Kirby (KEX) Investor presentation summary

Business overview

• Operates the largest inland and coastwise tank barge fleets in the U.S., specializing in transporting energy and petrochemical products and providing nationwide power generation equipment and industrial distribution services.

• Marine transportation accounted for 58% of Q2 2026 revenues, with 1,134 inland tank barges and 291 towboats, and 27 coastal tank barges and 24 tugboats.

• Distribution and services segment contributed 42% of Q2 2026 revenues, offering power generation systems, industrial equipment, and oilfield service equipment.

• Has completed over 60 acquisitions across both segments, supporting growth and modernization.

• Maintains a disciplined financial approach, focusing on free cash flow, capital allocation, and an investment-grade balance sheet.

Financial highlights

• Q2 2026 revenues reached $922.4 million, up 8% year-over-year; marine transportation revenues grew 9%, and distribution and services revenues increased 6%.

• Q2 2026 EPS was $1.67, flat year-over-year but up 11% sequentially; net earnings were $89.7 million.

• Returned $59.7 million to shareholders via share repurchases in Q2 2026, with an additional $29.0 million in Q3 to date.

• Long-term revenue CAGR of 8% and EPS CAGR of 9% from 2004 to 2025, with consistent adjusted EBITDA growth.

• 34 consecutive periods of positive free cash flow, exceeding $400 million for the past two years.

Marine transportation segment

• Operates on 12,000 miles of U.S. waterways, with a 28% inland market share by barge count and 16% coastal share by capacity.

• Diverse cargo portfolio includes petrochemicals, black oil, refined products, and agricultural chemicals.

• Growth driven by disciplined acquisitions, averaging 40 barges acquired annually since 1986.

• Limited new barge construction and ongoing retirements support favorable market fundamentals.

• High fleet utilization and healthy margins, with Q2 2026 inland utilization in the low-90% range and coastal in the high-90% range.