Slide 1: 3Q 2025 Earnings Conference Call
3Q 2025 Earnings Conference Call October 29, 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: 3Q 2025 Overview
3Q 2025 Overview Financial Summary $ millions except earnings (loss) per share 3Q 2025 3Q 2024 Variance % 2Q 2025 Variance % Revenues $ 871.2 $ 831.1 $ 40.1 5% $ 855.5 $ 15.7 2% Operating income 129.2 126.9 2.3 2% 131.8 (2.6) -2% Net earnings attributable to Kirby 92.5 90.0 2.5 3% 94.3 (1.8) -2% Ear
Slide 4: Marine Transportation – 3Q Overview
Marine Transportation – 3Q Overview Q3 impacted by seasonally favorable weather, improved navigational, and muted demand Inland Lower utilization with disciplined execution Moderation in pricing – Spot prices decreased in the low-to-mid single digits sequentially and year-over-year – Term contra
Slide 5: Distribution & Services – 3Q Overview
Distribution & Services – 3Q Overview Solid performance across most of the end markets drives total segment margins to 11% Power Generation 56% higher revenues year-over-year and 96% higher operating income year-over-year fueled by robust sales from data center, prime power, and behind-the-meter p
Slide 6: Marine Transportation
Marine Transportation 3Q 2025 Financial Summary $ millions 3Q 2025 3Q 2024 Variance % 2Q 2025 Variance % Revenue $ 484.9 $ 486.1 $ (1.2) 0% $ 492.6 $ (7.7) -2% Operating income 88.6 99.5 (10.9) -11% 99.1 (10.5) -11% Operating margin 18.3% 20.5% -2.2% 20.1% -1.8% Inland Coastal Y/Y % Q/Q % Y/Y % Q/Q
Slide 7: Barge Construction and Retirements
Barge Construction and Retirements 3Q 2025 Update and FY 2025 Outlook Inland 3Q 2025 FY 2025(estimated) (barrels in millions) Barges Barrels Barges Barrels Beginning of period 1,109 24.5 1,094 24.2 Additions: Reactivations/new builds/acquisitions 5 0.2 20 0.5 Reductions: Retirements (9) (0.2) (9) (0
Slide 8: Distribution & Services
Distribution & Services 3Q 2025 Financial Summary 2025 Q3 Revenue Oil & $ millions 3Q 2025 3Q 2024 Variance % 2Q 2025 Variance % Gas Revenue $ 386.2 $ 345.1 $ 41.1 12% $ 362.9 $ 23.3 6% Power 11% Operating income 42.7 30.4 12.3 40% 35.4 7.3 21% Generation 45% Operating margin 11.0% 8.8% 2.2% 9.8% 1.
Slide 9: Balance Sheet, Capital Expenditures, and Liquidity
Balance Sheet, Capital Expenditures, and Liquidity As of September 30, 2025 Total Cash and Available Debt Cash Equivalents Liquidity $1.0B $47M $380M 3Q 2025 Results – Net cash flow provided by operating activities: $227.5 million with free cash flow of $160 million – Proceeds from retired asset s
Slide 10: Marine Transportation – Q4-25 Outlook
Marine Transportation – Q4-25 Outlook Improved outlook with better utilization Inland – Constructive market dynamics due to limited new barge construction – Barge utilization expected to be in the 85-90% range – Revenues and margins expected to improve modestly from Q3-25 levels Coastal – Favora
Slide 11: Distribution & Services – Q4-25 Outlook
Distribution & Services – Q4-25 Outlook Strength in power generation to partially offset normal seasonal slowdown 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 lead to volatil
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