Kirby Corporation · NYSE:KEX

Kirby — Investor Presentation (November 2023)

55 slides from Kirby's investor presentation, November 2023

1. Slide 1: Investor Presentation

   Investor Presentation NYSE: KEX November 2023

2. Slide 2: Forward Looking Statements; Non-GAAP Financial Measures

   Forward Looking Statements Non-GAAP Financial Measures Statements contained in this press release 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 uncertain

3. Slide 3: Company Overview

   Company Overview Marine Transportation Distribution and Services The largest inland and coastwise tank barge fleets Nationwide service provider and distributor of in the United States engines, transmissions, parts, industrial equipment, oilfield service equipment and electrical power • 40 successful

4. Slide 4: Why Invest in Kirby?

   Why Invest in Kirby?  Proven track record of success over the long-term  Two strong franchises – Marine Transportation – Distribution and Services  Purpose-built management team with decades of relevant experience in both core businesses  Disciplined financial management – Investment-grade balan

5. Slide 5: Public Market Information

   Public Market Information NYSE: KEX Share Price on October 19, 2023 $82.46 Shares Outstanding 59.3 MM as of September 30, 2023 Market Capitalization $4,890 MM Net Debt* $1,026 MM as of September 30, 2023 Enterprise Value $5,916 MM * Net debt = Total debt less cash and cash equivalents 4

6. Slide 6: Marine Transportation Acquisitions

   Marine Transportation Acquisitions Through consolidating acquisitions, Kirby is the nation’s premier tank barge company with a young and efficient fleet Tank Tank Date Barges Description Date Barges Description 1986 5 Alliance Marine 2006 * Capital Towing 2007 37 Coastal Towing, Inc 1989 35 Alamo In

7. Slide 7: Distribution and Services Expansions

   Distribution and Services Expansions Kirby’s distribution and services business is one of the nation’s leading service providers and distributors of engines, transmissions, parts, industrial equipment, oilfield service equipment, and electrical power generation equipment Acquisitions Internal Growth

8. Slide 8: Historical Revenue Growth

   Historical Revenue Growth Marine Transportation and Distribution and Services Revenue from Continuing Operations $2,971 3,000 $2,838 $2,785 $2,566 2,500 $2,292 $2,242 $2,247 $2,113 $2,148 $2,214 2,000 $1,850 $2,171 $1,771 In Millions 1,500 $1,360 $1,173 $1,082 $984 1,000 $796 $1,110 $675 Tank barge

9. Slide 9: Historical EPS Growth

   Historical EPS Growth Earnings Per Share, Excluding One-Time Items $6.00 Economic Financial Tank barge COVID-19 downturn crisis industry overbuilding pandemic 2011 – 2015 $4.93 ------------------------ $5.00 Oil and gas $4.44 industry downturn $4.11 $4.00 $3.73 $3.35 1 1 $2.91 $2.90 $3.00 $2.86 $2.6

10. Slide 10: Marine transportation is the cleanest, safest, and most efficient mode of surface transportation

    Marine transportation is the cleanest, safest, and most efficient mode of surface transportation Marine Transportation has far fewer impacts on the population than truck or rail Barges are more fuel efficient Barges are better for the environment Barges are safer Source: National Waterways Foundatio

11. Slide 11: Strong Emphasis on Safety

    Strong Emphasis on Safety  99.95% Safe Watches* in 2022  Safety is the first and foremost concern in everything we do  All employees have safe work responsibility  The Board of Directors regularly reviews the safety performance of the organization “Being safe is not a decision; it is a series of

12. Slide 12: ESG Highlights

    ESG HIGHLIGHTS 99.95% 472.1M 7,500+ ESG Disclosures Update: TCFD (Taskforce on Climate-related Financial barrels of cargo Marine Training SAFE WATCHES Disclosures) transported Marine Transportation Certificates Scenario Analysis with less than 1 ISSUED Adoption barrel spilled In the last 5 years Kir

13. Slide 13: Marine Transportation

    Marine Transportation

14. Slide 14: Waterways are a Crucial Link between U.S & Global Trade

    Waterways are a Crucial Link between U.S & Global Trade Kirby operates on 12,000 miles of navigable US waterways Texas and Louisiana account for 80% of the total U.S. production of chemicals and petrochemicals 13

15. Slide 15: Industry Leader Well Positioned for Continued Growth

    Industry Leader Well Positioned for Continued Growth  The U.S. barge industry serves the inland waterways and U.S. coastal ports  Kirby is principally in the liquid cargo transportation business - Inland share (barge count): 27%* - Coastal share (capacity): 16%**  No competition from foreign comp

16. Slide 16: Marine Transportation Demand Drivers

    Marine Transportation Demand Drivers Inland & Offshore Drivers Revenue by Product1 3% 20% Petrochemicals and Chemicals 51% Black Oil 26% Refined Petroleum Products Agricultural Chemicals Markets and Products Moved Products Drivers 30% Benzene, Styrene, Methanol, Naphtha, Acrylonitrile, Consumer Dura

17. Slide 17: $150+ Billion of U.S. Petrochemical Investments

    $150+ Billion of U.S. Petrochemical Investments* Ohio Cost ($MM) PTT On hold New ethylene 10,000 PBF 2015 Aromatics exp unk Indiana Monaca, PA Iowa Cost ($MM) Cost ($MM) Cost ($MM) Midwest Fert. TBD New ammonia 2,800 Shell 2022 New polyethylene 6,000 Orascom (OCI) 2017 New fertilizer 3,000 CF Indust

18. Slide 18: Common Products Moved on the Waterways

    Common Products Moved on the Waterways Black Oil Pressurized Petrochemicals Refined Products Agriculture Product List: Product List: Product List: Product List: Product List:  Crude Oil  LPG  Methanol  Kerosene/Jet Fuel  Ammonia  Asphalt  Propane  Ethanol  Gasoline  Ammonium  Fuel Oil  B

19. Slide 19: Inland Market

    Inland Market 18

20. Slide 20: Number of Inland Tank Barges

    Number of Inland Tank Barges Inland barge market: Estimated for the years 2002 through 2023 4,300 The inland tank barge market has grown 4,012* 4,100 annually at 1.9% over the last 20 years and 3,900 0.7% over the last 5 years --------------------------------------------- 3,700 Kirby expects no mate

21. Slide 21: Flexible Fleet Size Keeps Utilization High

    Flexible Fleet Size Keeps Utilization High Better asset utilization through scale advantages Tank Barge Fleet  Large fleet facilitates better asset utilization - More backhaul opportunities - Faster barge turnarounds - Diversity of barge products and spot opportunities - Less cleaning Towboat Fleet

22. Slide 22: Kirby Inland Fleet by Barge Type

    Kirby Inland Fleet by Barge Type* * Barge counts as of September 30, 2023 21

23. Slide 23: Inland Barge Fleet by Operator

    Inland Barge Fleet by Operator Tank Dry Cargo Tank Dry Cargo Shipper Owned Independent Barges Barges Shipper Owned Independent Barges Barges Operated Operated Operated Operated Chem Carriers, Inc. 51 - Kirby Corporation* 1,071 - John W. Stone Oil 40 - American Commercial Lines LLC. 400 3,040 Buffalo

24. Slide 24: Kirby Growth and Asset Replacement Strategy Based on Counter Cyclical Acquisitions

    Kirby Growth and Asset Replacement Strategy Based on Counter Cyclical Acquisitions Kirby is focused on growth while replenishing and reducing the age of its inland barge fleet through asset acquisitions vs. newbuilds Number Kirby’s Inland Barge Fleet Over Time vs. Industry of Barges Kirby Count Inde

25. Slide 25: Kirby Inland Marine – Increase in Earnings Potential

    Kirby Inland Marine – Increase in Earnings Potential 2017 2023* Change Number of Inland Barges 841 1,071 +27% Inland Bbl Capacity (MM Bbls) 17.3 23.6 +36% Inland Average Barge Age 14.4 16.1 1.7 years  Significant growth while improving asset quality  Increase in operational scale * Barge count as

26. Slide 26: Inland Barge Utilization Recovering from COVID Lows

    Inland Barge Utilization Recovering from COVID Lows Margins historically lag barge utilization through the cycle, but have started to improve Utilization % Inland EBITDA and operating income have started to inflect and are expected to Margin % continue to improve in Q4 2023 and into FY 20241 96 36 9

27. Slide 27: Kirby Inland Marine Differentiators

    Kirby Inland Marine Differentiators  Safety culture  High quality customer portfolio  Heavily engrained in the supply chain of many blue chip companies – Acquired Lyondell, Dow, and SeaRiver’s captive fleets  Horsepower management  Largest tank barge fleet – scale matters – Facilitates better a

28. Slide 28: Coastal Market

    Coastal Market Coastal Division 27

29. Slide 29: Coastal Tank Barge Fleet by Operator

    Coastal Tank Barge Fleet by Operator Kirby is the second largest Coastal tank barge operator by barrel capacity Tank barge count as of September 30, 2023 Source: Kirby, company websites and public filings 28

30. Slide 30: Coastal Tank Barge Age Profile

    Coastal Tank Barge Age Profile Coastal Barge Market Age Distribution Number of barges by age and category 101 There are no coastal barges under construction 67 The average age of the nation’s coastal tank barge fleet is ~15 years, but 20 barges are 25+ years old and candidates for 45 retirement in t

31. Slide 31: Differentiators for Kirby's Coastal Business

    Differentiators for Kirby’s Coastal Business  Inland company key relationships  Kirby Ocean Transport – Working for blue chip refiners – Long term contracts with 40 year relationship  Younger, more efficient fleet  Counter cyclical investments  Focus on transporting black oil and chemicals 30

32. Slide 32: Distribution & Services

    Distribution & Services

33. Slide 33: Introduction to Distribution & Services

    Introduction to Distribution & Services Who we are… 62 Seattle LOCATIONS ACROSS NORTH AND SOUTH AMERICA Albany Marlborough Casper Middletown Lodi Piscataway 5 Thorofare Grand Junction Denver Paducah Chesapeake Tulsa Albuquerque Rocky Mount Oklahoma City BRANCH LOCATIONS IN Lubbock Wichita Falls Litt

34. Slide 34: Kirby is a leader in industrial distribution

    Kirby is a leader in industrial distribution Who we represent… Kirby D&S is the largest single distributor in the world for our Dealerships OEM partners provide rights to Distributorships provide unique and exclusive OEM service customers representation rights in assigned areas of responsibility in

35. Slide 35: Distribution & Services has diversified sources of revenue across multiple industries

    Distribution & Services has diversified sources of revenue across multiple industries Customer Industry Base Commercial & Industrial - Distribution, Oil & Gas - Distribution, services services and packaged equipment and manufactured equipment ~60% of D&S segment revenues ~40% of D&S segment revenues

36. Slide 36: Commercial and Industrial

    Commercial and Industrial Kirby is a leading distribution and services provider to key markets MARINE POWER GENERATION ON-HIGHWAY  Major service and OEM new product  Sells pre-packaged and fabricated  Distributes, sells parts, and services and replacement parts provider for back-up power systems

37. Slide 37: Oil and Gas

    Oil and Gas Kirby is one of the largest providers of equipment, service and parts to the oilfield MANUFACTURING DISTRIBUTION  Leading provider of non-captive manufacturing and  Heavy duty cycle associated with fracturing leads to the need for remanufacturing of well servicing equipment regular equ

38. Slide 38: Power Generation Technology

    Power Generation Technology Kirby manufactures environmentally friendly power generation equipment that is creating new opportunities in oil and gas and commercial and industrial markets NATURAL GAS RECIPROCATING GENERATORS POWER DISTRIBUTION SYSTEMS  High Power Output: 2.5 MW  Enables highly scal

39. Slide 39: Distribution & Services is Recovering

    Distribution & Services is Recovering The acquisition of S&S in 2017 generated a significant increase in earnings, but the 2019 industry downturn and COVID-19 adversely impacted profitability in recent years Business activity started to inflect in FY 2021 and is expected to continue to improve in Q4

40. Slide 40: Financial Highlights

    Financial Highlights

41. Slide 41: 3Q 2023 Overview

    3Q 2023 Overview Financial Summary $ millions except earnings (loss) per share 3Q 2023 3Q 2022 Variance % 2Q 2023 Variance % Revenues $ 764.8 $ 745.8 $ 19.0 3% $ 777.2 $ (12.5) -2% Operating income 93.5 58.9 34.6 59% 87.3 6.2 7% Net earnings attributable to Kirby 63.0 39.2 23.8 61% 57.4 5.6 10% Earn

42. Slide 42: Marine Transportation – 4Q 2023 Outlook

    Marine Transportation – 4Q 2023 Outlook Strong market conditions despite temporary headwinds  Inland – Favorable market conditions driven by high refinery and petrochemical plant utilization, and minimal new barge construction, partially offset by near-term issues, increase in delay days due to nor

43. Slide 43: Distribution & Services – 4Q 2023 Outlook

    Distribution & Services – 4Q 2023 Outlook Steady demand in commercial and industrial with favorable oilfield fundamentals which is expected to continue into 2024  Commercial and industrial – Steady growth in on-highway, power generation, and marine repair markets, partially offset by lower rental e

44. Slide 44: Adjusted EBITDA Per Share

    Adjusted EBITDA Per Share Tank barge industry overbuilding Economic Financial 2011 – 2015 COVID-19 downturn crisis ------------------------- pandemic $12.00 Oil and gas industry $11.23 downturn $10.49 $10.38 $10.00 $9.03 1 $8.32 $8.35 $7.95 $7.89 $8.00 $7.27 $6.66 $6.80 $6.76 1 $6.14 $6.00 $5.60 $5.

45. Slide 45: Cash Flow Generation

    Cash Flow Generation Kirby consistently generates free cash flow* Operating cash flow Capital expenditures $ in Millions (ex-acquisitions) $700 $601 $475 $600 to $524 $512 $525 $500 $439 $445 $330 $416 to $400 $380 $355 $345 $353 $347 $326$312 $322 $302 $294 $300 $253 $248 $231 $200 $177 $173 $148 $

46. Slide 46: Capital Structure

    Capital Structure 2012 to 2023 Q3 Debt-to-Total Capital Cenac 63 Barges $244MM Savage 92 Barges Allied $279MM Transp. 39.9% 10 units Targa 16 Barges 40% $109MM $69MM Undisclosed 35.3% 6 Pressure 13 Barges Barges Seacor $68MM 33.8% Penn $41MM 27 Barges Maritime $89MM 31.3% 18 units 32.5% $301MM 30% 2

47. Slide 47: Financial Strength

    Financial Strength  Investment grade rating – Standard & Poor’s: BBB-, positive – Moody’s: Baa3, stable  $500 million 4.20% Senior Notes – Maturity date of March 1, 2028 – Used to fund Higman Marine acquisition in 2018  $300 million 3.50% Senior Notes – 10-year maturity due January 19, 2033 – Use

48. Slide 48: Why Invest in Kirby?

    Why Invest in Kirby?  Proven track record of success over the long-term  Two strong franchises – Marine Transportation – Distribution and Services  Purpose-built management team with decades of relevant experience in both core businesses  Disciplined financial management – Investment-grade balan

49. Slide 49: Appendix

    Appendix 48

50. Slide 50: Reconciliation of GAAP to Non-GAAP Financial Measures

    Reconciliation of GAAP to Non-GAAP Financial Measures Kirby reports its financial results in accordance with generally accepted accounting principles (GAAP). However, Kirby believes that certain non-GAAP financial measures are useful in managing Kirby’s businesses and evaluating Kirby’s performance.

51. Slide 51: Reconciliation of GAAP Net Earnings to Non-GAAP Adjusted EBITDA

    Reconciliation of GAAP Net Earnings to Non-GAAP Adjusted EBITDA KIRBY CORPORATION Reconciliation of GAAP Net Earnings Attributable to Kirby to Non-GAAP Adjusted EBITDA 2023-Q3 YTD 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 ($ in millions) Net earnings (loss) attributable to Kirby $ 161.0 $ 12

52. Slide 52: Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items

    Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items KIRBY CORPORATION Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items (unaudited, $ in millions except per share amounts) Q3 2023 Q3 YTD 2023 Full Year 2022 Full Year 2021 Net Diluted Net Dilute

53. Slide 53: Marine Transportation Performance Measures

    Marine Transportation Performance Measures KIRBY CORPORATION MARINE TRANSPORTATION PERFORMANCE MEASUREMENTS 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 1Q 2Q 3Q YTD 1Q 2Q 3Q 4Q Total Year Year Year Year Year Year Year Year Year Year Inland Performance Measurements: Ton miles (in mill

54. Slide 54: Distribution and Services Revenue by Market Sector

    Distribution and Services Revenue by Market Sector Rail 10% Other Marine 20% 20% Manufacturing Manufacturing 30% Distribution On-Hwy 20% Oil & Gas Oil & Gas Distribution 30% 90% 70% Power Gen 10% Oil & Gas Frac New Product 50% Frac Reman 10% Note: Revenue percentages based on 2022 53

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