Slides
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Investor Presentation NYSE: KEX May 2025
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Forward Looking Statements Non-GAAP Financial Measures 1 Statements contained in this presentation with respect to the future are forward-looking statements. These statements reflect management’s reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including adverse economic conditions, industry competition and other competitive factors, adverse weather conditions such as high water, low water, tropical storms, hurricanes, tsunamis, fog and ice, tornados, marine accidents, lock delays, fuel costs, interest rates, construction of new equipment by competitors, government and environmental laws and regulations, and the timing, magnitude and number of acquisitions made by the Company. Forward-looking statements are based on currently available information and Kirby assumes no obligation to update any such statements. A list of additional risk factors can be found in Kirby’s annual report on Form 10-K for the year ended December 31, 2024. Kirby reports its financial results in accordance with generally accepted accounting principles (GAAP). However, Kirby believes that certain Non-GAAP financial measures are useful in managing Kirby’s businesses and evaluating Kirby’s performance. This presentation contains Non-GAAP financial measures including: adjusted EBITDA; operating income, excluding one-time items; earnings before taxes on income, excluding one-time items; net earnings attributable to Kirby, excluding one-time items; and diluted earnings per share, excluding one-time items, and free cash flow. Please see the Appendix for a reconciliation of GAAP to Non- GAAP financial measures.
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2 Company Overview Marine Transportation The largest inland and coastwise tank barge fleets in the United States • 40+ successful acquisitions • 1,111 inland tank barges and 291 towboats* – ~70% of inland revenues under term contracts, of which approximately 61% were time charters in Q1 2025 – 82% of marine transportation revenues* • 28 coastal tank barges and 24 tugboats* – ~100% of coastal revenues under term contracts, of which approximately 100% were time charters in Q1 2025 – 18% of marine transportation revenues* 59% of 2024 revenues or $1,913 million Distribution and Services Nationwide service provider and distributor of engines, transmissions, parts, industrial equipment, oilfield service equipment and electrical power generation equipment • 22 successful acquisitions • Manufacturer, remanufacturer and service provider of oilfield service equipment • Manufacturer of electric power generation equipment, distribution and control equipment, and energy storage/battery systems • Provider of rental equipment including generators, material- handling equipment, pumps, compressors, and refrigeration trailers for use in a variety of industrial markets 41% of 2024 revenues or $1,353 million Return on Capital Driven Investment Decisions * For the quarter ended March 31, 2025
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3 Why Invest in Kirby? ▪ Proven track record of success over the long-term ▪ Two strong franchises – Marine Transportation – Distribution and Services ▪ Purpose-built management team with decades of relevant experience in both core businesses ▪ Disciplined financial management – Investment-grade balance sheet – Countercyclical investing followed by deleveraging ▪ Balanced approach to capital allocation – Return on capital driven investment decisions – Proven acquisition strategy – Strong record of cash flow generation ▪ Significant increase in long-term earnings potential
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Public Market Information 4 NYSE: KEX Share Price on May 2, 2025 $104.48 Shares Outstanding as of March 31, 2025 56.4 MM Market Capitalization $5,889 MM Net Debt* as of March 31, 2025 $1,047 MM Enterprise Value $6,936 MM * Net debt = Total debt less cash and cash equivalents
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5 Marine Transportation Acquisitions Date Tank Barges Description 2007 11 Midland Marine Corporation (operated as leased barges) 2008 6 OFS Marine One (operated as leased barges) 2011 * Kinder Morgan (Greens Bayou fleet) 2011 21 Enterprise Marine (ship bunkering) 2011 58 K-Sea Transportation (coastal operator) 2011 3 Seaboats, Inc. (coastal transportation assets) 2012 17 Lyondell Chemical Co. (transportation assets) 2012 10 Allied Transportation Co. (coastal transportation assets) 2012 18 Penn Maritime Inc. (coastal operator) 2015 6 Martin Midstream Partners (pressure barges) 2016 27 SEACOR Holdings Inc. (inland barge assets) 2016 4 Hollywood/Texas Olefins, Ltd. (“TPC”) 2017 13 Undisclosed (9 pressure and 4 clean barges) 2018 163 Higman Marine, Inc. 2018 45 Targa pressure barges (16), CGBM (27) and Undisclosed (2) 2019 63 Cenac Marine transportation assets, Black Lake Fleet 2020 92 Savage Inland Marine transportation assets 2020 6 Undisclosed (6 pressure barges) 2023 23 Undisclosed 2024 17 Undisclosed 2025 14 Undisclosed Shipper Owned (Red) Independent (Green) * Towboats Only Date Tank Barges Description 1986 5 Alliance Marine 1989 35 Alamo Inland Marine Co. 1989 53 Brent Towing Company 1991 3 International Barge Lines, Inc. 1992 38 Sabine Towing & Transportation Co. 1992 26 Ole Man River Towing, Inc. 1992 29 Scott Chotin, Inc. 1992 * South Texas Towing 1993 72 TPT, Division of Ashland 1993 * Guidry Enterprises 1993 53 Chotin Transportation Company 1994 96 Dow Chemical (transportation assets) 1999 270 Hollywood Marine, Inc. – Stellman, Alamo, Ellis Towing, Arthur Smith, Koch Ellis, Mapco 2002 15 Cargo Carriers 2002 64 Coastal Towing, Inc. (barge management agreement for 54 barges) 2002 94 Dow/Union Carbide (transportation assets) 2003 64 SeaRiver Maritime (ExxonMobil) 2005 10 American Commercial Lines (black oil fleet) 2006 * Capital Towing 2007 37 Coastal Towing, Inc Through consolidating acquisitions, Kirby is the nation’s premier tank barge company with a young and efficient fleet
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6 Acquisitions 1987 National Marine 1991 Ewing Diesel 1995 Percle Enterprises 1996 MKW Power Systems 1997 Crowley (Power Assembly Shop) 2000 West Kentucky Machine Shop 2000 Powerway 2004 Walker Paducah Corp. 2005 TECO (Diesel Services Division) 2006 Global Power Holding Company 2006 Marine Engine Specialists 2007 NAK Engineering (Nordberg Engines) 2007 P&S Diesel Service 2007 Saunders Engine & Equipment Company 2008 Lake Charles Diesel, Inc. 2011 United Holdings LLC 2012 Flag Services & Maintenance, Inc. 2016 Valley Power Systems, Inc. 2017 Stewart & Stevenson LLC 2020 Convoy Servicing Company 2021 Energy storage systems company (name undisclosed) 2022 Gear repair company (name undisclosed) Internal Growth 1989 Midwest 1992 Seattle 2000 Cooper Nuclear Distribution and Services Expansions Kirby’s distribution and services business is one of the nation’s leading service providers and distributors of engines, transmissions, parts, industrial equipment, oilfield service equipment, and electrical power generation equipment
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Historical Revenue Growth 7 Marine Transportation and Distribution and Services Revenue from Continuing Operations Industry downturn COVID-19 pandemic COVID-19 pandemic Financial crisis Economic downturn Tank barge industry overbuilding 2011 – 2015 ------------------------ Oil and gas industry downturn CAGR: 8% $675 $796 $984 $1,173 $1,360 $1,082 $1,110 $1,850 $2,113 $2,242 $2,566 $2,148 $1,771 $2,214 $2,971 $2,838 $2,171 $2,247 $2,785 $3,092 $3,266 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 In Millions
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Historical EPS Growth 8 Earnings per share have been revised to reflect 2-for-1 stock split effective May 31, 2006 Earnings Per Share, Excluding One-Time Items (1) 2017 – 2024 earnings per share exclude one-time charges and benefits. For more information, see the Reconciliation of GAAP to Non -GAAP Financial Measures Excluding One-Time Items in the Appendix of t his investor presentation. 1 Industry downturn COVID-19 pandemic 1 1 1 $0.98 $1.33 $1.79 $2.29 $2.91 $2.34 $2.15 $3.35 $3.73 $4.44 $4.93 $4.11 $2.62 $1.99 $2.86 $2.90 $1.84 $0.56 $2.10 $3.72 $5.46 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1 11 Financial crisis Tank barge industry overbuilding 2011 – 2015 ------------------------ Oil and gas industry downturn COVID-19 pandemic 1 CAGR: 9%
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Marine transportation is the cleanest, safest, and most efficient mode of surface transportation 9 Source: National Waterways Foundation: A Modal Comparison of Domestic Freight Transportation Effects on the General Public: 2001-2019 Barges are more fuel efficient Barges are better for the environment Marine Transportation has far fewer impacts on the population than truck or rail Barges are safer
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Strong Emphasis on Safety 10 ▪ The Board of Directors regularly reviews the safety performance of the organization ▪ Investing in safe operations is good for morale and benefits financial performance ▪ NO HARM flags awarded to all towboats, tugboats and facilities with zero incidents ▪ Kirby has the only inland marine U.S. Coast Guard approved training center – Company-owned and operated – In-house towboat wheelhouse simulator – Provides ready group of trained mariners ZERO INCIDENTS NO HARM to people to the environment to equipment ▪ 99.95% Safe Watches* in 2024 ▪ Safety is the first and foremost concern in everything we do ▪ All employees have safe work responsibility “Being safe is not a decision; it is a series of decisions we must make on an ongoing and never-ceasing basis. The journey to NO HARM is long and full of change. The journey never ends as once we achieve NO HARM: we will have to work just as hard to stay there.” – Jim Guidry, Executive Vice President of Vessel Operations * A Safe Watch is defined as “No Harm” to people, the environment, or equipment during a six-hour period on a Kirby marine vessel.
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SUSTAINABILITY HIGHLIGHTS Marine Training Certificates ISSUED 99.95% SAFE WATCHES with NO HARM DIVERSITY 44% Diverse Directors ON THE BOARD In 2023 D I V E R S I T Y EMPLOYEES: White – 65% African American – 12% Hispanic – 18% Other – 5% 300+ employees received assistance during the last 3 years 2,300 Kirby Disaster Relief Fund Raised: Disclosed Scope 3 Emissions 1 Million + Company Culture Survey Results COMPANY ENGAGEMENT 90% Of employees surveyed agree that Kirby is committed to Employee Safety TARGET OF CO2e Emissions per Barrel of Capacity By 2040 40% Reduction The nation’s 1st inland marine hybrid diesel- electric towboat Employees believe the Company operates by strong values, has a strong safety culture, and would recommend working for the Company to others. Company Culture Survey Results Target: To complete Company-wide training in 2024 Human Rights Training Implementation Emissions Data Dashboard Project Adoption Initiated to assist in understanding the environmental impact of our operations and provide data to our customers Christened the M/V Green Diamond
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Marine Transportation
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Waterways are a Crucial Link between U.S & Global Trade 13 Kirby operates on 12,000 miles of navigable US waterways Texas and Louisiana account for 80% of the total U.S. production of chemicals and petrochemicals
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Industry Leader Well Positioned for Continued Growth 14 ▪ The U.S. barge industry serves the inland waterways and U.S. coastal ports ▪ Kirby is principally in the liquid cargo transportation business - Inland share (barge count): 28%* - Coastal share (capacity): 16%** ▪ No competition from foreign companies due to a U.S. law known as the Jones Act ▪ Barges are mobile, carry wide range of cargoes and service different geographic markets ▪ Water transportation plays a vital role in the U.S. economy ▪ Barges are an environmentally friendly mode of transportation * Kirby share as of March 31, 2025 ** Barges with 195K bbl. of capacity or less
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Marine Transportation Demand Drivers 15 50% 25% 22% 3% Petrochemicals and Chemicals Black Oil Refined Petroleum Products Agricultural Chemicals Revenue by Product1 (1) For the three months ended March 31, 2025 Inland & Offshore Drivers Markets and Products Moved Products Drivers Petrochemicals and Chemicals Benzene, Styrene, Methanol, Naphtha, Acrylonitrile, Xylene, Caustic Soda, Butadiene, Propylene Black Oil Residual Fuel Oil, Coker Feedstock, Vacuum Gas Oil, Asphalt, Carbon Black Feedstock, Crude Oil, Natural Gas Condensate, Ship Bunkers Fuel for Power Plants and Ships, Feedstock for Refineries, Road Construction Refined Petroleum Products Gasoline, No. 2 Oil (Heating Oil, Diesel Fuel), Jet Fuel, Ethanol Vehicle Usage, Air Travel, Weather, Refinery Utilization Agricultural Chemicals Anhydrous Ammonia, Nitrogen-based Liquid Fertilizer, Industrial Ammonia Corn, Cotton, Wheat Production, Chemical Feedstocks 30% 70% Consumer Durables Consumer Non-Durables
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Common Products Moved on the Waterways 16 Black Oil Pressurized Petrochemicals Agriculture Product List: ▪ Crude Oil ▪ Asphalt ▪ Fuel Oil ▪ Carbon Black ▪ Vacuum Gas Oil ▪ Vacuum Tower Bottoms ▪ Bunker Fuel ▪ Residual Fuel ▪ Etc. Product List: ▪ LPG ▪ Propane ▪ Butadiene ▪ Isobutane ▪ Propylene ▪ Ethylene ▪ Butane ▪ Raffinate ▪ Natural Gasoline ▪ Etc. Product List: ▪ Methanol ▪ Ethanol ▪ Reformate ▪ Naphtha ▪ Ethylene ▪ Propylene Oxide ▪ Monoethylene Glycol ▪ Vinyl Acetate Monomer ▪ Benzene ▪ Ethyl Benzene ▪ Toluene ▪ Xylene ▪ Paraxylene ▪ Styrene ▪ Caustic Soda ▪ Acrylonitrile ▪ Etc. Product List: ▪ Ammonia ▪ Ammonium Thiosulfate ▪ Urea Ammonium Nitrate (UAN) ▪ Etc. Refined Products Product List: ▪ Kerosene/Jet Fuel ▪ Gasoline ▪ No. 2 Oil - Diesel Oil - Heating Oil ▪ Lube Oil ▪ Etc.
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17 Inland Market
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Number of Inland Tank Barges 18 Inland barge market: Estimated for the years 2005 through 2025 Q1 121 single hull tank barges industry wide, 9 operated by Kirby 2,100 2,300 2,500 2,700 2,900 3,100 3,300 3,500 3,700 3,900 4,100 4,300 The inland tank barge fleet has grown annually at ~2% over the last 20 years and remained flat over the last 5 years --------------------------------------------- Kirby expects no material new barge construction in 2025 due to historically high new barge prices Sources: Current Data, LLC (currentdata.net) - Adjusted as of March 31, 2025* Barge count estimated as of March 31, 2025 4,003*
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Flexible Fleet Size Keeps Utilization High 19 Better asset utilization through scale advantages Tank Barge Fleet ▪ Large fleet facilitates better asset utilization - More backhaul opportunities - Faster barge turnarounds - Diversity of barge products and spot opportunities - Less cleaning Towboat Fleet ▪ Operating 291 towboats* ▪ Chartered towboats used to flex horsepower with demand - Provides ability to address increased activity in a cost-effective manner * Towboat count represents the average for the quarter ended March 31, 2025
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Kirby Inland Fleet by Barge Type* 20 * Barge counts as of March 31, 2025
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Tank Barges Operated Dry Cargo Barges Operated Chem Carriers, Inc. 51 - Buffalo Marine Service, Inc. 39 - John W. Stone Oil 37 - Martin Midstream Partners 29 - Central Boat Rentals, Inc. 28 - Parker Towing Company 20 386 Olin Corporation (Blue Cube) 15 - River City Towing Services 9 - Highland Marine 4 - Other - 8,567 TOTAL 4,003 18,451 Inland Barge Fleet by Operator 21 Sources: Tank Barge – Current Data, LLC (currentdata.net) - Adjusted* Kirby tank barges as of March 31, 2025 Tank Barges Operated Dry Cargo Barges Operated Kirby Corporation* 1,111 - American Commercial Lines LLC. 391 3,040 Canal Barge Company 361 368 MPLX (“Hardin St. Marine”) 319 - Ingram Barge Company 285 3,879 Southern Towing / Devall Barge Line 221 - Florida Marine 201 288 Blessey Marine Services 169 - Enterprise Products Partners 157 - Magnolia Marine Transport Co. 103 - LeBeouf Brothers Towing Co. 99 - Genesis Energy, L.P. 78 - Westlake Vinyl/PPG 77 - American River Transportation Co. 74 1,813 Golding Barge Lines, Inc. 66 - Campbell Transportation Company 59 110 Shipper Owned Independent Shipper Owned Independent
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22 897 904 913 914 863 825 817 841 861 884 898 876 841 1003 1053 1066 1025 1037 1066 1094 1111 23.5 23.7 24.0 23.9 22.2 20.3 18.9 17.7 16.2 15.3 15.2 14.9 14.4 13.4 13.7 14.0 14.7 15.5 16.2 17.0 17.2 500 1000 1500 2000 2500 3000 3500 4000 4008 3992 40044007 4003 Kirby is focused on growth while replenishing and reducing the age of its inland barge fleet through asset acquisitions vs. newbuilds 2019 Number of Barges 2006 20092007 3825 2005 2865 20172008 2010 2011 2012 3125 2013 3867 2014 2015 2016 2020 4010 2875 2925 2975 3125 3125 3325 3475 3675 3875 3850 2018 Kirby Growth and Asset Replacement Strategy Based on Counter Cyclical Acquisitions 31% 31% 31% 31% 28% 26% 26% 25% 25% 24% 23% 23% 22% 26% 27% Seacor 27 Barges $89MM Higman 163 Barges $419MM Martin 6 Barges $41MM Undisclos ed 13 Barges $68MM ACL - Black Oil 10 Barges $7MM Kirby’s Share Newbuilds 50 Barges $50MM Targa 16 Barges $69MM CGBM 27 Barges $28MM TPC 4 Barges $1.5MM Kirby Count All Others Independent Shipper Owned Fleet Kirby’s Fleet Average Age (Yrs.) Inland Barge Industry Downturn Kirby’s Inland Barge Fleet Over Time vs. Industry * Kirby tank barges, and average age as of March 31, 2025 * Source: Industry tank barge count – Current Data, LLC (currentdata.net) – Adjusted as of March 31, 2025 Cenac 63 Barges $244MM 2021 27% 2022 26% Savage 92 Barges $279MM COVID-19 Pandemic 26% 2023 27% Undisclosed 23 Barges $38MM 2024 27% Undisclosed 17 Barges $78MM 4038 2025* 28% Undisclosed 14 Barges $97MM
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Kirby Inland Marine – Increase in Earnings Potential 23 2017 2025* Change Number of Inland Barges 841 1,111 +32% Inland Bbl Capacity (MM Bbls) 17.3 24.6 +42% Inland Average Barge Age 14.4 17.2 2.8 years ▪ Significant growth while improving asset quality ▪ Increase in operational scale and earning power * Barge count as of March 31, 2025
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0 4 8 12 16 20 24 28 32 36 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 Inland Barge Utilization Recovering from COVID Lows Margins historically lag barge utilization through the cycle, but have started to improve 24 Operating Margin (right)Barge Utilization (left) Utilization % Margin % 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Industry DownturnEBITDA Margin (right) COVID-19 Pandemic Note: EBITDA and Operating Margins are Trailing 12 Months The COVID-19 pandemic resulted in historically low barge utilization levels and pricing Inland EBITDA and operating income have started to inflect and are expected to continue to improve in 20251 (1) Based on Kirby's most recent guidance in the May 1, 2025, press release announcing 1Q 2025 earnings. This guidance is shown for convenience only and does not constitute confirming or updating the guidance, which will only be done by public disclosure.
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Kirby Inland Marine Differentiators ▪ Safety culture ▪ High quality customer portfolio ▪ Heavily engrained in the supply chain of many blue chip companies – Acquired Lyondell, Dow, and SeaRiver’s captive fleets ▪ Horsepower management ▪ Largest tank barge fleet – scale matters – Facilitates better asset utilization – Creates backhaul opportunities – Faster turnarounds – Diversity of barge products for spot opportunities – Reduced cleanings ▪ U.S. Coast Guard accredited training center ▪ San Jac Marine - Kirby owned shipyard ▪ Site representatives ▪ Disciplined capital expenditures ▪ Counter-cyclical investments 25
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26 Coastal Division Coastal Market
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Coastal Tank Barge Fleet by Operator 27 Kirby is the second largest Coastal tank barge operator by barrel capacity Tank barge count as of March 31, 2025 Source: Kirby, company websites and public filings
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Coastal Tank Barge Age Profile 28 Coastal Barge Market Age Distribution Number of barges by age and category The average age of the nation’s coastal tank barge fleet is ~15 years, but 19 barges are 25+ years old and candidates for retirement in the coming years There are no coastal barges under construction Tank barge count as of March 31, 2025 Source: Kirby, company websites and public filings
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Differentiators for Kirby’s Coastal Business 29 ▪ Inland company key relationships – Working for blue chip refiners ▪ Younger, more efficient fleet ▪ Focus on transporting black oil and chemicals ▪ Kirby Ocean Transport – Long term contracts with 40 year relationship ▪ Counter cyclical investments
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Distribution & Services
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31 Introduction to Distribution & Services Who we are… ~650 SERVICE AND ASSEMBLY BAYS 59 LOCATIONS ACROSS NORTH AND SOUTH AMERICA ~1,000 QUALIFIED TECHNICIANS ~160 SALES PROFESSIONALS 2 INTERNATIONAL COUNTRIES WITH SALES PRESENCE 5 BRANCH LOCATIONS IN COLOMBIA United Holdings Stewart & Stevenson Kirby Engine Systems Denver Albuquerque El Paso Colombia Lubbock Tulsa Oklahoma City Wichita Falls Odessa Little Rock Shreveport Houston New Iberia New Orleans Panama City Jacksonville Orlando Fort Pierce West Palm Beach Fort Lauderdale MiamiFort Meyers Tampa Ocala Corpus Christi Pharr Laredo San Antonio Austin Dallas / Ft. Worth Piscataway Lodi Middletown Albany Marlborough Beijing Seattle Baton Rouge Belle ChasseHouma Mobile Paducah Rocky Mount Chesapeake ~2.5MM SQUARE FEET OF SHOP CAPACITY Thorofare
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32 Distribution & Services has diversified sources of revenue across multiple industries Customer Industry Base 14% Commercial & Industrial - Distribution, services and packaged equipment 52% of D&S segment revenues New equipment, parts, repair, and service for: ▪ Commercial marine ▪ Pleasure marine ▪ On-highway and refrigerated trucking ▪ Industrial markets ▪ Rail car movers Note: Revenue percentages based on 2025 Q1 Power Generation - Distribution, services, manufactured and packaged equipment 34% of D&S segment revenues ▪ Power generation systems ▪ Power distribution equipment ▪ Specialized electrical distribution and control equipment ▪ Backup power rental Oil & Gas - Distribution, services and manufactured equipment 14% of D&S segment revenues ▪ Electric fracturing (E-frac) equipment ▪ Natural gas fueled fracturing equipment ▪ Well servicing and completion equipment 34% 52%
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Power Generation 33 Kirby is a leading provider of power generation units across various industries ▪ Sells pre-packaged and fabricated power generation systems for emergency, standby, and auxiliary power ▪ Provides service and parts to nuclear power plants ▪ Manufactures mobile and stationary microgrid systems ▪ Rents back-up generator systems ▪ Key markets include: – Nuclear power industry – Domestic utilities – Data centers – Hospitals and critical infrastructure – Municipalities – Manufacturing plants – Retail and office complexes
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Power Generation Technology 34 Kirby manufactures power generation equipment that is creating new opportunities in oil and gas, commercial, and industrial end markets Source: VoltaGrid Technologies NATURAL GAS RECIPROCATING GENERATORS ▪ High Power Output: 2.5 MW ▪ High Mobility: 53’ x 8.5’ x 13.5’ ▪ Wide Operating Range: Up to 122ºF operation ▪ Sound attenuated environmental enclosure ▪ Scalable operation with multiple generators ▪ Integrates with existing S&S power distribution products ▪ 27.5% more fuel efficient than turbines assuming zero grid power supply at net zero consumption ▪ Reduces CO2e by 32% resulting in the cleanest power platform available for e-frac POWER DISTRIBUTION SYSTEMS ▪ Enables highly scalable power plants and microgrids ▪ Multiple generator inputs ▪ Utility infeed connection and synchronization ▪ Energy storage system connection ▪ Proprietary power control and management system enables synchronization and remote control of all inputs (ESS and generators) ▪ Self Contained: Drive-up and plug-in (no additional rig-up) ▪ Wide Operating Range: Up to 122ºF operation ▪ Highly Scalable: Platform Based Design (allows for smaller systems or use of multiple systems to meet different power demands)
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Commercial and Industrial MARINE ▪ Major service and OEM new product and replacement parts provider for diesel engines, transmissions, and ancillary products ▪ Locations across the U.S. ▪ Key markets include: – Inland towboats and offshore tugboats – Offshore supply vessels – U.S. Coast Guard vessels – Fishing industry – Ferries – Pleasure yachts 35 ON-HIGHWAY ▪ Distributes, sells parts, and services diesel engines and transmissions ▪ Distributes and services Thermo King refrigeration systems ▪ Rents and repairs refrigeration trailers ▪ Sells parts online via DieselDash.com ▪ Locations in the U.S. and Colombia ▪ Key markets include: – Trucking companies – Commercial truck fleets – Municipalities – Grocers and food banks Kirby is a leading distribution and services provider to key markets Kirby also provides distribution and services to rail, mining, and other industrial markets
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36 Kirby is a leader in industrial distribution Who we represent… On-Hwy O&G O&G PowerGen Marine(C) Marine(L) Mining Industrial On-Hwy O&G Industrial Industrial On-Hwy refer and climate control On-Hwy Industrial Marine(L) PowerGen Marine(C) Nuclear Marine(C) O&G PowerGen Distributor Distributor Distributor Distributor Distributor Distributor Distributor Distributor Distributor Distributor Dealerships provide rights to service customers in specific markets Marine(C) Marine(C) Marine(C) Industrial Industrial Industrial Dealer Dealer Dealer Dealer Dealer Dealer Kirby D&S is the largest single distributor in the world for our OEM partners Distributorships provide unique and exclusive OEM representation rights in assigned areas of responsibility (C) Commercial (L) Light/pleasure
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Oil and Gas MANUFACTURING ▪ Designs and manufactures a wide array of specialized equipment for hydraulic fracturing, acidizing, cementing, coiled tubing, nitrogen operations (OEM) ▪ Market leader in non-captive Electric Fracturing (E-Frac) equipment – Highest horsepower unit with 6,600 bhp (shown below) ▪ Remanufacturer of existing oilfield equipment ▪ New frac equipment offerings are often highly customized: – Electric units – Noise-reducing units – Natural gas powered units ▪ Sells new equipment into U.S. and international markets ▪ Developed proprietary controls solutions and telematics 37 DISTRIBUTION ▪ Heavy duty cycle associated with fracturing leads to the need for regular equipment service and parts ▪ Distributor of new and rebuilt transmissions and diesel engines – Key OEMs include Allison Transmission, MTU, Volvo and Deutz ▪ Provider of major overhaul services for transmissions and diesel engines ▪ Provider of proprietary parts, 24x7 field service, and engineering support ▪ Provider of rental solutions including high capacity lift trucks, and industrial compressors ▪ Locations across key U.S. shale formations Kirby is one of the largest providers of equipment, service and parts to the oilfield Most pressure pumping equipment requires some form of major service every three to five years
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Financial Highlights
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1Q 2025 Overview 39 Financial Summary ▪ Improved market fundamentals in marine transportation but challenged by 50% sequential increase in weather and navigational delays ▪ Continued strong demand for power generation in distribution and services despite supply delays ▪ Continued to repurchase stock with $101 million of repurchases ▪ Acquired 14 barges, including four specialty barges, and four high horsepower boats Note: For more information, see the Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items on Kirby's website at www.kirbycorp.com in the Investor Relations section under Financials. 1 4Q 2024 operating income, net earnings attributable to Kirby, and earnings per share exclude the following items: ‒$56.3 million before tax, $43.0 million after-tax, or $0.74 per share of one-time charge associated with impairment of assets ‒Offset by $10.9 million after tax, or $0.19 per share of one-time credit associated with Louisiana tax law change $ millions except earnings (loss) per share 1Q 2025 1Q 2024 Variance % 4Q 2024 Variance % Revenues 785.7$ 808.0$ (22.3)$ -3% 802.3$ (16.6)$ -2% Operating income 105.5 101.5 4.0 4% 50.1 55.4 111% Net earnings attributable to Kirby 76.0 70.1 5.9 8% 42.8 33.2 78% Earnings per share 1.33 1.19 0.14 12% 0.74 0.59 80% Excluding one-time items: Operating income1 105.5 101.5 4.0 4% 106.4 (0.9) -1% Net earnings attributable to Kirby1 76.0 70.1 5.9 8% 74.9 1.1 1% Earnings per share1 1.33 1.19 0.14 12% 1.29 0.04 3%
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Marine Transportation – 2025 Outlook ▪ Inland – Positive market dynamics due to limited new barge construction and heavy maintenance year – Steady customer demand with barge utilization expected to be in the low to mid 90% range – Full year revenue growth in mid to high single digit range – A potential recession, unexpected lock delays or refinery maintenance could impact the growth – Operating margins on average 200-300 bps higher for the full year compared to 2024 with gradual improvement throughout the year 40 Strong outlook with price increases offsetting inflation ▪ Coastal – Balanced supply and demand driving favorable market conditions – Strong customer demand with barge utilization expected to be mid- 90% range – Full year revenues are expected to be up high single to low double digits year-over-year – Operating margins are expected to be in the mid-teens range on a full year basis
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Distribution & Services – 2025 Outlook 41 Power generation growth to offset softness in oil and gas and on-highway markets ▪ Power generation – Continued strong growth in orders as demand in data center and backup power markets remains solid – Volatile delivery schedule throughout 2025 due to extended lead times for certain OEM products – Expected to be ~40% of segment revenues ▪ Commercial and industrial – Steady marine repair demand while on-highway demand remains soft – Expected to be ~40-45% of segment revenues ▪ Oil and gas – Shift from conventional frac to e-frac continues to slowly take place – Customers continue to maintain considerable capital discipline – Revenues are expected to be down high single digits to low double-digit range – Expected to be ~15-20% of segment revenues ▪ Segment Outlook – Full year revenues expected to be flat to slightly down year-over-year – Operating margins expected to be in the high-single digits but slightly lower year-over-year
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Adjusted EBITDA Per Share 42 ▪ See Appendix for reconciliation of GAAP net earnings to Non-GAAP Adjusted EBITDA (1) For more information, see the Reconciliation of GAAP to Non -GAAP Financial Measures Excluding One-Time Items in the Appendix of this investor presentation. Industry downturn COVID-19 pandemic Financial crisis Tank barge industry overbuilding 2011 – 2015 ------------------------- Oil and gas industry downturn COVID-19 pandemic $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $2.95 $3.52 $4.39 $5.60 $6.66 $5.73 $5.46 $7.95 $9.03 $10.49 $11.23 $10.38 $8.32 $7.27 $7.89 $8.35 $6.14 $5.10 $6.80 $9.31 $12.14 1 1 1
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43 $326 $601 $439 $524 $416 $353 $347 $512 $445 $322 $294 $540 $757 $312 $253 $355 $345 $231 $177 $302 $248 $148 $98 $173 $402 $343 $0 $100 $200 $300 $400 $500 $600 $700 $800 Cash Flow Generation Kirby consistently generates free cash flow* 201820142012 2013 $ in Millions 2015 2016 2017 2019 Capital expenditures (ex-acquisitions) Operating cash flow 2020 * Free cash flow is defined as cash from operations less capital expenditures 2021 (1) Based on Kirby's most recent guidance in the May 1, 2025, press release announcing 1Q 2025 earnings. This guidance is shown for convenience only and does not constitute confirming or updating the guidance, which will only be done by public disclosure. 2022 2023 2024 2025 capital expenditures guidance of $280 million - $320 million1
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44 Capital Structure 2012 to 2024 Debt-to-Total Capital 24.80% 10% 40% 20% 30% 19.3% 39.9% 33.8% 32.5% 22.4% 26.9% 31.3% 23.5% 25.4% 26.4% Allied Transp. 10 units $109MM Penn Maritime 18 units $301MM Stewart & Stevenson $757MM Seacor 27 Barges $89MM 6 Pressure Barges $41MM 4 new coastal ATBs Share Buybacks $113MM Targa 16 Barges $69MM Improved Balance Sheet and Earnings Undisclosed 13 Barges $68MM Higman 163 Barges $419MM Savage 92 Barges $279MM 28.9%Coastal ATB $72MM 35.3% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Undisclosed 23 Barges $38MM Cenac 63 Barges $244MM Cenac 63 Barges $244MM Undisclosed 13 Barges $65MM Undisclosed 14 Barges $97MM
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Financial Strength 45 ▪ Investment grade rating – Standard & Poor’s: BBB, stable – Moody’s: Baa3, stable ▪ $500 million 4.20% Senior Notes – Maturity date of March 1, 2028 – Used to fund Higman Marine acquisition in 2018 ▪ $300 million 3.50% Senior Notes – 10-year maturity due January 19, 2033 – Used to repay $350 million senior notes matured in February 2023 ▪ $250 million Term Loan – $250 million 5-year maturity at SOFR + 1.125 due July 29, 2027 – $70 million outstanding as of March 31, 2025 ▪ $500 million Bank Revolving Credit Facility – Maturity date of July 29, 2027 – $ 225 million as of March 31, 2025 ▪ $51 million of Cash and Cash Equivalents (as of March 31, 2025) – $334 million of total liquidity as of March 31, 2025
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46 Why Invest in Kirby? ▪ Proven track record of success over the long-term ▪ Two strong franchises – Marine Transportation – Distribution and Services ▪ Purpose-built management team with decades of relevant experience in both core businesses ▪ Disciplined financial management – Investment-grade balance sheet – Countercyclical investing followed by deleveraging ▪ Balanced approach to capital allocation – Return on capital driven investment decisions – Proven acquisition strategy – Strong record of cash flow generation ▪ Significant increase in long-term earnings potential – Expect to deliver improved financial results in 2025
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47 Appendix
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Reconciliation of GAAP to Non-GAAP Financial Measures 48 Kirby reports its financial results in accordance with generally accepted accounting principles (GAAP). However, Kirby believes that certain non-GAAP financial measures are useful in managing Kirby’s businesses and evaluating Kirby’s performance. Adjusted EBITDA, which Kirby defines as net earnings (loss) attributable to Kirby before interest expense, taxes on income, depreciation and amortization, impairment of long-lived assets, and impairment of goodwill is used because of its wide acceptance as a measure of operating profitability before non-operating expenses (interest and taxes) and noncash charges (depreciation and amortization, impairment of long-lived assets, and impairment of goodwill). Adjusted EBITDA is one of the performance measures used in Kirby’s incentive bonus plan. Adjusted EBITDA is also used by rating agencies in determining Kirby’s credit rating and by analysts publishing research reports on Kirby, as well as by investors and investment bankers generally in valuing companies. Kirby also uses certain non-GAAP financial measures to review performance excluding certain one-time items including: operating income, excluding one-time items; earnings before taxes on income, excluding one-time items; net earnings attributable to Kirby, excluding one-time items; and diluted earnings per share, excluding one-time items. Management believes that the exclusion of certain one-time items from these financial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company's normal operating results. Kirby also uses free cash flow, which is defined as net cash provided by operating activities less capital expenditures, to assess and forecast cash flow and to provide additional disclosures on the Company’s liquidity as a result of uncertainty surrounding the impact of the COVID-19 pandemic on global and regional market conditions. Free cash flow does not imply the amount of residual cash flow available for discretionary expenditures as it excludes mandatory debt service requirements and other non-discretionary expenditures. These non-GAAP financial measures are not a substitute for GAAP financial results and should only be considered in conjunction with Kirby’s financial information that is presented in accordance with GAAP. Quantitative reconciliations of GAAP to Non-GAAP financial measures are provided in the following tables.
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Reconciliation of GAAP Net Earnings to Non-GAAP Adjusted EBITDA 49 Note: Adjusted EBITDA per share is adjusted EBITDA divided by diluted common stock outstanding for the period 2025-Q1 YTD 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 ($ in millions) Net earnings (loss) attributable to Kirby 76.0$ 286.7$ 222.9$ 122.3$ (247.0)$ (272.5)$ 142.4$ 78.5$ 313.2$ 141.4$ 226.7$ 282.0$ Interest expense 10.5 49.1 52.0 44.6 42.5 48.7 56.0 46.9 21.5 17.7 18.8 21.5 Provision (benefit) for taxes on income 24.1 75.9 71.2 42.2 (43.8) (189.8) 46.8 35.0 (240.8) 85.0 133.7 169.8 Impairments and other charges - 56.3 - - 340.7 553.3 - 85.4 105.7 - - - Depreciation and amortization 63.7 240.3 211.2 201.4 213.7 219.9 219.6 225.0 202.8 200.9 192.2 169.3 Adjusted EBITDA, Non-GAAP 174.3$ 708.3$ 557.3$ 410.5$ 306.1$ 359.6$ 464.8$ 470.8$ 402.4$ 445.0$ 571.4$ 642.6$ KIRBY CORPORATION Reconciliation of GAAP Net Earnings Attributable to Kirby to Non-GAAP Adjusted EBITDA
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Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items 50 (1) Kirby uses certain non-GAAP financial measures to review performance excluding certain one -time items including: operating income, excluding one-time items; earnings before taxes on income, excluding one -time items; net earnings attributable to Kirby, excluding one -time items; and diluted earnings per share, excluding one -time items. Management believes that the exclusion of certain one -time items from these financial measures enables it and investors to assess and understand operating performance, especially when comparing those results wit h previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company's normal operating results. These non -GAAP financial measures are not calculations based on generally accepted accounting principles and should not be considered as an alternative to, but should only be considered in conjunction with, Kirby’s GAAP financial information. Operating Income Earnings Before Tax Net Earnings Attr. Kirby Diluted Earnings per Share Operating Income Earnings Before Tax Net Earnings Attr. Kirby Diluted Earnings per Share Operating Income Earnings Before Tax Net Earnings Attr. Kirby Diluted Earnings per Share Operating Income (Loss) Earnings (Loss) Before Tax Net Earnings (Loss) Attr. Kirby Diluted Earnings (Loss) per Share GAAP earnings (loss) 105.5$ 100.3$ 76.0$ 1.33$ 399.1$ 362.8$ 286.7$ 4.91$ 335.1$ 294.1$ 222.9$ 3.72$ 192.9$ 165.0$ 122.3$ 2.03$ One-time items: - IRS refund interest income - - - - - - - - - (2.7) (2.2) (0.04) - - - - - Impairments and other charges - - - - 56.3 56.3 43.0 0.74 - - - - - - - - - Louisiana tax law change - - - - - - (10.9) (0.19) - - - - - - - - - Severance expense, strategic review, shareholder engagement and other charges - - - - - - - - 3.0 3.0 2.4 0.04 5.7 5.7 4.3 0.07 Earnings, excluding one-time items (1) 105.5$ 100.3$ 76.0$ 1.33$ 455.4$ 419.1$ 318.8$ 5.46$ 338.1$ 294.4$ 223.1$ 3.72$ 198.6$ 170.7$ 126.6$ 2.10$ Operating Income (Loss) Earnings (Loss) Before Tax Net Earnings (Loss) Attr. Kirby Diluted Earnings (Loss) per Share Operating Income Earnings Before Tax Net Earnings Attr. Kirby Diluted Earnings per Share Operating Income Earnings Before Tax Net Earnings Attr. Kirby Diluted Earnings per Share Operating Income Earnings Before Tax Net Earnings Attr. Kirby Diluted Earnings per Share GAAP earnings (loss) (258.1)$ (290.6)$ (247.0)$ (4.11)$ (420.8)$ (461.4)$ (272.5)$ (4.55)$ 242.0$ 189.8$ 142.3$ 2.37$ 155.3$ 114.2$ 78.5$ 1.31$ One-time items: - Income tax benefit on 2018 and 2019 net operating loss carrybacks - - - - - - (50.8) (0.85) - - - - - - - - - Impairments and other charges 340.7 340.7 275.0 4.58 561.3 561.3 433.3 7.24 35.5 35.5 28.0 0.47 87.8 87.8 69.3 1.16 - Severance and early retirement expense - - - - - - - - 4.8 4.8 3.7 0.06 - - - - - Executive Chairman retirement - - - - - - - - - - - - 18.1 18.1 18.1 0.30 - Higman transaction fees & expenses - - - - - - - - - - - - 3.3 3.3 2.5 0.04 - Amendment to employee stock plan - - - - - - - - - - - - 3.9 3.9 3.0 0.05 - Louisiana tax law change - - 5.7 0.09 - - - - - - - - - - - - Earnings, excluding one-time items (1) 82.6$ 50.1$ 33.7$ 0.56$ 140.5$ 99.9$ 110.0$ 1.84$ 282.3$ 230.1$ 174.0$ 2.90$ 268.4$ 227.3$ 171.4$ 2.86$ Full Year 2021 Full Year 2020 Full Year 2019 Full Year 2018 KIRBY CORPORATION Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items (unaudited, $ in millions except per share amounts) Q1 2025 Full Year 2024 Full Year 2023 Full Year 2022
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Marine Transportation Performance Measures 51 2025 2024 2020 2019 2018 2017 2016 2015 2014 1Q 1Q 2Q 3Q 4Q YTD Total Total Year Year Year Year Year Year Year Year Inland Performance Measurements: Ton miles (in millions) (1) 3,329 3,304 3,330 3,135 3,220 12,989 13,571 13,775 13,696 13,006 14,611 14,501 11,519 11,161 12,502 13,088 Revenues/Ton mile (cents/tm) (2) 11.8 11.7 11.8 12.5 11.9 12.0 10.4 9.3 7.3 8.4 8.4 7.7 8.0 8.5 8.7 8.8 Towboats operated (3) 291 286 287 287 281 285 280 271 250 287 299 278 224 234 248 251 Delay days (4) 4,029 3,507 3,334 2,061 2,681 11,583 10,863 10,244 9,605 10,408 13,259 10,046 7,577 7,278 7,924 7,804 (2) Inland marine transportation revenues divided by ton miles. Example: First quarter 2025 inland marine revenues of $392.5 million divided by 3,329 million ton miles = 11.8 cents. (3) Towboats operated, is the average number of owned and chartered inland towboats operated during the period. (4) Delay days measures the lost time incurred by an inland tow (inland towboat and one or more inland tank barges) during transit. The measure includes transit delays caused by weather, lock congestion and other navigational factors. KIRBY CORPORATION MARINE TRANSPORTATION PERFORMANCE MEASUREMENTS (1) Ton miles indicate fleet productivity by measuring the distance (in miles) a loaded inland tank barge is moved. Example: A typical 30,000 barrel inland tank barge loaded with 3,300 tons of liquid cargo is moved 100 miles, thus generating 330,000 ton miles. 202120222023