Navigator (NVGS) Analyst presentation summary

Company overview and strategy

• Operates a diversified fleet of 57 vessels, including Handysize, midsize, and small gas carriers, with a focus on ethylene, LPG, ammonia, and petrochemicals transport.

• Expanded ethylene export terminal at Morgan's Point to 1.55 million tons per year, with further expansion potential.

• Committed to ESG leadership, ranking in the top quartile for sustainability and targeting net zero by 2050.

• Ongoing fleet renewal through vessel sales, secondhand acquisitions, and newbuild orders, including dual-fuel and ammonia-fueled ships.

• Maintains strong relationships with blue-chip clients and leading shipping banks, supporting stable operations and financing.

Financial performance and capital allocation

• Achieved record quarterly TCE of $30,966 and EBITDA of $85.7m in 3Q 2025, with utilization rebounding to 89.3%.

• Net income attributable to stockholders was $33.2m, or $0.50 per share; adjusted net income was $23.9m, or $0.36 per share.

• Strong liquidity with $301m in cash and available liquidity as of November 2025, despite significant debt repayments and investments.

• All-in cash breakeven for 2025 estimated at $20,510 per day, providing substantial headroom.

• New return of capital policy: $0.07/share fixed quarterly dividend and total payout of at least 30% of net income, combining dividends and share buybacks.

Recent developments and growth initiatives

• Sold Navigator Gemini for $30.4m, gaining $12.6m; increased JV vessel ownership to 75.1%.

• Ordered four 48,500 cbm ethylene carriers for delivery in 2027/2028 and two 51,350 cbm ammonia-fueled carriers via JV for 2028 delivery.

• Completed $50m share repurchase program, repurchasing 3.4m shares at $14.68 average price.

• Morgan's Point terminal expansion completed, with throughput at 270,594 tons in 3Q 2025 and stable cash flow from take-or-pay contracts.

• Actively pursuing new marine midstream infrastructure projects and clean ammonia export initiatives.