StealthGas (GASS) investor relations material

Executive summary

• Revenues reached $42.8 million in Q1 2026, up 2% year-over-year and 9% sequentially from Q4 2025.

• Net income for Q1 2026 was $15.9 million, up 12.9% year-over-year and 24% sequentially.

• Adjusted net income was $15.0 million, down from $16.1 million last year but up from $13.3 million in Q4 2025.

• Earnings per share were $0.43 (basic) and $0.40 (adjusted), among the top five quarters in company history.

• Maintains a debt-free balance sheet, with $131.2 million in cash at quarter-end, rising to $155 million by June.

Financial highlights

• EBITDA for Q1 2026 was $20.7 million; adjusted EBITDA was $19.7 million.

• Voyage expenses rose by $1 million due to higher insurance premiums linked to Middle East conflict.

• Operating expenses were $13.8 million, slightly higher than last year; drydocking costs increased due to more vessels docked.

• Gain of $2.5 million from vessel sale recognized in Q1.

• Interest costs reduced sharply after debt extinguishment.

Outlook and guidance

• Over 45% of fleet days for the next year are fixed, with contracted revenues exceeding $100 million.

• About 54-55% of fleet days for the remainder of 2026 are secured on period charters, with contracted revenues of approximately $53 million.

• Intends to reduce spot market exposure and maintain high period charter coverage.

• Positive LPG shipping fundamentals expected due to low orderbook and aged fleet in small and Handy segments.

• Plans to invest in fleet renewal after resolving the Eco Wizard situation.