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Q2 2025 Financial Results Presentation 08 September, 2025
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Forward Looking Statements and Disclaimer 1 This presentation contains certain statements that may be deemed to be “forward-looking statements” within the meaning of applicable federal securities laws. All statements included in this presentation which are not historical or current facts (including our financial forecast and any other statements concerning plans and objectives of management for future operations, cash flows, financial position and economic performance, or assumptions related thereto, including in particular, the likelihood of our success in developing and expanding our business) are forward-looking statements. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “projects,” “forecasts,” “may,” “should” and similar expressions are forward-looking statements. This presentation of the Dynagas LNG Partners LP (the "Partnership") also includes forecasts, projections and other predictive statements that represent the Partnership's assumptions and expectations in light of currently available information. Forecasts and projections are inherently subject to numerous risks, variables, uncertainties and other market influences which may be outside of the Partnership's control. Therefore, the actual results that the Partnership achieves may differ significantly from the projections contained in this presentation and there is no guarantee as to the accuracy of the predictive statements contained herein. The projections and forecasts contained in this presentation were not prepared in compliance with published guidelines of the U.S. Securities and Exchange Commission or the guidelines established by the American Institute of Certified Public Accountants regarding projections or forecasts. The Partnership's independent public accountants have not examined or compiled these projections or forecasts, and have not expressed an opinion or assurance with respect to these figures and accordingly assume no responsibility for them. The Partnership undertakes no obligation to update or revise this forward-looking information to reflect events or circumstances that arise after the date of this Presentation or to reflect the occurrence of unanticipated events. Inevitably, some assumptions will not materialize, and unanticipated events and circumstances may materially affect the Partnership's ultimate financial results. Although the “Partnership” believes that its expectations stated in this presentation are based on reasonable assumptions, forward-looking statements involve risks and uncertainties that may cause actual future activities and results of operations to be materially different from those suggested or described in this presentation. In addition to these important factors, other important factors that, in the Partnership’s view, could cause actual results to differ materially from those discussed, expressed or implied, in the forward- looking statements include, but are not limited to, the strength of world economies and currency fluctuations, general market conditions, including fluctuations in charter rates, ownership days, and vessel values, changes in supply and demand for Liquefied Natural Gas (LNG) shipping capacity, changes in the Partnership’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Partnership’s vessels, availability of financing and refinancing, changes in governmental laws, rules and regulations or actions taken by regulatory authorities, economic, regulatory, political and governmental conditions that affect the shipping and the LNG industry, potential liability from pending or future litigation, and potential costs due to environmental damage and vessel collisions, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns, instances of off-hires, the length and severity of epidemics and pandemics, including COVID-19, the impact of public health threats and outbreaks of other highly communicable diseases, the impact of the expected discontinuance of the London Interbank Offered Rate, or, LIBOR, after June 30, 2023 on any of our debt referencing LIBOR in the interest rate, the amount of cash available for distribution, and other factors; our anticipated growth strategies, the Partnership’s ability to acquire new vessels from its sponsor, Dynagas Holding Ltd., or third parties, increases in costs, the potential for the exercise of purchase options or early termination of charters by the Partnership’s charterers and the Partnership’s inability to replace assets and/or long-term contracts; and changes in the ability of the Partnership to obtain additional financing, the effect of the worldwide economic slowdown; turmoil in the global financial markets; turmoil created from pandemics, epidemics and quarantines, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter hire rates and vessel values; changes in our operating expenses, including drydocking and insurance costs and bunker prices; forecasts of our ability to make cash distributions on the units or any increases or decreases in our cash distributions, our future financial condition or results of operations and our future revenues and expenses, the repayment of debt and settling of interest rate swaps, our ability to make additional (cont.)
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2 borrowings and to access debt and equity markets; planned capital expenditures and availability of capital resources to fund capital expenditures; our ability to maintain long-term relationships with major LNG traders; our ability to leverage our Sponsor’s relationships and reputation in the shipping industry; our ability to realize the expected benefits from acquisitions; our ability to maximize the use of our vessels, including the re-deployment or disposition of vessels no longer under long-term time charters; future purchase prices of newbuildings and secondhand vessels and timely deliveries of such vessels; our ability to compete successfully for future chartering and newbuilding opportunities; acceptance of a vessel by its charterer; termination dates and extensions of charters. Due to the ongoing Russian conflicts with Ukraine, the United States, the European Union, Canada and other Western countries and organizations have announced and enacted numerous sanctions against Russia to impose severe economic pressure on the Russian economy and government. The full impact of the commercial and economic consequences of the Russian conflict with Ukraine are uncertain at this time. Potential consequences of the sanctions that could impact the Partnership’s business in the future include but are not limited to: (1) the Partnership’s counterparties being potentially limited by sanctions from performing under its agreements; and (2) a general deterioration of the Russian economy. In addition, the Partnership may have greater difficulties raising capital in the future, which could potentially reduce the level of future investment into its expansion and operations. The Partnership cannot provide any assurance that any further development in sanctions, or escalation of the Ukraine situation more generally, will not have a significant impact on its business, financial condition or results of operations. In addition, unpredictable or unknown factors herein also could have material adverse effects on forward-looking statements. Please read the Partnership’s filings with the Securities and Exchange Commission for more information regarding these factors and the risks faced by the Partnership. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. This presentation is for informational purposes only and does not constitute an offer to sell securities of the Partnership. The Partnership expressly disclaims any intention or obligation to revise or publicly update any forward-looking statements whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary notice to recipients. Forward Looking Statements and Disclaimer
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3 The Partnership’s redeemed all of the issued and outstanding Series B Preferred Units on July 25, 2025 (the “Redemption Date” and such redemption, the “Redemption”)(1): ▪ The redemption price was equal to $25.00 per redeemed Series B Preferred Unit, plus an amount $0.45258267 equal to all accumulated and unpaid distributions thereon to the Redemption Date, whether or not declared (the “Redemption Price”), which was payable in cash on the Redemption Date. ▪ After the Redemption, there were no Series B Preferred Units outstanding ▪ Payment was made from Partnership’s existing cash reserves. Highlights Declared a distribution to common unitholders for the second quarter of $0.049 per common unit which was paid on August 29th. Since inception of common unit buy-back program repurchased 271,303 common units at an average price of $3.79 per common unit as of September 8, 2025. In line with expectations. 100% utilization for q2 2025. $78 million in liquidity as of June 30th. Returning Capital to Common Unitholders Q2 2025 Financial Results Full Redemption of Series B Preferred Units (1) The information in this press release regarding the Redemption does not constitute a notice of redemption of the Series B Preferred Units, and is neither an offer to purchase nor a solicitation of an offer to sell any Series B Preferred Units.
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4 Financial Summary q2 2025 4 Adjusted Net Income ($m) Adjusted EBITDA ($m) ▪ Increase in Adjusted Net Income, relative to q2 2024, primarily due to the decrease in interest and finance costs, which was counterbalanced by the increase of the other expenses and the decrease of cash revenues. ▪ Decrease in Adjusted EBITDA, in comparison with q2 2024, due to the abovementioned decrease in cash voyage revenues and other expenses. ▪ Increase in net income, relative to q2 2024 primarily relating to the decrease in interest and finance costs and the increase in voyage revenues due to certain non-cash items, which were counterbalanced by the increase in vessel operating expenses, the increase in voyage expenses and the decrease in interest rate swap gains. ▪ Decrease in cash breakeven primarily due to the decrease of the interest expense. ▪ Combined q2 daily OPEX, admin expenses and debt service per vessel per day amounted to a daily breakeven of $47,703 per day compared to a TCE of $67,883 p/d. Adjusted Net Income Bridge ($m) ( (1) Interest Expense represents cash interest expense net of realized swap gains. Interest rate swap expired on 18th September, 2024. (2) Excludes distributions to Series A and Series B Preferred unitholders which amounts to $5,564 per vessel per day for q2 2025. Quarter Highlights In USD thousands, except TCE q2 2025 q1 2025 q2 2024 Voyage Revenues 38,613 39,107 37,615 Operating Income 19,176 18,545 18,821 Net Income 13,709 13,570 10,708 Adjusted Net Income 14,463 14,316 12,385 Adjusted EBITDA 27,687 27,088 28,561 TCE 67,883 69,198 67,333 Cash breakeven per vessel p/d Numbers in USD per day q2 2025 q1 2025 q2 2024 OPEX 14,189 16,169 14,141 Management Fees 3,095 3,094 3,004 G&A 837 952 1,077 Interest Expense 9,359 9,733 4,681 Scheduled Principal Repayments 20,223 20,448 21,978 Cash breakeven per vessel p/d 47,703 50,396 50,606 (1) (2) 0 2 4 6 8 10 12 14 16 q2 2024 q3 2024 q4 2024 q1 2025 q2 2025 26 26.5 27 27.5 28 28.5 29 29.5 q2 2024 q3 2024 q4 2024 q1 2025 q2 2025 $13.70 $0.80 $14.50 Net Income Non-cash amortization Adjusted Net Income $0 $2 $4 $6 $8 $10 $12 $14 $16
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5 Cash Flow Generation and Capital Structure ($) thousands ($) millions Increase in cash of $7.9m for the quarter to $77.8m. Q2 quarterly Distribution of $0.049 per common unit amounts to 12% of adjusted net income and 21% of free cash flow to common equity. Free cash flow to common unitholders of $8.5m excluding working capital changes, including distributions to preferred unitholders. Debt to total book capitalization of 30%. $301 $73 $373 Senior Secured Debt Series A Preferred Units Common Book Equity $69,976 $27,687 -$5,098 $1,721 -$11,042 -$4,830 -$558 $77,856 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000
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6 Debt Highlights SCHEDULED DEBT AMORTIZATION DEBT EVOLUTION ($) millions $723 $663 $615 $567 $500 $421 $323 $279 $235 $190 $146 $78 $66 $53 $41 $28 $0 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 $800.0 Debt Outst. EOY (USDm) ▪ Debt Outstanding: $301m on four LNG carriers, with two vessels debt-free. ▪ Financial leverage metrics continue to strengthen with $422m in debt paid since end 2018. ▪ Current lease financing with amortization of $44m per year further de-risking the balance sheet, weighted average spread of 2.19%. ▪ No debt maturities until 2029. ▪ $373m in common equity versus an equity market capitalization of $136m. NET DEBT / EBITDA ($) millions (1) $68 million debt amortization in 2029 includes aggregate purchase obligation prices of $39.58 million for Amur River, Ob River and Clean Energy. (1) Maturity of three LNG carriers Maturity of one LNG carrier 0 10 20 30 40 50 60 70 80 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 SCHEDULED DEBT AMORTIZATION 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 q4 2023 q4 2024 q1 2025 q2 2025
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7 Fleet Profile ◼ 6 LNG carriers Average remaining charter duration ◼ ~5.4 years(1)(2) Total cbm capacity ◼ 914,100 cbm (149,700 cbm for steam turbine LNG fleet, 155,000 cbm for the tri-fuel diesel engine LNG fleet (TFDE’s)) Fleet average age ◼ ~15.1 years(1) Counterparties Fleet Total estimated contract backlog ◼ $0.9 billion(1)(2) Differentiation ◼ Fleet has the ability to trade as conventional LNG Carriers and in ice bound areas with no cost disadvantages ◼ Equinor (Norway), SEFE Marketing & Trading (Singapore), Yamal Trade (Singapore) (Total, CNPC, Silkroad Fund, Novatek), Rio Grande LNG (USA) (1) As of 8 September 2025 (2) Does not include charterer extension options, basis earliest delivery and redelivery dates. The time charter contracts with Yamal are subject to OPEX variation. $0.10 billion of the revenue backlog estimate relates to the estimated portion of the hire contained in the time charter contracts with Yamal which represents the operating expenses of the vessels and is subject to yearly adjustments on the basis of the actual operating costs incurred within each year.
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Total estimated contract backlog of approximately $0.9 billion(2) ~ 5.4 years remaining average duration. Key Commercial Achievements Contracts for Yenisei River and Lena River include dry-dock and OPEX pass-through provisions All 6 Vessels are fixed on term contracts with asset strong LNG producers. 100%, 100%, 100% and 64% contracted fleet for 2025,2026, 2027, and 2028 (basis earliest delivery). Leveraging on innovative technical solutions and in-house operations to generate long term vessel employment. Fleet Employment Overview Firm charter period Optional charter period Available 8 1. Chartering entity is SEFE Marketing & Trading Singapore Pte Ltd. 2. Chartering entity is Yamal Trade Pte Ltd, Singapore 3.
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9 Appendix
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10 Adjusted Net Income represents net income before non-recurring expenses (if any), charter hire amortization related to time charters with escalating time charter rates, amortization of deferred charges loss on debt extinguishment and changes in the fair value of derivative financial instruments. Common Unitholders’ Interest in Adjusted Net Income represents the common unitholders interest in Adjusted Net Income for each period presented. Adjusted Earnings per common unit represents Common unitholders’ interest in Adjusted Net Income divided by the weighted average common units outstanding during each period presented. Adjusted Net Income, Common Unitholders’ Interest in Adjusted Net Income and Adjusted Earnings per common unit, basic and diluted, are not recognized measures under U.S. GAAP and should not be regarded as substitutes for net income and earnings per unit, basic and diluted. The Partnership’s definitions of Adjusted Net Income, Common Unitholders’ Interest in Adjusted Net Income and Adjusted Earnings per common unit, basic and diluted, may not be the same at those reported by other companies in the shipping industry or other industries. The Partnership believes that the presentation of Adjusted Net Income and Common Unitholders’ Interest in Adjusted Net Income and Adjusted Earnings per common unit, basic and diluted is useful to investors because these measures facilitate the comparability and the evaluation of companies in the Partnership’s industry. In addition, the Partnership believes that Adjusted Net Income is useful in evaluating its operating performance compared to that of other companies in the Partnership’s industry because the calculation of Adjusted Net Income generally eliminates the accounting effects of items which may vary for different companies for reasons unrelated to overall operating performance. The Partnership’s presentation of Adjusted Net Income, Common Unitholders’ Interest in Adjusted Net Income and Adjusted Earnings per common unit does not imply, and should not be construed as an inference, that its future results will be unaffected by unusual or non-recurring items and should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with GAAP. Reconciliation of Net Income to Adjusted Net Income, Common Unitholders’ Interest in Adjusted Net Income and Adjusted Earnings per common unit Three Months Ended June 30, Six Months Ended June 30, (In thousands of U.S. dollars except for units and per unit data) 2025 2024 2025 2024 (unaudited) (unaudited) Net Income $ 13,709 $ 10,708 $ 27,279 $ 22,458 Amortization of deferred revenue 700 1,700 1,393 3,400 Amortization of deferred charges 54 54 107 108 Loss on Debt extinguishment — 331 — 331 Gain on derivative financial instrument — (408) — (1,668) Other expense — — — 110 Adjusted Net Income $ 14,463 $ 12,385 $ 28,779 $ 24,739 Less: Adjusted Net Income attributable to preferred unitholders and general partner (3,143) (3,233) (6,331) (6,509) Less: Deemed dividend on Series B Preferred Units (2,031) — (2,031) — Common unitholders’ interest in Adjusted Net Income $ 9,289 $ 9,152 $ 20,417 $ 18,230 Weighted average number of common units outstanding, basic and diluted: 36,552,642 36,802,247 36,644,628 36,802, 247 Adjusted Earnings per common unit, basic and diluted $ 0.25 $ 0.25 $ 0.56 $ 0.50
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11 (1) Includes interest and finance costs and interest income, if any. (2) Includes other income from insurance claims for damages incurred in prior years. The Partnership defines Adjusted EBITDA as earnings before interest and finance costs, net of interest income (if any), unrealised gains/losses on derivative financial instruments, taxes (when incurred), depreciation and amortization (when incurred), class survey costs and significant non-recurring items (if any). Adjusted EBITDA is used as a supplemental financial measure by management and external users of financial statements, such as investors, to assess the Partnership’s operating performance. The Partnership believes that Adjusted EBITDA assists its management and investors by providing useful information that increases the ability to compare the Partnership’s operating performance from period to period and against that of other companies in its industry that provide Adjusted EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or against companies of interest, other financial items, depreciation and amortization and taxes, which items are affected by various and possible changes in financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. The Partnership believes that including Adjusted EBITDA as a measure of operating performance benefits investors in (a) selecting between investing in the Partnership and other investment alternatives and (b) monitoring the Partnership’s ongoing financial and operational strength. Adjusted EBITDA is not intended to and does not purport to represent cash flows for the period, nor is it presented as an alternative to operating income. Further, Adjusted EBITDA is not a measure of financial performance under U.S. GAAP and does not represent and should not be considered as an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. Adjusted EBITDA excludes some, but not all, items that affect net income and these measures may vary among other companies. Therefore, Adjusted EBITDA, as presented above, may not be comparable to similarly titled measures of other businesses because they may be defined differently by those other businesses. It should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with GAAP. Any Non-GAAP measures should be viewed as supplemental to, and should not be considered as alternatives to, GAAP measures including, but not limited to net earnings (loss), operating profit (loss), cash flow from operating, investing and financing activities, or any other measure of financial performance or liquidity presented in accordance with GAAP. Reconciliation of Net income to Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, (In thousands of U.S. dollars) 2025 2024 2025 2024 (unaudited) (unaudited) Net income $ 13,709 $ 10,708 $ 27,279 $ 22,458 Net interest and finance costs (1) 5,230 8,182 10,096 16,837 Depreciation 7,994 7,994 15,900 15,988 Loss on Debt extinguishment — 331 — 331 Gain on derivative financial instrument — (408) — (1,668) Amortization of deferred revenue 700 1,700 1,393 3,400 Amortization and write-off of deferred charges 54 54 107 108 Other expense(2) — — — 110 Adjusted EBITDA $ 27,687 $ 28,561 $ 54,775 $ 57,564