Navigator Holdings (NVGS) investor relations material

Executive summary

• Q3 2025 delivered record operating revenue of $153 million, net income of $33.2 million ($0.50/share), and adjusted EBITDA of $76.5 million, driven by high TCE rates and utilization.

• The Board revised its capital return policy, raising the fixed quarterly dividend to $0.07/share and targeting a 30% net income payout via dividends and share repurchases.

• Completed $50 million share repurchase program, returning $210 million to shareholders over three years through buybacks and dividends.

• Sold Navigator Gemini for $30.3 million, realizing a $12.6 million gain, and increased JV ownership in five vessels to 75.1%.

• Ordered two ammonia-fueled newbuilds on long-term charters, supporting future earnings growth.

Financial highlights

• Q3 2025 revenue reached $153 million, up 8% year-over-year; adjusted EBITDA was $76.5 million, and net income attributable to stockholders was $33.2 million ($0.50/share).

• Cash and equivalents at quarter end were $216 million, with total liquidity of $308 million including undrawn facilities.

• Vessel operating expenses rose to $49.3 million, with average daily OPEX at $9,275.

• Ethylene export terminal throughput for Q3 2025 was 270,502 tons, up 122% year-over-year.

• Profit from vessel sales in 2025 totaled $25.2 million (Navigator Venus and Navigator Gemini).

Outlook and guidance

• Utilization and TCE rates expected to remain near Q3 2025 levels; September and October utilization exceeded 90%.

• Q4 2025 expected to maintain strong utilization and TCE; full-year OPEX and net interest expense guidance remain unchanged.

• Anticipate lower ethylene export volumes in Q4 2025 due to tighter price spreads and tariff uncertainties, but expect offset from ethane cargoes.

• 41% of available days for the next 12 months are covered by time charter contracts; midsize vessels fully covered.

• U.S. NGL production and export infrastructure growth expected to support long-term demand.