Slide 1: 1Q 2026 Earnings Conference Call
1Q 2026 Earnings Conference Call April 30, 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: 1Q 2026 Overview
1Q 2026 Overview Financial Summary $ millions except earnings (loss) per share 1Q 2026 1Q 2025 Variance % 4Q 2025 Variance % Revenues $ 844.1 $ 785.7 $ 58.4 7% $ 851.8 $ (7.7) (1%) Operating income 107.7 105.5 2.2 2% 129.7 (22.0) (17%) Net earnings attributable to Kirby 81.2 76.0 5.2 7% 91.8 (10.6)
Slide 4: Marine Transportation – 1Q 2026 Overview
Marine Transportation – 1Q 2026 Overview Market conditions improved sequentially despite seasonal headwinds Inland Market conditions improved as the quarter progressed with an average barge utilization for the quarter in the low-90% range Spot market rates improved sequentially in the low-single
Slide 5: Distribution & Services – 1Q 2026 Overview
Distribution & Services – 1Q 2026 Overview Mixed demand across end markets Power Generation Revenues increased 45% year-over-year fueled by robust sales from data center and industrial customers Continued growth in backlog supported primarily by behind-the-meter prime power solutions OEM-relat
Slide 6: Marine Transportation - 1Q 2026 Financial Summary
Marine Transportation - 1Q 2026 Financial Summary Inland Coastal Y/Y % Q/Q % Y/Y % Q/Q % Term increase 0%-2% 19%-21% Spot increase (4)%-(6)% 2%-4% NA NA Inland – Contributed 79% of marine transportation revenues with average barge utilization in the low-90% range – Term contracts represented ~65%
Slide 7: Barge Construction and Retirements
Barge Construction and Retirements 1Q 2026 Update and FY 2026 Outlook Inland 1Q 2026 FY 2026* (barrels in millions) Barges Barrels Barges Barrels Beginning of period 1,105 24.5 1,105 24.5 Additions: Reactivations/new builds/acquisitions 22 0.7 29 0.9 Reductions: Retirements (3) (0.1) (7) (0.2) End o
Slide 8: Distribution & Services - 1Q 2026 Financial Summary
Distribution & Services - 1Q 2026 Financial Summary 1Q 2026 Revenue $ millions 1Q 2026 1Q 2025 Variance % 4Q 2025 Variance % Oil & Revenue $ 346.9 $ 309.5 $ 37.4 12% $ 370.1 $ (23.2) (6%) Gas Operating income 23.3 22.6 0.7 3% 30.1 (6.8) (22%) 10% Power Operating margin 6.7% 7.3% (0.6%) 8.1% (1.4%) G
Slide 9: Financial Highlights
Financial Highlights As of March 31, 2026 Total Cash and Available Debt Cash Equivalents Liquidity $983M $58M $635M 1Q 2026 Results – EPS: $1.50 / share – Net cash provided by operating activities: $97.7 million – Capital expenditures: $48.3 million – Free cash flow (non-GAAP): $49.4 million – Rep
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 offset softness in oil and gas Power generation – Solid growth supported by a strong order pipeline, an expanding backlog, and increasing customer emphasis on behind-the-meter prime power and backup solut
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