Navigator Holdings Ltd. · NYSE:NVGS
Navigator — Q1 2026 Earnings Presentation
32 slides from Navigator's earnings presentation, May 6, 2026
Slide 1: First Quarter 2026 Earnings Presentation
NVGS First Quarter 2026 Earnings Presentation May 6, 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: 1Q 2026 Highlights – Resilient Trading, Record Net Income, 2Q26 Starting Very Strong
1Q 2026 Highlights – Resilient Trading, Record Net Income, 2Q26 Starting Very Strong Financial Commercial Outlook ▪ 1Q 2026: Net income attributable to stockholders of $35.5m or ▪ Average quarterly TCE* of $29,684 per day in 1Q 2026, ▪ Both average TCE and utilization are expected to be above 1Q $0.
Slide 5: Financial Update
Financial Update CORPORATE PRESENTATION 2026
Slide 6: Income Statement – Resilient Net Income Driven by Terminal and Vessel Sales
Income Statement – Resilient Net Income Driven by Terminal and Vessel Sales 2025 2026 ▪ Resilient 1Q 2026 TCE of $29,684 compared to 1Q 2025 of $30,476 and $30,647 for 4Q (US$’000) Q1 Q1 2025, despite slightly softer start to the year than anticipated across Jan/Feb 2026. Unaudited Unaudited ▪ Net i
Slide 7: Actively Utilizing and Strengthening an Already Strong Balance Sheet
Actively Utilizing and Strengthening an Already Strong Balance Sheet December 31 March 31 ▪ Cash, cash equivalents, restricted cash, and available undrawn liquidity at March 31, (US$’000) 2025 2026 2026, was $291m. Audited Unaudited ▪ Returned $66.5m across dividends and share buybacks and repaid $2
Slide 8: Continuing Capital Returns, Low Leverage, and Strong Credit Metrics
Continuing Capital Returns, Low Leverage, and Strong Credit Metrics ▪ Continued Capital Return Policy by returning 30% of Net Income to stockholders in respect of 4Q 2025 ($1m via Original At At Facility share buybacks, and $4.3m as cash dividend at $0.07/share) and again in respect of 1Q 2026 (expe
Slide 9: Significant Operating Cashflow Generation and Low All-in Cash Breakeven
Significant Operating Cashflow Generation and Low All-in Cash Breakeven Operating Cashflow and Free Cashflow (LTM at end of each quarter) ▪ Company continues to generate strong underlying operating cashflow, with (pre-capex) yield averaging 15% over last 12 months (LTM) to March 31, 2026, with yield
Slide 10: Consistent Adjusted EBITDA Driven by Resilient Underlying Performance
Consistent Adjusted EBITDA Driven by Resilient Underlying Performance ▪ Resilient 1Q 2026 EBITDA of $80.3m and Adjusted EBITDA of $65.9m. ▪ Thirteen quarters in a row since 1Q 2023 have resulted in at least $60m of quarterly Adjusted EBITDA, with an average of $71m over that period. ▪ 2Q 2026 expect
Slide 11: Commercial Update
Commercial Update CORPORATE PRESENTATION 2026
Slide 12: Asian Buyers Forced Further West Translating to Longer Voyages & Tighter Fleet
Asian Buyers Forced Further West Translating to Longer Voyages & Tighter Fleet ▪ NVGS does not have any vessels Snapshot: LPG gas either waiting to exit the Gulf nor waiting to enter carriers in/near Strait of Hormuz ▪ Only 3% of Navigator export volume originated within the Gulf. These vessels have
Slide 13: April Utilization ~95% - U.S. Ethylene Economics Strengthening - Tailwinds Aligning
April Utilization ~95% - U.S. Ethylene Economics Strengthening - Tailwinds Aligning Post-Strait of Hormuz Issues: Record Throughput Morgan’s Point Ethylene Throughput, Monthly Utilization seasonality 160,000 100% 1Q26 Post Expansion: 130,000 tons/month 140,000 April’26 ~95% 95% 120,000 Original Capa
Slide 14: Middle East Disruption Widens the Gap - U.S. Ethylene Competitiveness At A High
Middle East Disruption Widens the Gap - U.S. Ethylene Competitiveness At A High US/Europe/Asia Ethylene Pricing & U.S. Ethane April’26 Global Ethylene Production Cost Curve $1,800 ~$900pmt $2,500 Cost Curve Differential $1,600 of ~$1,750pmt $1,400 $2,000 $1,200 USD/PMT $1,500 $1,000 Europe Ethylene
Slide 15: America's NGL Surplus Is Reshaping the Global Handysize Supply Map
America's NGL Surplus Is Reshaping the Global Handysize Supply Map ▪ U.S. shale is getting gassier and richer in liquids, creating a sustained and growing feedstock surplus available for export 45% Global Handysize ▪ North America's share of global handysize trade has quadrupled since 2017, reaching
Slide 16: 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 17: Handysize Freight Firming Into 2026 - Spot Leads, TC Assessments to Follow
Handysize Freight Firming Into 2026 - Spot Leads, TC Assessments to Follow $1,700 $1,700 12-month timecharter assessment $1,500 $1,500 TC Hire per calendar month ('000s) $1,300 $1,300 The 12-month TC market remains illiquid with no fixtures to move $1,100 $1,100 assessments. Spot voyages are clearin
Slide 18: 2026 Time Charter Cover - Not All Vessels Capture Spot Upside Equally
2026 Time Charter Cover - Not All Vessels Capture Spot Upside Equally ▪ Fully refrigerated vessels are predominantly fixed on time charters, providing earnings visibility and downside protection. ▪ Semi refrigerated vessels have a more balanced profile, with roughly half on time charter and half exp
Slide 19: Recent Developments
Recent Developments CORPORATE PRESENTATION 2026
Slide 20: Returning Capital to Shareholders Remains a Priority, Already Exceeding $275m
Returning Capital to Shareholders Remains a Priority, Already Exceeding $275m ▪ On March 20, 2026, we repurchased and cancelled 3,500,000 shares in a secondary offering from BW Group, totaling $61m at $17.50/share. ▪ Since December 2022, we have repurchased ~16 million shares totaling $236 million,
Slide 21: Substantially Increased Share Price & Trading Liquidity During Shareholder Transition
Substantially Increased Share Price & Trading Liquidity During Shareholder Transition ▪ NVGS shares are up 30% YTD but still trading at a >25% discount to NAV (>$30/share). ▪ Positive outlook for the LPG/petchem/ammonia shipping markets ▪ Strongest balance sheet in the Company’s history ▪ Attractive
Slide 22: Increasing Capital Return Policy to 35% and New $50 MM Share Buyback Plan
Increasing Capital Return Policy to 35% and New $50 MM Share Buyback Plan ▪ Our Capital Return Policy includes a fixed quarterly cash dividend of $0.07 per share, with an additional return of capital to equal, with the cash dividend, at least 30% of net income. ▪ During 1Q 2026, we repurchased 50,47
Slide 23: Record High Ethylene Throughput in 1Q26, Another Record High Expected in 2Q26
Record High Ethylene Throughput in 1Q26, Another Record High Expected in 2Q26 ▪ Throughput during 1Q 2026 rebounded to a record high of ~300,000 tons (including a monthly record high of ~150,000 tons in March) as both European and Asian demand for U.S. ethylene increased. ▪ The strong demand for U.S
Slide 24: Continuing to Right-size Fleet by Selling Oldest Vessels and Non-Core Assets
Continuing to Right-size Fleet by Selling Oldest Vessels and Non-Core Assets ▪ In January 2026, we sold the Navigator Saturn, a 2000-built Vessel Name Size (cbm) Year Built Age at Sale Sale Price $m Sale Date 22,085 cbm ethylene-capable Handysize gas carrier to a Navigator Neptune 22,085 2000 21.1 $
Slide 25: Resilient Cash Generation, Structural Tailwinds, and Disciplined Capital Allocation
Resilient Cash Generation, Structural Tailwinds, and Disciplined Capital Allocation ▪ Resilient trading in 1Q 2026 resulted in record net income; underlying platform strength and market tailwinds translating into improving 2Q 2026 performance. ▪ Delivering resilient earnings and strong cash generati
Slide 26: Q&A
Q&A CORPORATE PRESENTATION 2026
Slide 27: Appendices
Appendices CORPORATE PRESENTATION 2026
Slide 28: NVGS Fleet List as of May 6, 2026 (page 1 of 2)
NVGS Fleet List as of May 6, 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 Char
Slide 29: NVGS Fleet List as of May 6, 2026 (page 2 of 2)
NVGS Fleet List as of May 6, 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 Naviga
Slide 30: 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, four of which already completed by end of April 2026. ▪ Estimate of 442 scheduled off-hire days, with budgeted drydocking capex of $31m in total, an average cost of $7.8m per
Slide 31: Contact Investor Relations
Contact Investor Relations investorrelations@navigatorgas.com CORPORATE PRESENTATION 2026 31
Slide 32: a NAVIGATOR GAS
a NAVIGATOR GAS