Kirby Corporation · NYSE:KEX
Kirby — Investor Presentation (March 2026)
52 slides from Kirby's investor presentation, March 2026
Slide 1: Kirby Corporation Investor Presentation
Kirby Corporation Investor Presentation November 2025 March 2026
Slide 2: Forward Looking Statements and Non-GAAP Financial Measures
Forward Looking Statements Non-GAAP Financial Measures Statements contained in this presentation 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 uncertaint
Slide 3: Connecting Markets & Powering Industry
Connecting Markets & Powering Industry
Slide 4: KEX Overview
The premier and largest inland and coastwise tank barge fleets in the United States specializing in the safe and efficient transport of critical energy KEX Overview and petrochemical products Nationwide provider of power generation equipment across diversified industries and leader in industrial dis
Slide 5: KEX Public Market Information
NYSE: KEX Share Price KEX Public $124.21 on March 12, 2026 Market Share Outstanding 53.8MM as of December 31, 2025 Information Market Capitalization $6,682MM Net Debt1 $841MM as of December 31, 2025 Enterprise Value $7,523MM 5 KEX Overview 1Net debt = Total debt less cash and cash equivalents
Slide 6: Driving Energy Solutions & Powering Domestic Supply Chains
KEX Overview Driving Energy Solutions & Powering Domestic Supply Chains Marine Transportation Distribution and Services The premier and largest inland and coastwise Nationwide service provider and distributor of tank barge fleets in the United States specializing electrical power generation equipmen
Slide 7: Why Invest in Kirby?
Why Invest in Kirby? ▪ Proven track record of success over the long- term ▪ Two strong franchises – Marine Transportation – Distribution and Services ▪ Purpose-built management team with decades of relevant experience in both core businesses ▪ Disciplined financial management – Investment-grade bala
Slide 8: Strong Emphasis on Safety
Safety is the first and foremost concern in everything we do All levels of supervision have safe work responsibility The Board of Directors review safety performance of the organization Strong Emphasis on Safety ▪ Investing in safe operations is good for morale and benefits financial performance ▪ N
Slide 9: Financial Highlights
Financial Highlights
Slide 10: FY 2025 Financial Highlights
FY 2025 Financial Highlights ($mm except earnings per share) 2025 2024 Variance % Revenues $3,364.1 $3,265.9 $98.2 3% Adjusted EBITDA1 781.0 708.3 72.7 10% Free Cash Flow2 405.7 413.8 (8.1) (2)% Operating income3 496.3 455.4 40.9 9% Net earnings attributable to Kirby3 354.6 318.8 35.8 11% Earnings p
Slide 11: Long-Term Track Record of Revenue Expansion
Long-Term Track Record of Revenue Expansion $3,364 $3,266 $3,092 $2,971 $2,838 $2,785 $2,566 $2,242 $2,247 $2,214 $2,171 $2,113 $2,148 $1,850 $ Millions $1,771 $1,360 $1,173 $1,110 $1,082 $984 $796 $675 Financial Tank Barge Industry Overbuilding COVID-19 Crisis (2011 – 2015) Pandemic ---------------
Slide 12: Sustained Growth in Earnings Per Share
Sustained Growth in Earnings Per Share Earnings Per Share, Excluding One-Time Items1 $6.33 $5.46 $4.93 $4.44 $4.11 $3.73 $3.72 $3.35 $2.91 $2.86 $2.90 $2.62 $2.29 $2.34 $2.15 $2.10 $1.99 $1.79 $1.84 $1.33 $0.98 $0.56 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 202
Slide 13: Strong Adjusted EBITDA Growth Over the Long Term
Strong Adjusted EBITDA Growth Over the Long Term $781 $708 $643 $598 $571 $557 $507 $ Millions $471 $465 $436 $445 $402 $411 $360 $360 $301 $309 $295 $306 $234 $181 $148 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Financial Tank Barge
Slide 14: Proven Free Cash Flow Resilience Across Market Cycles
Proven Free Cash Flow Resilience Across Market Cycles 34th consecutive period of positive free cash flow generation and our 2nd consecutive year of more than $400 million of free cash flow Operating Cash Flow Capital Expenditures (ex-acquisitions) $757 $575-$675 $670 $601 $540 $524 $512 $ Millions $
Slide 15: Marine Transportation
Marine Transportation
Slide 16: Waterways are a Crucial Link between U.S. and Global Trade
Waterways are a Crucial Link between U.S. and Global Trade Kirby operates on 12,000 miles of navigable U.S. waterways St. Paul Sioux City Mississippi River Pittsburgh System Chicago Gulf Cincinnati Intracoastal Waterway St. Louis US Coasts Charleston Tulsa St. Marks Houston New Orleans Corpus Christ
Slide 17: Industry Leader Well Positioned for Continued Growth
Industry Leader Well Positioned for Continued Growth ▪ The U.S. barge industry serves the inland waterways and U.S. coastal ports ▪ Kirby is principally in the liquid cargo transportation business - Inland share (barge count): 28%1 - Coastal share (capacity): 16%1,2 ▪ Protected domestic market under
Slide 18: Marine Transportation Demand Drivers
Marine Transportation Demand Drivers Inland & Offshore Demand Drivers Products: Benzene, Styrene, Methanol, Naphtha, Acrylonitrile, Xylene, Caustic Soda, Revenue by Product1 Butadiene, Propylene Drivers: 30% Consumer Durables | 70% Consumer Non-Durables 46% 3% Agricultural 23% Petrochemicals Product
Slide 19: Diverse Portfolio of Inland Barge Cargoes
Diverse Portfolio of Inland Barge Cargoes Black Oil Pressurized Petrochemicals Refined Products Agriculture Product list: Product list: Product list: Product list: Product list: ▪ Crude Oil ▪ LPG ▪ Methanol ▪ Kerosene/Jet Fuel ▪ Ammonia ▪ Asphalt ▪ Propane ▪ Ethanol ▪ Gasoline ▪ Ammonium ▪ Fuel Oil
Slide 20: Disciplined, Opportunistic Marine Acquisitions Driving Long-Term Value
Disciplined, Opportunistic Marine Acquisitions Driving Long-Term Value Through disciplined acquisitions and organic investment over time, Kirby has built the nation’s premier tank barge company with a modern and efficient fleet. Acquired and integrated ~1,581 tank barges Tank Tank Date Description D
Slide 21: Inland Market
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Slide 22: Limited New Barge Construction Continues to Support Market Fundamentals
Limited New Barge Construction Continues to Support Market Fundamentals 4,100 4,004 3,900 3,700 2% 3,500 Number of inland tank barges CAGR over last 20 years 3,300 0% 3,100 2,900 CAGR over 2,700 last 5 years 2,500 2,300 2,100 Kirby expects no material new barge construction in 2026 due to historical
Slide 23: Flexible Fleet Size Keeps Utilization High
Flexible Fleet Size Keeps Utilization High Better asset utilization through scale advantages Tank Barge Fleet Towboat Fleet ▪ Large fleet facilitates better asset utilization ▪ Operating 266 towboats - More backhaul opportunities ▪ Chartered towboats used to flex - Faster barge turnarounds horsepowe
Slide 24: Kirby Inland Fleet by Barge Type
Kirby Inland Fleet by Barge Type Petrochemicals / Refined Products 851 - High-capacity pumps; Specialty coated tanks 157 Black Oil & Bunkering - Self-contained heating systems Pressure 87 - Pressurized tanks Anhydrous Ammonia 10 - Refrigeration tanks Note: Barge counts as of December 31, 2025 24 Inl
Slide 25: Inland Barge Fleet by Operator
Inland Barge Fleet by Operator Tank Barges Operated Kirby Corporation 1,105 American Commercial Lines LLC. 384 Canal Barge Company 364 MPLX (“Hardin St. Marine”) 319 Ingram Barge Company 286 Southern Towing / Devall Barge Line 213 Florida Marine 204 Blessey Marine Services 172 Enterprise Products Pa
Slide 26: Growth and Asset Replacement Strategy Based on Counter Cyclical Acquisitions
Kirby’s Growth and Asset Replacement Strategy Based on Counter Cyclical Acquisitions Kirby is focused on growth while modernizing and reducing the average age of its inland barge fleet through asset acquisitions vs. newbuilds Kirby’s Inland Barge Fleet Over Time vs. Industry Number of Barges 4,000 K
Slide 27: Inland Barge Utilization and Margins Improving From Cycle Lows
Inland Barge Utilization and Margins Improving From Cycle Lows Margins historically lag barge utilization through the cycle, but have started to improve Utilization % Margin % Barge Utilization (left) EBITDA Margin (right) Operating Margin (right) 96 36 94 32 92 90 28 88 86 24 84 82 20 80 78 16 76 1
Slide 28: Kirby Inland Marine Differentiators
Kirby Inland Marine Differentiators ▪ Strong safety culture ▪ High quality customer portfolio ▪ Deeply integrated in the supply chain of many blue- chip customers – Integration of customer-owned fleets including Lyondell, Dow, and SeaRiver ▪ Effective horsepower management ▪ Largest tank barge fleet
Slide 29: Coastal Market
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Slide 30: Coastal Tank Barge Fleet by Operator
Coastal Tank Barge Fleet by Operator Kirby is the second largest coastal tank barge operator by barrel capacity 5,000 100 4,500 90 75kbbls to 195kbbls <75kbbls >195kbbls Total Capacity 4,000 80 3,500 70 Estimated Barrel Capacity (mm) Coastal Barge Count 3,000 1 60 2,500 50 2,000 40 66 44 1,500 30 5
Slide 31: Coastal Tank Barge Age Profile
Coastal Tank Barge Age Profile Number of barges by age and category 67 49 75kbbls to 195kbbls <75kbbls >195kbbls The average age of the nation’s coastal 28 tank barge fleet is ~17 years, but 22 25 barges are 25+ years old and candidates 21 for retirement in the coming years 19 11 8 8 6 6 3 4 1 1 1 1
Slide 32: Kirby Coastal Marine Differentiators
Kirby Coastal Marine Differentiators ▪ Inland company key relationships – Working for blue chip refinery customers ▪ Younger, more efficient fleet ▪ Focus on transporting black oil and chemicals ▪ Kirby Ocean Transport – Long term contracts with 40-year relationship ▪ Counter cyclical investment app
Slide 33: Marine Transportation – 2026 Outlook
Marine Transportation – 2026 Outlook Stable outlook supported by favorable supply dynamics and improving demand fundamentals ▪ Inland – Constructive market environment due to limited new build activity – Barge utilization expected to be in the low 90% range – Lower maintenance year-over-year coupled
Slide 34: Distribution & Services
Distribution & Services
Slide 35: Distribution & Services is Diversified Across Multiple Industries
Distribution & Services is Diversified Across Multiple Industries Customer Industry Base Power Generation - Oil & Gas - Distribution, Commercial & Industrial - Distribution, services, services and manufactured Distribution, services and manufactured and packaged equipment packaged equipment 40%* of
Slide 36: Kirby is a Leader in Power Generation and Industrial Distribution
Kirby is a Leader in Power Generation and Industrial Distribution Kirby D&S is one of the largest single distributors in the world for some of our OEM partners. Distributorships provide unique and exclusive OEM representation rights in assigned areas of responsibility Power Generation O&G Marine(C)
Slide 37: Kirby is a Leading Provider of Power Generation Units Across Industries
Kirby is a Leading Provider of Power Generation Units Across Industries ▪ Designs and manufactures power generation ▪ Key markets include: systems for prime “behind the meter”, ‒ Data centers emergency, standby, and auxiliary power ‒ Nuclear power industry ▪ Provides service and parts to nuclear pow
Slide 38: Power Generation Technology
Power Generation Technology Kirby manufactures power generation equipment that is creating opportunities in new commercial and industrial markets Natural Gas Generator Systems Mobile Power Distribution Systems ▪ High Output (17.9MW turbine and 4MW recip) with the ▪ Enables highly scalable power plan
Slide 39: Commercial & Industrial
Commercial & Industrial Kirby is a leading distribution and services provider to key markets Marine On-Highway ▪ Major service & OEM new product and replacement ▪ Distributes, sells parts, and services diesel engines and parts provider for diesel engines, transmissions, and transmissions ancillary p
Slide 40: Oil & Gas
Oil & Gas Kirby is one of the largest providers of equipment, service and parts to the oilfield Manufacturing Distribution ▪ Designs and manufactures a wide array of specialized ▪ Heavy duty cycle associated with fracturing leads to the need for equipment for hydraulic fracturing, acidizing, cementi
Slide 41: Strategic Expansion of Kirby's Distribution & Services Business
Strategic Expansion of Kirby’s Distribution & Services Business Kirby’s distribution and services business is one of the nation’s leading service providers and distributors of electrical power generation equipment, engines, transmissions, parts, industrial equipment, and oilfield service equipment A
Slide 42: Distribution & Services – 2026 Outlook
Distribution & Services – 2026 Outlook Strong growth in power generation driving overall results ▪ Power Generation – Solid growth supported by a strong order pipeline, an expanding backlog, and increasing customer emphasis on reliable prime- and backup-power solutions – Uneven equipment delivery sc
Slide 43: Appendix
Appendix
Slide 44: Focused on Maintaining a Strong and Flexible Financial Position
Focused on Maintaining a Strong and Flexible Financial Position Year-End Leverage Ratios 45% 4.5x Debt /Adjusted EBITDA Debt to Capitalization 40% 40% 4.0x 35% 3.5x 32% 31% 29% 29% 30% 27% 3.0x Debt / Adjusted EBITDA Debt to Capitalization 24% 24% 25% 23% 2.5x 21% 21% 20% 4.0x 3.9x 2.0x 15% 3.0x 1.5
Slide 45: Investment Grade Balance Sheet with Well-Managed Debt Maturities
Investment Grade Balance Sheet with Well-Managed Debt Maturities Investment Grade Ratings $542 million of total liquidity as of Standard & Poor’s: BBB+ / Stable December 31, 2025 Moody’s: Baa2 / Stable $79 million of Cash and Cash Equivalents $500 million Revolving Credit Facility $300 million 3.50%
Slide 46: Marine Transportation Safety
Marine Transportation Safety A Good News Story For Safety and the Environment Barges: Most Fuel Barges: Lower CO2 Barges: Fewer Spills Efficient Emissions ▪ Inland waterways transportation is ▪ A rail car is 30% less efficient ▪ To move an identical amount of safest relative to Rail and Truck. than
Slide 47: Sustainability Highlights
Sustainability Highlights 99.95% Marine Transportation Safety 2,000+ SAFE WATCHES with Reduced Lowest Marine Training NO HARM Injury Rate by Recordable Certificates more than Injury Rate in ISSUED 30% Y-O-Y Kirby History In 2025 40% Reduction Started construction Company–wide on a TARGET OF human ri
Slide 48: Kirby Distribution Services Locations
Kirby Distribution Services Locations 48 Appendix KDS locations updated 10/23/2025
Slide 49: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Kirby reports its financial results in accordance with generally accepted accounting principles (GAAP). However, Kirby believes that certain non-GAAP financial measures are useful in managing Kirby’s businesses and evaluating Kirby’s performance.
Slide 50: Reconciliation of GAAP Net Earnings to Non-GAAP Adjusted EBITDA
Reconciliation of GAAP Net Earnings to Non-GAAP Adjusted EBITDA KIRBY CORPORATION Reconciliation of GAAP Net Earnings Attributable to Kirby to Non-GAAP Adjusted EBITDA 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 ($ in millions) Net earnings (loss) attributable to Kirby $ 354.6 $ 286.
Slide 51: Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items
Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items KIRBY CORPORATION Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items (unaudited, $ in millions except per share amounts) Q4 2025 Full Year 2025 Full Year 2024 Full Year 2023 Net Diluted Net Dil
Slide 52: Marine Transportation Performance Measures
Marine Transportation Performance Measures KIRBY CORPORATION MARINE TRANSPORTATION PERFORMANCE MEASUREMENTS 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 1Q 2Q 3Q 4Q YTD 1Q 2Q 3Q 4Q Total Total Total Year Year Year Year Year Year Year Year Inland Performance Measurements: Ton miles (in