26% of the global Afram
Slide 25: Container Industry Overview
Container Industry Overview
Slide 26: Container Market
Container Market Significant large size ordering Supply growth by segment Trade growth by trade lane Age problem for small sizes NMM 20% 17.5% 10% TEU Vessels 18% 9.0% <3,000 50% 9% 2025 7% 3x 16% 14.8% 2025 2026 2027 8% 3-5,999 59% 14% 2026 11% 30x 7% 12% 2027 52% 11x 10.2% 6% 6-7,999 6% 10% 8.8% 4
Slide 27: Appendix
Appendix
Slide 28: Diversification in Action
Diversification in Action Countering Segment Specific Volatility Vessel values(1) volatility per segment, $m Diversification mitigates 7% individual segment volatility 6,861 158 10 299 7,328 +7% 0% +13% Dry bulk vessels : +7% Containerships : 0% Tankers : +13% Vessel values Dry bulk Containerships T
Slide 29: 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 30: www.navios-mlp.com
www.navios-mlp.com 20
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