Dorian LPG (LPG) investor relations material

Executive summary

• Declared a $0.60 per share dividend, totaling $25.6M, marking the 16th dividend and over $900M returned to shareholders to date.

• Net income for the quarter was $10.1 million, down from $51.3 million year-over-year, with revenue of $84.2 million and adjusted EBITDA of $38.6 million.

• Results were impacted by a heavy drydocking schedule, increased operating and administrative costs, and market volatility from geopolitical events.

• The fleet consisted of 26 VLGCs, including time chartered-in vessels, with an average age of 8.7 years and a total capacity of 2.2 million cbm.

• Bookings for the current quarter are at strong rates, supporting a positive outlook.

Financial highlights

• TCE per available day was $39,726, down from $50,243 year-over-year, with June results stronger than prior months.

• Adjusted EBITDA was $38.6M, down from $78.0M year-over-year; adjusted EBITDA margin was approximately 45.8%.

• Cash and cash equivalents at quarter-end were $277.9M; free cash at quarter-end was $278M.

• Debt at quarter-end was $543.5M; debt to total book capitalization at 34.4%, net debt to total cap at 16.8%.

• Vessel operating expenses rose to $21.9M ($11,466 per vessel per day), mainly from higher drydock-related costs.

Outlook and guidance

• Bookings for the next quarter show a strong rate increase, with 70% of fixable days booked at TCE above $67,000 per day.

• Liquidity needs for the next twelve months are expected to be met with cash on hand, operations, and available credit facilities.

• Management remains confident in the resilience of the LPG trade despite recent volatility and continues to pursue a balanced chartering strategy.

• Cash cost per day for the coming year expected at ~$26,000, excluding remaining capex.

• A newbuilding VLGC/AC with 93,000 cbm capacity is expected to be delivered in Q2 2026, with $86.2M in related commitments outstanding.