Navigator Holdings Ltd. · NYSE:NVGS
Navigator — Q4 2025 Earnings Presentation
30 slides from Navigator's earnings presentation, Mar 12, 2026
Slide 1: NVGS Fourth Quarter 2025 Earnings Presentation
NVGS Fourth Quarter 2025 Earnings Presentation March 12, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains certain statements that may be deemed to be “forward- looking statements” within the meaning of applicable federal securities laws. Most forward-looking statements contain words that identify them as forward-looking, such as “may”, “plan”, “seek”
Slide 3: Contents
Contents ▪ Highlights ▪ Financial Update ▪ Commercial Update ▪ Recent Developments ▪ Q&A ▪ Appendices
Slide 4: 4Q 2025 Highlights – Steady Finish To A Dynamic Year; 2026 Looking Better
4Q 2025 Highlights – Steady Finish To A Dynamic Year; 2026 Looking Better Financial Commercial Outlook ▪ Total Operating Revenue of $152.8m for 4Q 2025, up 6% from ▪ Average quarterly TCE* of $30,647 per day in 4Q 2025, ▪ Both average TCE and utilization are expected to remain at or $144.0m in 4Q 20
Slide 5: Industry Leader In ESG And Corporate Governance
Industry Leader In ESG And Corporate Governance ▪ In December 2025, Navigator Gas was ranked #1 in the 2025 Webber Research Corporate Governance Scorecard ▪ The Scorecard utilizes a rigorous quantitative model across nine key factors, including board independence, carbon disclosure, and related- par
Slide 6: Financial Update
Financial Update CORPORATE PRESENTATION 2026
Slide 7: Income Statement – Steady Quarterly Performance And Record Annual Revenue
Income Statement – Steady Quarterly Performance And Record Annual Revenue 2024 2025 ▪ Robust 4Q 2025 TCE of $30,674, EBITDA of $70.9m, and Adjusted EBITDA of (US$’000) Q4 Q4 $73.4m; compared to 4Q 2024 TCE of $28,341, EBITDA of $68.0m, and Adjusted EBITDA of $73.4m. Unaudited Unaudited Operating rev
Slide 8: Maintaining And Strengthening An Already Strong Balance Sheet
Maintaining And Strengthening An Already Strong Balance Sheet December 31 December 31 ▪ Cash, cash equivalents, and available undrawn liquidity at Dec 31, 2025, was $246m. (US$’000) 2024 2025 ▪ Strong liquidity position despite paying $34m in scheduled loan repayments, $9.9m Audited Unaudited across
Slide 9: Low Leverage Allows For Both Capital Returns and New Opportunities
Low Leverage Allows For Both Capital Returns and New Opportunities ▪ Continued our Capital Return Policy by returning 30% of Net Income to shareholders in respect of 3Q 2025 ($5.4m Original At At Facility via share buybacks, and $4.6m as cash dividend at $0.07/share; and will again return 30% of Net
Slide 10: Cost Management And Low Breakeven Provides Headroom and Strong Base
Cost Management And Low Breakeven Provides Headroom and Strong Base Latest Estimated All-in Cash Breakeven for Full Year 2026 ▪ Continuing low all-in cash breakeven levels allow Navigator to report positive quarterly EBITDA and remain cashflow positive even in more $25,000 challenging periods, with
Slide 11: Strong And Stable Adjusted EBITDA, Annual EBITDA Reaching A Record High
Strong And Stable Adjusted EBITDA, Annual EBITDA Reaching A Record High ▪ Robust Adjusted EBITDA of $73m for 4Q 2025, and full-year 2025 Adjusted EBITDA a record at $303m. ▪ Twelve quarters in a row since 1Q 2023 have resulted in at least $60m of quarterly Adjusted EBITDA, at an average of $71m. ▪ 1
Slide 12: Commercial Update
Commercial Update CORPORATE PRESENTATION 2026
Slide 13: March 12, 2026: Navigator Gas Fleet
March 12, 2026: Navigator Gas Fleet CORPORATE PRESENTATION 2026 13
Slide 14: Utilization Rebounding – Diversification Remains Key
Utilization Rebounding – Diversification Remains Key As All Of Our Ship Types, Fully/Semi/Ethylene, Are Seeing Uplift In Demand 18x Ethylene capable vessels - Earning days vs Utilisation Utilization seasonality 100% 100% 80% 95% 90% 60% Waiting for 85% 40% Chris K 80% 75% 20% 70% 0% Jan Feb Mar Apr
Slide 15: Handysize Seaborne Demand Continues To Show Versatility Across Different Markets
Handysize Seaborne Demand Continues To Show Versatility Across Different Markets ▪ Middle East Gulf: 3% Handysize global volume exported from within Middle East Gulf. ▪ Venezuela: LPG exports re-commenced catering for Medium and Handysize gas carriers. ▪ Butadiene: Far East demand for butadiene cont
Slide 16: U.S. C2 Exports Essential For European And Far-Eastern End Users
U.S. C2 Exports Essential For European And Far-Eastern End Users ▪ U.S. Ethane: U.S. ethane prices remain cost-competitive as ethylene feedstock. ▪ U.S. Ethylene: U.S. domestic prices reacting to a surge in demand. Arbitrage however is widening as Europe and Asia customers bidding price up. ▪ U.S. E
Slide 17: Fleet Supply Picture Remains Attractive with Low Handysize Orderbook
Fleet Supply Picture Remains Attractive with Low Handysize Orderbook Order book Existing Number of Vessels % of Fleet Navigator # of Vessels Vessels On Order (# vessels) Fleet >20 years Very Large Gas Carrier Fully-Refrigerated 418 107 >60,000 cbm 32% 45 Ethylene & Ethane 41 41 Large Gas Carrier 59,
Slide 18: Handysize Rates Showing Resilience In Volatile Markets
Handysize Rates Showing Resilience In Volatile Markets $1,700 $1,700 12-month Timecharter Assessment $1,500 $1,500 $1,300 $1,300 TC Hire per calendar month ('000s) ▪ $1,025k pcm Ethylene in holding pattern to find direction from ethane and ethylene demand. $1,100 $1,100 ▪ $965k pcm Semi-Ref holding
Slide 19: Recent Developments
Recent Developments CORPORATE PRESENTATION 2026
Slide 20: Another $0.07/Share Quarterly Dividend And Continuing To Repurchase Shares
Another $0.07/Share Quarterly Dividend And Continuing To Repurchase Shares ▪ Effective as of 3Q 2025 results, our new and improved Capital Return Policy now includes a fixed quarterly cash dividend of $0.07 (up from $0.05) per share, with an additional return of capital to equal, with the cash divid
Slide 21: Flex Train Was Underutilized During 4Q25, But 2026 Is Off To A Record Start
Flex Train Was Underutilized During 4Q25, But 2026 Is Off To A Record Start ▪ Throughput during 4Q 2025 fell to 191,707 tons from the strong levels during 2Q25/3Q25 as European derivative ethylene demand softened while end-users reduced inventories of derivative products and vessel availability rema
Slide 22: Continuing To Right-size Fleet By Selling Oldest Vessels
Continuing To Right-size Fleet By Selling Oldest Vessels ▪ In January, we sold the Navigator Saturn, a 2000-built 22,085 cbm ethylene-capable Handysize gas carrier to a third party for $15.9m, netting a gain of $10.3m. ▪ In January, we sold the Happy Falcon, a 2002-built 3,770 cbm semi-refrigerated
Slide 23: 4Q 2025 Results In Line – Steady Finish To A Dynamic Year
4Q 2025 Results In Line – Steady Finish To A Dynamic Year; 2026 Starting Stronger Energy Financial Shipping Infrastructure ▪ Adjusted EBITDA of $73.4m; twelve quarters in a row ▪ Average fleet utilization was 90.0% for 4Q 2025 and ▪ Morgan’s Point ethylene export volumes during 4Q since 1Q 2023 have
Slide 24: Q&A
Q&A CORPORATE PRESENTATION 2026
Slide 25: Appendices
Appendices CORPORATE PRESENTATION 2026
Slide 26: NVGS Fleet List as of March 12, 2026 (page 1 of 2)
NVGS Fleet List as of March 12, 2026 (page 1 of 2) Operating Vessel Year Built Size (cbm) Employment Status Current Cargo Time Charter Expiration Date Ethylene/ethane capable semi-refrigerated midsize Navigator Aurora 2016 37,300 Time Charter Ethane November 2031 Navigator Eclipse 2016 37,300 Time C
Slide 27: NVGS Fleet List as of March 12, 2026 (page 2 of 2)
NVGS Fleet List as of March 12, 2026 (page 2 of 2) Operating Vessel Year Built Size (cbm) Employment Status Current Cargo Time Charter Expiration Date Semi-refrigerated handysize Navigator Aries 2008 20,750 Time Charter LPG June 2026 Navigator Capricorn 2008 20,750 Time Charter LPG December 2026 Nav
Slide 28: Drydockings Focus on Emissions Reductions and Energy Savings Technologies
Drydockings Focus on Emissions Reductions and Energy Savings Technologies ▪ 15 vessels scheduled for drydocking during 2026, three of which already completed at end of February 2026. ▪ Estimate of 436 scheduled off-hire days, with budgeted drydocking capex of $31m in total. ▪ Average cost of $7.8m p
Slide 29: Contact Investor Relations
Contact Investor Relations investorrelations@navigatorgas.com CORPORATE PRESENTATION 2026 29
Slide 30: a NAVIGATOR GAS
a NAVIGATOR GAS