StealthGas (GASS) investor relations material

Executive summary

• Achieved adjusted net income of $65.6 million for 2025, the second highest in company history, with adjusted EPS of $1.77, despite geopolitical turbulence and one vessel out of action.

• Q4 2025 revenues were $39.4 million, down 9.4% year-over-year, with adjusted net income of $13.3 million.

• Completed strategic deleveraging, repaying $86 million in bank debt in 2025 and reaching zero bank debt, with $350 million repaid since 2023.

• Share repurchase program continued, with $1.8 million in buybacks in 2025, totaling $21.2 million since 2023.

• Cash and cash equivalents stood at $99.1 million at year-end 2025.

Financial highlights

• FY 2025 revenues grew 3.5% year-over-year to $173.2 million, driven by higher rates and more vessels.

• Q4 2025 net income was $12.8 million (down 10% year-over-year), with EPS of $0.34.

• EBITDA for FY 2025 was $85.2 million; adjusted EBITDA was $108.8 million.

• Interest expenses dropped by $6.8 million in FY 2025 due to reduced debt.

• Equity increased by $63.8 million (+10.2%) during 2025.

Outlook and guidance

• About 48% of fleet days for 2026 are secured on period charters, with contracted revenues exceeding $104 million.

• Market outlook remains positive for small and handy LPG carriers due to low orderbook and aging fleet.

• Two vessels scheduled for drydock in Q1 2026, with three more expected later in the year.

• Two vessel sales expected to generate $29 million in proceeds, further strengthening liquidity.

• Potential for high short-term volatility due to geopolitical risks, especially in the Middle East.