Navigator Holdings Ltd. · NYSE:NVGS
Navigator — Q3 2026 Earnings Presentation
29 slides from Navigator's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Earnings Presentation
NVGS Third Quarter 2026 Earnings Presentation November 4, 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: 3Q 2026 – Solid Earnings & Utilization, Strong Capital Return, Newbuilds Funded
3Q 2026 – Solid Earnings & Utilization, Strong Capital Return, Newbuilds Funded Financial Commercial Outlook ▪ 3Q 2026 earnings surge: Net income of $78.3m (3Q 2025: ▪ TCE of $30,314 per day in 3Q 2026, compared to $33,946 ▪ Demand strengthened into 4Q: utilization recovered to 94% $33.2m), EPS of $
Slide 5: Financial Update
Financial Update CORPORATE PRESENTATION 2026
Slide 6: Income Statement – Record Quarterly Net Income Boosted by Vessel Sales Gains
Income Statement – Record Quarterly Net Income Boosted by Vessel Sales Gains 2025 2026 ▪ 3Q 2026 TCE of $30,314 per day (3Q 2025: $30,966) (US$’000) Q3 Q3 ▪ 3Q 2026 Utilization of 87.9% (rebounded to c. 94% in Sept, from c. 85% in Jul–Aug) Unaudited Unaudited Operating revenues 141,871 143,728 ▪ Tot
Slide 7: Balance Sheet – Disciplined Capital Allocation With Liquidity Still Rising
Balance Sheet – Disciplined Capital Allocation With Liquidity Still Rising December 31 September 30 ▪ 2Q 2026 $18.5m capital return delivered: repurchased 661,482 shares for c. $14.2m and (US$’000) 2025 2026 paid a $0.07/share dividend in 3Q 2026 for $4.3m, for a total of 35% of 2Q 2026 net Audited
Slide 8: Shareholder Returns, Proactive Refinancing And Newbuilds Financed
Shareholder Returns, Proactive Refinancing And Newbuilds Financed ▪ 3Q 2026 capital return: $0.08/share dividend declared*, plus $22.6m of anticipated share buybacks, Original At At Indicative together 35% of net income attributable to stockholders (US$m) facility Jun 30, Change Sep 30, maturity amo
Slide 9: Healthy Cashflow Yield and Headroom Above Cash Breakeven
Healthy Cashflow Yield and Headroom Above Cash Breakeven Operating Cashflow and Free Cashflow (LTM at end of each quarter) (US$m) ▪ Company continues to generate strong underlying operating cashflow with (pre-capex) yield averaging 17% over last 12 months (LTM) to Sep 30, 2026. 24% 25% ▪ Total capex
Slide 10: Record EBITDA Quarter Built on Consistently Strong Earnings
Record EBITDA Quarter Built on Consistently Strong Earnings ▪ Record high EBITDA in 3Q 2026 of $120.8m, boosted by $48m of gains on vessel sales, and Adjusted EBITDA of $67.8m ▪ Fifteen quarters in a row since 1Q 2023 have resulted in at least $60m of quarterly Adjusted EBITDA, averaging $72m per qu
Slide 11: Commercial Update
Commercial Update CORPORATE PRESENTATION 2026
Slide 12: Chokepoint Disruptions Are Lengthening Voyages and Tightening Supply
Chokepoint Disruptions Are Lengthening Voyages and Tightening Supply ▪ Strait of Hormuz NGL transits remain well below pre-closure levels ▪ Panama Canal: fewer slots, longer waits, higher auction costs ▪ VLGCs on U.S.–Asia trade continue to reroute via the Cape of Good Hope Hormuz Transits Collapsed
Slide 13: U.S. Ethylene Exports Have Pivoted to Asia, Adding Ton-Miles
U.S. Ethylene Exports Have Pivoted to Asia, Adding Ton-Miles ▪ Europe took most U.S. ethylene in spring; ~75% now heads to Asia ▪ Wide U.S.–global price spread keeps the export arbitrage open ▪ Longer voyages tighten supply, and spot rates are climbing back toward 2Q levels Small U.S. Ethane Feedsto
Slide 14: 3Q26 Utilization Seasonally Soft But Above 5-Year Average and Rising into 4Q26
3Q26 Utilization Seasonally Soft But Above 5-Year Average and Rising into 4Q26 ▪ 3Q26 utilization averaged 87.9% as July–August softened from the post-Hormuz surge; September rebounded to 94%, above the five-year average, giving firm momentum into Q4 ▪ Demand rebounded in September and has continued
Slide 15: 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 >25 years Very Large Gas Carrier Fully-Refrigerated 447 176 >60,000 cbm 45% 46 Ethylene & Ethane 53 52 Large Gas Carrier 59,
Slide 16: Latest Handysize Time Charter Rates Holding Firm Post-Hormuz
Latest Handysize Time Charter Rates Holding Firm Post-Hormuz $1,700 $1,700 12-month time charter assessment $1,500 $1,500 $1,300 $1,300 TC Hire per calendar month ('000s) ▪ Ethylene: $1,050k/month, rising on Far East demand $1,100 $1,100 for U.S. ethane and ethylene ▪ Semi-ref: $1,045k/month, suppor
Slide 17: Recent Developments
Recent Developments CORPORATE PRESENTATION 2026
Slide 18: Continuing Capital Return Policy of 35% and Increasing Cash Dividend by 14%
Continuing Capital Return Policy of 35% and Increasing Cash Dividend by 14% ▪ Our Capital Return Policy includes a fixed quarterly cash dividend coupled with an additional return of capital to equal, with the cash dividend, at least 35% of net income attributable to stockholders. ▪ On Nov 3, 2026, t
Slide 19: Ethylene Throughput Seasonally Lower in 3Q 2026, Currently Rising Into 4Q 2026
Ethylene Throughput Seasonally Lower in 3Q 2026, Currently Rising Into 4Q 2026 ▪ Following record high throughput in 2Q 2026, volumes decreased to 264,398 tons in 3Q 2026 as European demand fell while the international price arbitrage tightened, coupled with inventory destocking throughout most of t
Slide 20: Completed Unigas Vessel Sales - First Newbuilding To Be Delivered December
Completed 8 Unigas Vessel Sales - First Newbuilding To Be Delivered December Size Year Quarter Unigas Vessels (cbm) Built Sold ▪ Recently completed the sales of our 8 vessels in the Unigas Pool for cash proceeds of Happy Pelican 6,800 2012 4Q26 c. $183 million, resulting in a book gain of c. $70 mil
Slide 21: NVGS Analyst / Investor Day 2026 in Houston, Texas USA
NVGS Analyst / Investor Day 2026 in Houston, Texas USA Save the dates… Tuesday, November 17th ▪ Morgan’s Point Tours (ethylene export terminal and vessel) from 2:30-6:30pm ▪ Dinner at 6:30pm Wednesday, November 18th ▪ Company / industry presentations at 8:00am ▪ Lunch at 12noon ▪ Stakeholders' appre
Slide 22: 3Q 2026 - Solid Earnings & Utilization, Robust Capital Return, 4Q Starting Strong
3Q 2026 - Solid Earnings & Utilization, Robust Capital Return, 4Q Starting Strong ▪ 3Q 2026 net income attributable to stockholders of $78.3m ($1.28 EPS) and EBITDA of $120.8m on revenue of $155.0m, boosted by c. $48m profit on vessel sales ▪ Earnings underpinned by a $21,720 per day cash breakeven,
Slide 23: Q&A
Q&A CORPORATE PRESENTATION 2026
Slide 24: Appendices
Appendices CORPORATE PRESENTATION 2026
Slide 25: NVGS Fleet List as of November 3, 2026 (page 1 of 2)
NVGS Fleet List as of November 3, 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
Slide 26: NVGS Fleet List as of November 3, 2026 (page 2 of 2)
NVGS Fleet List as of November 3, 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 Spot LPG — Navigator Capricorn 2008 20,750 Time Charter LPG December 2026 Navigator Phoenix
Slide 27: Drydockings Focus on Emissions Reductions and Energy Saving Technologies
Drydockings Focus on Emissions Reductions and Energy Saving Technologies ▪ 16 vessels scheduled for drydocking during 2026, nine of which have already completed by Sept 30, 2026 ▪ Estimate of 474 scheduled off-hire days in 2026, with budgeted annual drydocking capex of $32m in total ▪ Continuing to
Slide 28: Contact Investor Relations
Contact Investor Relations [email protected] CORPORATE PRESENTATION 2026 28
Slide 29: Navigator Gas
a NAVIGATOR GAS