Navigator : 2026 Q1 Results Presentation

Published: 2026-05-06 11:24:17 ET NVGS

Published on 05/06/2026 at 11:24 am EDT

NVGS

First Quarter 2026 Earnings Presentation

May 6, 2026

Contents

Highlights

Financial Update

Commercial Update

Recent Developments

Q&A

Appendices

1Q 2026 Highlights - Resilient Trading, Record Net Income, 2Q26 Starting Very Strong

Financial

1Q 2026: Net income attributable to stockholders of $35.5m or

$0.55 per share; EBITDA of $80.3m; Total Operating Revenue of

$140.6m.

Total liquidity ($291m) less restricted cash ($50m) on Mar 31, 2026, leaves available liquidity of $241m, compared to $91m on Mar 31, 2025, and $246m on Dec 31, 2025, after loan repayments, share buybacks and capital returns.

4Q 2025 Capital Return Policy: repurchased 50,473 shares for c.

$1.0m, and paid cash dividend of $4.3m ($0.07 per share), to together equal 30% of 4Q 2025 net income.

In March 2026, the Company repurchased and then cancelled

3.5m shares in a secondary offering from BW Group at

$17.50/share, totalling $61.2m.

Secured $133m pre- and post-delivery debt finance towards cost of first two of our six newbuild vessels at 150 bps margin.

1Q 2026 Capital Return Policy: on May 6, 2026, the board declared $0.07 per share cash dividend anticipated to be $4.3m, plus we expect to undertake $6.3m of additional share buybacks, to together equal 30% of net income.

Revised Capital Return Policy: on May 5, 2026, the Board approved a change to the policy to increase the amount payable to 35% (up from 30%) of net income each quarter with a minimum of $0.07 per share in cash, commencing 2Q 2026, subject to board approval.

The Board also approved a new share repurchase plan authorization for up to $50m of the Company's common stock.

Commercial

Average quarterly TCE* of $29,684 per day in 1Q 2026, compared to $30,647 per day in 4Q 2025, and $30,476 per day in 1Q 2025.

Latest all-in forecast 2026 cash breakeven of $21,230 per day.

Fleet utilization hit benchmark of 90.6% in 1Q 2026, compared to 90.0% in 4Q 2025, and 92.4% in 1Q 2025.

Ethylene Export Terminal throughput was a record-high of 300,537 tons in 1Q 2026, compared to 191,707 tons in 4Q 2025, and up 2.5x compared to 85,553 tons in 1Q 2025.

Both European and Asian demand for US ethylene also increased due to the recent surge in oil-based naphtha prices.

Three new additional offtake contracts related to the Ethylene Export Terminal's available ethylene volumes signed by new customers in 2026. Additional contracts likely coming soon.

On April 14, 2026, we signed a letter of intent to sell our 8 gas carriers in the Unigas Pool for an aggregate price of $183m.

In Jan 2026, we sold 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; and we also sold Happy Falcon (a 2002-built 3,770 cbm semi-refrigerated small gas carrier) to a third party for $4.0m netting a gain of $1.9m.

In April 2026, we sold Navigator Pegasus (a 2009-built 22,085 cbm semi-refrigerated handysize gas carrier) to a third party for

$30.5m netting a gain of $15.2m

Outlook

Both average TCE and utilization are expected to be above 1Q 2026 levels in 2Q 2026, with April utilization recorded at 95%.

Ethylene Export Terminal's export volumes in 2Q 2026 are expected to set a record high as demand for US ethylene has strengthened further into 2Q 2026.

Strait of Hormuz has had limited direct operational or financial impact. Indirectly, the supply disruption has been a meaningful demand catalyst, driving customers toward North American supply chains and benefiting Navigator's utilization and rates.

The Middle East disruptions and surging naphtha (oil) prices have widened U.S. ethane and ethylene arbitrage levels to record highs, driving robust demand for ethane and ethylene-capable tonnage.

Navigator loaded the first post-sanction Venezuelan handysize LPG cargo in March. We expect that incremental demand for Venezuelan LPG exports will continue to build.

The vessel supply picture remains attractive with a minimal Handysize orderbook of 10%, compared to 22% of the fleet currently above 20 years of age.

A long-term time charter extension was agreed for Navigator Aurora, now fixed until November 2031, further boosting our contract backlog.

* TCE (Time Charter Equivalent) excludes our owned smaller vessels that are commercially managed in the independent Unigas Pool.

CORPORATE PRESENTATION 2026 4

Financial Update

CORPORATE PRESENTATION 2026

Income Statement - Resilient Net Income Driven by Terminal and Vessel Sales

(US$'000)

2025

Unaudited

2026

Unaudited

Operating revenues

139,903

129,837

Resilient 1Q 2026 TCE of $29,684 compared to 1Q 2025 of $30,476 and $30,647 for 4Q 2025, despite slightly softer start to the year than anticipated across Jan/Feb 2026.

Net income attributable to stockholders for 1Q 2026 of $35.5m, or $0.55 per share, driven by solid terminal profit, gain on sales of Navigator Saturn and Happy Falcon in January

Operating revenues - Unigas Pool 11,504 10,782

TOTAL OPERATING REVENUES 151,407 140,619

Brokerage commissions

(1,915)

(1,814)

Voyage expenses

(20,661)

(19,398)

Vessel operating expenses

(47,014)

(45,814)

Depreciation and amortization

(34,186)

(31,933)

General and administrative costs

(8,124)

(10,251)

Profit from sale of vessels - 12,064

2026, and $61.2m share buyback completed in March 2026; compared to $27.0m and

$0.39 for 1Q 2025, and $18.5m and $0.28 for 4Q 2025.

EBITDA of $80.3m for 1Q 2026, compared to $74.3m for 1Q 2025 and $70.9m for 4Q 2025. Adjusted EBITDA of $65.9m for 1Q 2026, compared to $72.8m for 1Q 2025, and

$73.4m for 4Q 2025.

Total operating revenue of $140.6m for 1Q 2026; compared to $151.4m for 1Q 2025 and

$152.8m for 4Q 2025.

Fleet Data

2025

2026

Operating costs and depreciation broadly in line with expectations; G&A costs in 1Q 2026 higher primarily due to specific non-recurring project-related costs, including legal and professional fees.

TOTAL OPERATING EXPENSES (111,900) (97,146)

OPERATING INCOME

39,507

43,473

Unrealized (loss) / gain on non-designated derivative instruments

(2,262)

1,593

Weighted average number of vessels*

48.0

47.3

Unrealized foreign exchange loss

(991)

(591)

Ownership days

4,321

4,257

Interest expense

(12,692)

(12,115)

Available days

4,234

4,105

Interest income

1,121

1,128

Earning days

3,913

3,721

Average daily results in quarter:

Time charter equivalent

$30,476

$29,684

Daily vessel operating expense

$9,164

$9,154

Other income

4,801

1,337

Income taxes

143

(1,036)

Fleet utilization 92.4% 90.6%

Share of result of joint venture (904) 2,596

* With the exception of daily vessel operating expenses, all other data excludes the owned smaller vessels that are commercially managed in the independent Unigas Pool.

NET INCOME

28,723

36,385

Net income attributable to non-controlling interest (1,687) (923)

NET INCOME ATTRIBUTABLE TO STOCKHOLDERS OF NVGS

27,036

35,462

1 During the three months ended March 31, 2026, the Company revised its definition of Adjusted Net Income Attributable To Stockholders to no longer exclude profit/loss on sale of vessels. The Company believes this change provides improved

comparability and better reflects the Company's ongoing process of fleet renewal as business in the ordinary course. Prior-period Adjusted Net Income Attributable To Stockholders and been recast to conform to the current-period presentation.

Actively Utilizing and Strengthening an Already Strong Balance Sheet

December 31

March 31

(US$'000)

2025

Audited

2026

Unaudited

ASSETS

Cash and cash equivalents

154,950

150,023

Restricted cash

49,921

49,583

Other current assets

90,580

106,412

Total current assets

295,451

306,018

Vessels, net

1,601,045

1,561,089

Vessels under construction

115,321

117,601

Assets held for sale

7,761

15,231

Equity method investments

247,935

245,741

Other assets

11,601

14,363

TOTAL ASSETS

2,279,114

2,260,043

LIABILITIES AND EQUITY

Net current portion of debt

168,066

170,943

Other current liabilities

82,880

93,331

Total current Liabilities

250,946

264,274

Net long-term debt

732,143

726,120

Other non-current Liabilities

39,284

42,939

Total liabilities

1,022,373

1,033,333

Equity

1,226,840

1,195,886

Non-controlling interest

29,901

30,824

TOTAL LIABILITIES AND EQUITY

2,279,114

2,260,043

Cash, cash equivalents, restricted cash, and available undrawn liquidity at March 31, 2026, was $291m.

Returned $66.5m across dividends and share buybacks and repaid $29.3m in scheduled loan amortization during the quarter.

Recently drew down on new loan facility and maintained strong liquidity position despite significant cash outflows in the quarter.

Ethylene export terminal is currently unencumbered, and we also owned nine

unencumbered vessels at March 31, 2026.

$110m paid to date towards vessels under construction; $7m as capitalized interest.

$360m of cash, cash equivalents, and restricted cash at May 4, 2026.

Strong Liquidity Position ($m)

$400m

$350m

$300m

$250m

$200m

$150m

$100m

$50m

$0m

360

316

308

296

291

139

310

238

165

155

150

31 Mar, 2025 30 Jun, 2025 30 Sep, 2025 31-Dec-25 31-Mar-26 04-May-26

Continuing Capital Returns, Low Leverage, and Strong Credit Metrics

(US$m)

Original facility amount

Dec 31,

2025

Change

Mar 31,

2026

Facility

maturity

date

May 2019 $67m

67.0

29.1

Jun-26

Continued Capital Return Policy by returning 30% of Net Income to stockholders in respect of 4Q 2025 ($1m via share buybacks, and $4.3m as cash dividend at $0.07/share) and again in respect of 1Q 2026 (expected as $6.3m via share buybacks, and $4.3m as cash dividend at $0.07/share).

Oct 2013 $58m

57.7

6.0

Apr-27

Feb 2025 $75m

74.6

Feb-28

Jul 2015 $61m

60.9

16.5

-2.5

14.0

Dec-28

Dec 2022 $112m1

111.8

42.5

-3.1

39.4

Dec-28

Jul 2015 $56m

55.8

16.3

-2.3

14.0

Jan-29

Mar 2023 $200m

200.0

108.5

-8.3

100.2

Mar-29

Oct 2024/Mar 20252

140.0

Sep-29

Dec 2022 $151m

151.3

119.8

-2.7

117.1

Dec-29

Aug 2024 $148m3

147.6

68.0

-3.5

64.5

Aug-30

May 2025 $300m

300.0

286.6

-6.6

280.0

May-31

In March 2026 the Company repurchased and then cancelled 3,500,000 shares in a secondary offering from BW Group, totalling $61.2m at $17.50/share.

Net debt / Adjusted EBITDA (LTM) at 2.5x as of Mar 31, 2026, with relatively small near and mid-term debt balloons at c. $55m in 2026, $nil in 2027, and c. $70m in 2028.

On March 2, 2026, signed a secured term loan facility for up to $133.8m to be used to finance c. 65% of the cost of two of our four 'Panda' ethylene/ethane newbuild vessels, executed at low margin of 150 bps (+SOFR). As of March 31, 2026, partial drawdown of $26.8m, with maturity in 2033 and delivery of the vessels in 2027.

Finance for second two 'Panda' ethylene/ethane newbuild vessels expected to be signed in May 2026, and finance for two 'Coral' ammonia vessels expected to be signed in June 2026.

At March 31, 2026, Net debt to our on-water fleet market value results gives loan-to-value (LTV) of 32%; or well

Loan Repayment Profile

Only Two Debt Balloons in the Next 24 Months

below 30% when including value for our Morgan's Point ethylene export terminal investment.

$250m

$200m

$150m

$100m

$50m

$0m

102

140

146

$75m facility

$148m facility

$200m facility

$112m facility

$151m facility

$67m facility

$150m

$125m

$100m

$75m

$50m

$25m

$0m

144

132

118 119 Q4

2025 2026 2027 2028

Mar 2026 $133m4 133.8 - +26.8 26.8 Oct-33

Total gross debt 907.9 -2.5 905.4

Cash, cash equivalents and restricted cash 199.6

Net debt, March 31, 2026 705.8

Net debt (Mar 31, 2026) to LTM Adjusted EBITDA 2.5x

Proportion of total debt at fixed rates / hedged 56%

1 Includes repayment of RCF component of facility in June 2025 (available to be redrawn)

2 Senior unsecured bonds at fixed rate

3 Includes repayment of RCF component of facility in July 2025 (available to be redrawn)

4 Option to extend the maturity of the Facility by up to 12 months

Significant Operating Cashflow Generation and Low All-in Cash Breakeven

$250m

$200m

$150m

$100m

$50m

$0m

24%

20%

$21m

20%

21%

20%

$41m

18%

$62m

18%

15%

$62m

16%

$68m

16%

$79m

$49m

14%

$220m

$185m

$204m

12%

$169m

$163m

$136m

$120m

$133m

11%

$132m

1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Post-Capex Cashflow (Free Cashflow) (LTM) Capex Spend (LTM)

25%

20%

15%

10%

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 reducing over recent quarters, in part, due to appreciation of share price.

Operating Cashflow and Free Cashflow (LTM at end of each quarter)

Latest all-in estimated cash breakeven for 2026 of $21,230 per vessel per day, which includes over $180m of forecast operating expenses, $119m of forecast debt amortization, and $44m of forecast net interest expense.

Expense guidance for 2026 is materially unchanged from guidance provided in 4Q 2025 earnings results presentation (when isolating the change in ownership days).

Should the sale of the 8 Unigas Vessels complete then the guidance figures below, in particular for OPEX and depreciation, would reduce accordingly.

Daily OPEX

Expense Guidance for 2026*

Latest Estimated All-in Cash Breakeven for Full Year 2026

$25,000

$20,000

$15,000

$10,000

$5,000

Post-Capex Cashflow (Free Cashflow) Yield Pre-Capex Cashflow (Operating Cashflow) Yield

$6,000 $19,660

$1,570 $21,230

$2,200

$1,960 $11,460

$9,080

$420

Mid-sized $11,400 per day

Semi-ref ethylene $8,800 per day

Semi-ref LPG $9,300 per day

Fully ref LPG $9,600 per day

Small LPG $7,900 per day

2Q 2026 Guidance

Vessel OPEX total $45m - $46m

Cash G&A $9.0m - $10m

Depreciation $32m - $33m

Net interest expense $12m - $13m

Full Year 2026 Guidance

Vessel OPEX total $180m - $183m

Depreciation $128m - $131m

Cash G&A $38m - $40m

OPEX Broker Commission

G&A costs EBITDA Breakeven

Net interest expense

Debt Amortization

Breakeven before Drydock

Drydock capex

Cash Breakeven

* Guidance includes 8 Unigas Vessels.

Net interest expense $43m - $46m

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 expected to be supported by robust utilization and TCE rates as well as strong throughput from our Ethylene Export Terminal.

EBITDA generation still primarily driven by shipping operations, with every +$1,000 per day in TCE potentially adding an estimated $18m in annual Adjusted EBITDA, equivalent to $0.28 in annual EPS, all other things being equal.

Historic Adjusted EBITDA

Estimated Annual EBITDA Sensitivity To TCE Changes

$90m

$80m

$70m

$60m

$50m

$40m

$30m

$20m

$31$29

$39

$60

$55$55

$42

$56

$69$69

$72$72$74$78

$68

$73$73

$60

$76$73

$66

$400m

$350m

$300m

$250m

$200m

$150m

$364

$10m

$0m

-$10m

(1)

2 3 6 7

7 5 8 5 6

4 6 4

5 2 6

(1)

3 1 3

$100m

$50m

$0m

$329

$347

$283

$276

$294

$311

2025

Adjusted

LTM

Adjusted

+$1,000/

day

+$2,000/

day

+$3,000/

day

+$4,000/

day

+$5,000/

day

EBITDA

Commercial Update

CORPORATE PRESENTATION 2026

NVGS does not have any vessels either waiting to exit the Gulf nor waiting to enter

Only 3% of Navigator export volume originated within the Gulf. These vessels have found substitute employment

Asian consumers are looking further west to source gas commodities to replace reduced Middle East exports.

There is a trickle of LPG carriers transiting Strait of Hormuz with majority being sanctioned shadow fleet and Iranian flag.

Weekly volumes were averaging around 1M metric tons per week which has dropped to 200kmts per week post 28th February.

Snapshot: LPG gas carriers in/near Strait of Hormuz

Gas Carrier Weekly Trade Via Strait of Hormuz

'000s Mts

1000

500

Fully-Refrigerated Semi-Refrigerated Pressurised

Source: Kpler, 2026

100%

95%

90%

85%

80%

Utilization seasonality

160,000

Morgan's Point Ethylene Throughput, Monthly

Post Expansion: 130,000 tons/month

Original Capacity: 84,000 tons/month

Post-Strait of Hormuz Issues: Record Throughput

140,000

120,000

'000s Mts

100,000

80,000

60,000

40,000

75%

70%

1Q26

April'26 ~95%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Min-Max (2019-2025) Average 2025 2026

20,000

$1,800

$1,600

$1,400

US/Europe/Asia Ethylene Pricing & U.S. Ethane

$2,500

$2,000

April'26 Global Ethylene Production Cost Curve

USD/PMT

$1,200

$1,000

$800

$600

$1,500

Cost Curve Differential

of ~$1,750pmt

USD/PMT

Middle East Ethane

North America Ethane

North America LPG

West Europe LPG

Rest of World

Asia LPG

Asia Naphtha

$1,000

$400

$200

Europe Ethylene

Asia Ethylene

U.S. Ethylene

~$900pmt

U.S. Ethane

$500

Unaffected

0 3,000 6,000 9,000 12,000 15,000

Thousand Tons per Month

Source: WoodMac, Argus, 2026

45% Global Handysize Volume Originates ex NAM

North America Share of Annual

50% Global Volume, Handysize

45%

40%

35%

30%

25%

20%

15%

10%

U.S. shale is getting gassier and richer in liquids, creating a sustained and growing feedstock surplus available for export

North America's share of global handysize trade has quadrupled since 2017, reaching 45% in 2026 YTD

4.5

Gas-To-Oil Ratio

3.5

2.5

1.5

U.S. Gas-To-Oil Ratio

Higher GPM means richer gas and more NGLs

2.8

2.7

2.6

2.5

2.4

2.3

2.2

2.1

Gas Contains More NGLs

Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25

Sep-25

Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25

Sep-25

Proportion of Annual Volume

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026 YTD

Eagle Ford Permian Bakken

Source: EIA, Kpler, 2026

Fully-Refrigerated

Ethylene & Ethane

418

107

32%

>60,000 cbm

19%

Fully-Refrigerated

59,000 - 60,000 cbm 0

15,000 - 24,999 cbm

10%

Ethylene

Semi-Refrigerated

Fully-Refrigerated

40%

Semi-Refrigerated

Ethylene & Ethane

138

Fully-Refrigerated

5 + 6 NBs*

25,000 - 52,000 cbm

42*

161

Pressurised 452

123

Ethylene

Semi-Refrigerated

3,000 - 13,000 cbm

* Includes 75.1% of 5 vessels owned via our Greater Bay Joint Venture, and 80% of 2 vessels owned via our Amon Maritime Joint Venture.

Source: Steem1960, 2026

$1,700

$1,500

12-month timecharter assessment

$1,700

$1,500

The 12-month TC market remains illiquid with no fixtures to move assessments. Spot voyages are clearing at $45,000-75,000/day.

TC Hire per calendar month ('000s)

$1,300 $1,300

$1,100 $1,100

$900

$700

$900

$700

$980kpcm Semi-Ref holding continues to see strength from LPG and easy petrochemicals such as Butadiene deep sea demand.

$500

$805kpcm Fully-Ref Handysize supported by stronger VLGC/MGC sentiment

$300

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

$300

Source: Clarksons, 2026

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 exposed to spot rates.

Ethane & ethylene capable vessels are predominantly in the spot market and capturing exceptional earnings in the current market.

100%

90%

80%

70%

60%

50%

40%

30%

TC Cover - Fully Ref (7 Vessels)

100%

90%

Avg: 69%

80%

70%

60%

50%

40%

30%

TC Cover - Semi Ref (21.3 Vessels)

100%

90%

Avg: 56%

80%

70%

60%

Avg: 42%

50%

40%

30%

TC Cover - Ethylene (17.6 Vessels)

Most spot exposure Highest earnings

20%

10%

0% 0% 0%

Recent Developments

CORPORATE PRESENTATION 2026

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, for an average price of ~$15 per share.

Over the past 3 to 3.5 years, we have returned $277m to shareholders, including $41m of cash dividends and $236m of share buybacks.

This equates to ~$4/share based on an average share count of ~70 million shares, or >26% based on an average share price of $15.12

during that time.

NVGS Total Shares Outstanding

Cumulative Return of Capital since December 2022 ($m)

80,000,000

75,000,000

70,000,000

Ships for shares merger

$50m

First repurchase from BW

$50m

program #2

$300

$275

$250

$225

$200

65,000,000

60,000,000

55,000,000

50,000,000

with Ultragas (21m shares)

program

Second repurchase from BW

$175

$150

$125

$100

$75

$50

$25

CORPORATE PRESENTATION 2026 20

Disclaimer

Navigator Holdings Ltd. published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 15:23 UTC.