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StealthGas Inc. | Q2 2026 Financial and Operating Results | September 2, 2026
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2 | DisclaimerThis presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as “may,” “will,” “should,” “estimates,” “intends,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, including regarding contracted revenue, market conditions and pending vessel sales, which are other than statements of historical facts. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Certain shipping industry information, statistics and charts contained herein have been derived from industry sources. You are hereby advised that such information , statistics and charts have not been prepared specifically for inclusion in this presentation, and the Company has not undertaken any independent investigation to confirm the accuracy or completeness of such information. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs and other protectionist measures imposed by the United States, China or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in any financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, tensions in the Middle East and particularly the war in the Persian Gulf, potential disruption of shipping routes due to attacks by Houthis in the Red Sea and Gulf of Aden, accidents and political events or acts by terrorists. Readers of this presentation should review our filings with the SEC for a discussion of factors and circumstances that could affect our future financial results and our ability to realize the expectations stated herein.
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Q2 2026$0.466M 2026$0.893 | StealthGas Key HighlightsSolid revenue generation in Q2 2026•Maintaining a visible revenue stream - over 45% of fleet days 1YR forward are fixed and contracted revenues for all subsequent periods are over $90 million (excl. JV vessel).•Recent S&P activity- relating to the sale of 3 vessels. Delivered one small LPG carrier to its buyers in Q1 2026 and one in Q2 2026. Entered into an agreement in March for the sale of one morJe small LPG carrier with exp. delivery in September2026 to her buyers. •Eco Wizard- Vessel remains inoperable in the port of Riga. Ongoing discussions with insurers of the vessel. •Revenues of$42.9 millionin Q2 2026 ($47.2 million in Q2 2025) ($42.8 million in Q1 2026).•Adjusted Net Income of$17.3million in Q2 2026 ($21.7 million in Q2 2025) ($15.0 million in Q1 2026).•Adjusted EPS of$0.46in Q2 2026.•Zero debt on the balance sheet after having repaid⁓$350 million in the last 3 years.•Sharebuyback – have spent $1.8 million in share repurchases during 2025 bringing total up to $21.2 million since 2023.17.3 $mm $5 $10 $15 $20 $25 $30Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 202642.9 $mm $10 $20 $30 $40 $50 $60Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 202621m350m130mSince start of 2023*Share BuybackDebt RepaidFleet InvestmentsFleet cover 1YR 45%… over $90m in contracted revenues*Maintaining high profitabilityEarnings per sharePeriod coveragePrudent capital allocationOur focus: $mm $50 $100 $150 $200Since start of 2023*while selling older tonnage and growing liquidity >$250m in cash and term depositsIncl. c.$77m from the insurance claim from the loss of one vessel*In the fully owned fleet
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4 | Fleet Employment Analytics (As of September 2026) Indicative Clients (past&present) •4 new period charters and charter extensions concludedsince our last announcement.•Four vessels operating in the spot market.•Increased period coverage for the remainder of 2026 to60% ($30 million in revenues). Secured $50 million inrevenues for 2027.•Over $90 million in total contracted revenues.•Four vessels went for drydock in the first half of 2026.One vessel remains to be drydocked in 2026.* This fleet employment chart includes our JV vessel, but the calculations in the notes exclude it. Time ChartersNewly concluded Time Charters Q4 2026Q1 2027Q2 2027Q3 2027Vessel CharterName TypeEco Corsair TC Feb 2029Gas Flawless TC Jul 2028Eco Nical TC May 2028Eco Oracle TC Jan 2028Eco Ice TC Sep 2027Eco Dominator TC Sep 2027Gas Alice TC Jul 2027Eco Freeze TC May 2027Eco Elysium TC May 2027Eco Alice TC May 2027Gas Husky TC Mar 2027Eco Sorcerer TC Feb 2027Gas Myth TC Jan 2027Eco Chios TC Nov 2026Eco Stream TC Nov 2026Eco Blizzard TC Oct 2026Eco Galaxy TC Sep 2026Gas Esco TC Sep 2026Eco Lucidity TC Sep 2026Gas Haralambos TC Sep 2026Gas Astrid TC Sep 2026Eco Frost SpotEco Arctic SpotGas Exelero SpotGas Defiance Spot End DateAugSep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
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| LPG Fleet Trading Profile•StealthGas focuses on regional trade and local distribution of gas. Our larger vessels mostly do intercontinental voyages particularly US to Europe or Asia.•Our Fleet trading pattern is geographically diversified and is continuously adjusted to market needs. Currently 77%of the vessels, trade West of Suez (in Europe, Med. and Black Sea). Only 1 vessel East of Suez in the Middle-Far East, 2 vessels trade in the Americas and 3 in Africa.•No vessels are currently located inside the Persian Gulf or the Red Sea. •Our larger vessels can also carry ammonia. •None of the vessels in our fleet are built in China. Only Japan and Korea.•Fleet average age : 11.8 yearsNote: As of August 24th2026. Trading profile includes our JV vesselMiddle- Far East -1 vessel5US -Carib- Latam -2 vesselsAfrica-3 vessels EU-Med-20 vessels NetherlandsFrancePortugalGreeceSpainNorwayBelgiumRest
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6 | Financials| Income StatementQUARTERLY HIGHLIGHTS•Strong profitability for Q2 2026 supported by a resilient chartering market.•Revenues $42.9 million and Voyage expenses $7.2 million ≈ TCE of $15,710.•Opex $12.8 million ≈ Daily opex of $5,310.•One vessel drydocked.•Net Income $17.3 million. •EPS basic/adjusted $0.46Income Statement (Amounts in USD'000s)Q2 2025Q2 20266M 2025 6M 2026Voyage revenues47,23442,90989,26085,752Voyage expenses(4,404)(7,235)(9,497)(13,367)Net revenues 42,83035,67479,76472,386Operating expenses(12,667)(12,754)(26,178)(26,587)Drydocking costs(622)(524)(1,035)(3,018)Management fees(1,102)(1,021)(2,182)(2,101)G&A(2,018)(1,914)(4,184)(3,896)Depreciation(6,603)(5,924)(13,256)(11,620)Impraiment loss00(488)(270)Gain/(Loss) on sale of vessels(121)1,313(121)3,855Income from operations19,69714,85032,32028,749Interest and finance costs(593)(6)(2,008)(14)Interest income7151,1551,4682,098Equity earnings in joint ventures7271,3282,9022,448Other income/(expenses)(110)(31)(136)(56)Net income20,43717,29634,54533,226Net income Adjusted21,71917,23737,85532,203EPS0.550.460.940.89EPS Adjusted0.590.461.030.86EBITDA26,91722,07248,34142,762EBITDA Adjusted28,19822,01351,65241,740Fleet voyage days 2563227150634559
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7 |Financials | Balance Sheet•Fast growing Liquidity on GASS balance sheet cash of 168.3 million. (no restricted cash) 70% increase since Q4 2025.•Investments in JV structures of $21.6 million (1 vessel).•Increased Equity by $36.5 million (+5.3%) during the 6M 2026.•No outstanding finance debt. •Vessel held for sale $10.5 million will further increase cash position. •Total Liabilities of just $28.5 million. •Fleet’s book value is $473.3 million.•Current Assets $81.5 million include insurance claim. $mm $100 $200 $300 $400 $500 $600 $700 $800FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q2 2026Growing Shareholders Equity through consistent profitability. Balance Sheet (Amounts in $'000s)Q4 2025 Q2 2026AssetsCash & cash equivalents (incl. Investments) 99,078 168,308Vessel held for sale 24,945 10,544Current assets excl. cash 72,510 81,251Vessel, net 491,414 473,334Other assets 276 111Investments in joint ventures 23,467 21,562Total A ssets711,690 755,109Liabilities & Stockholders EquityCurrent liabilities 21,141 27,959Long term debt 0 0Other liabilities 223 342Stockholders' equity 690,327 726,808Total Liabilities & Stockholders Equity711,690 755,109
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8 |Financials |Strategic objective- Deleverage Our joint venture reduced its debt further during Q2 2026. Currently $7m debt remains on its single MGC vessel. Bank Debt Outstanding vs LiquidityDeleverage was completed in Q3 2025. Prepaid all the debt on the balance sheet while maintaining ample liquidity.All the vessels in the fully owned fleet are unencumbered. Lower cash breakeven costs give a competitive advantage.Significant saving in interest costs.Enhanced cashflow generation going forward.Improved financial flexibility when opportunities arise. $mm $50 $100 $150 $200 $250 $300 $350 $400Q12021Q22021Q32021Q42021Q12022Q22022Q32022Q42022Q12023Q22023Q32023Q42023Q12024Q22024Q32024Q42024Q12025Q22025Q32025Q42025Q12026Q22026Now Millions
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9 |Market update| LPG Sector Highlights & Trends Source: Drewry, Banchero Costa (Lseg), eia, Kpler •Global LPG exports fell in H1 2026 (-8%)•India’s LPG consumptiondown by over 20%. Newplans to diversify itssources and import atleast 25% from the US in2027.•China’s imports downby 29% in Q2 2026,while weak seasonaldemand persists.•The Strait of Hormuz remains closed, shutting 46% of Asia’s LPG imports.•Europe remained well-supplied with competitivelypriced U.S. sourced LPG.Petrochemical demand wasthe driver due to favorablepropane vs naphta pricedifferentials and increasedcracker utilization.•US LPG exports hit a record in Mayof 2.9mmbpd. Propane exportswere up 9% in Q2 2026.•US accounts for 55% of world’sexports. Export capacity is increasingrapidly in the US Gulf. New dockexpansion plans announced.
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10 |Market update| LPG Sector Highlights & Trends|Small-Handy-MGC - LPG Daily Charter Rates Evolution ($)Source: internal, Clarkson, Arrow, Small Pressurized: Continued two tier market (West of Suez vs East of Suez)•Time charter rates remained flat at elevated levels while the spot market saw atypical seasonal softening.•Handysize: Rates climbed higher as activity picked due to the thinning of positionsof the larger sizes.•Medium Gas Carriers: Very firm time charter levels driven by the closure of theHormuz strait and increased interest in transatlantic voyages.•Seasonality- Lower demand in the summer months. Expect strengthening in thecoming winter.|LPG Carriers ( < 25,000 cbm) Fleet Age & Scrapping•Ageing fleet. About 1/3 of the small LPG fleet is above 20 years of age.•Low scrapping activity continues. |LPG Orderbook•Pressurized- Limited ordering activity- orderbook overall remainsconstrained for the next couple of years.•Handysize- At c.10% orderbook remains limited. No new orders.•MGC – No new orders but the orderbook remains high at c.40% ofexisting fleet with a substantial number of deliveries in 2026 and 2027.% ChangeQ-o-Q% Change Y-o-YQ2 2026Q1 2026Q4 2025Q3 2025Q2 20258.0%27.3%35,00032,40030,90029,50027,50038,000 MGC3.2%7.6%32,50031,50031,00030,50030,20020-22,000 SR0.0%(8.5%)14,00014,00014,00014,50015,3007,500 PR0.9%2.7%11,60011,50011,50011,50011,3005,000 PR (West)1.0%7.6%9,9009,8009,8009,6009,2003,500 PR (West)(2.5%)(3.8%)7,7007,9007,9008,0008,0003,500 PR (East)11%12%19%25%9%24%0%5%10%15%20%25%30%0-4 years 5-9 years 10-14 years 15-19 years 20-24 years 25+ years2026 2027 2028>MGC 12 30 15Handysize 5 4 1Small 3,000- 11,000 cbm 11 22 19
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11 |Closing Remarks|Considerations Going Forward•Below are some of the key variables that may affect our performance going forward.Significant operating leverage- due to our sizeable fleet and low cash-breakeven.Reduced exposure to spot market, high earnings visibility. Healthy capital structure, zero debt and high liquidity.Significant volumes coming out of US with more export terminals under construction.Positive LPG shipping fundamentals (low orderbook-aged fleet- for small and Handy).High LPG prices and unstable supply chains can lead to demand destruction.Global trade tensions and geopolitical risks.Slower economic growth in China could impact LPG demand.Inflationary pressures on our operating cost base.The market for larger sized vessels is more volatile andthe orderbook is high for MGC’s.