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Kirby Corporation Investor Presentation November 2025
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2 Forward Looking Statements Non-GAAP Financial Measures 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, COVID-19 or other pandemics, 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 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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Connecting Markets & Powering Industry
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The premier and largest inland and coastwise tank barge fleets in the United States specializing in the safe and efficient transport of critical energy and petrochemical products & Nationwide provider of power generation equipment across diversified industries and leader in industrial distribution KEX Overview
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5 KEX Overview Driving Energy Solutions & Powering Domestic Supply Chains Marine Transportation Distribution and Services 40+ successful acquisitions 1,105 inland tank barges and 270 towboats* ~70% of inland revenues under term contracts, of which approximately 57% were time charters in Q3 2025 80% 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 Q3 2025 20% of marine transportation revenues* 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 The premiere and largest inland and coastwise tank barge fleets in the United States specializing in the safe and efficient transport of critical energy and chemical products Nationwide service provider and distributor of engines, transmissions, parts, industrial equipment, oilfield service equipment and electrical power generation equipment 59% of 2024 revenues or $1,913 million 41% of 2024 revenues or $1,353 million KEX Overview * For the quarter ended September 30th, 2025
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6 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 KEX Overview
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Public Market Information Share Price on October 30, 2025 $104.33 Share outstanding as of September 30, 2025 $54.7MM Market Capitalization $5,707 MM Net Debt* as of September 30, 2025 $1,002 MM Enterprise Value $6,709MM NYSE: KEX *Net debt = Total debt less cash and cash equivalentsKEX Overview7
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8 KEX Overview Marine Transportation Acquisitions Through consolidating acquisitions, Kirby is the nation’s premier tank barge company with a young and efficient fleet. Acquired and integrated 1,581 tank barges Acquired an average of 40 barges every year since 1986 Shipper Owned (Red) Independent (Grey) * Towboats Only 1986 1989 1989 1991 1992 1992 1992 1992 1993 1993 1993 1994 1999 2002 Alliance Marine Alamo Inland Marine Brent Towing Company Internationa l Barge Lines, Inc. Sabine Towing & Trans. Ole Man River Towing Scott Chotin South Texas Towing TPT, Division of Ashland Guidry Enterprises Chotin Trans. Company Dow Chemical (trans. assets) Hollywood Marine Cargo Carriers 5 35 53 3 38 26 29 - 72 - 53 96 270 15 200220022003200520062007200720082011201120112011 2012 2012 2015 2016 2016 2017 2018 2018 2019 2020 2012 2020 2023 Lyondell Chemical Co. Seaboats, Inc. K-Sea Transportati on Enterprise Marine Kinder Morgan OFS Marine One Midland Marine Corp. Coastal Towing, Inc Capital Towing American Commercial Lines SeaRiver Maritime Dow/Union Carbide Coastal Towing 17 3 58 21 - 6 11 37 - 10 64 94 64 Allied Transportati on Penn Maritime Inc. Martin Midstream Partners SEACOR Holdings Inc. Hollywood/T exas Olefins, Ltd. Undisclosed Higman Marine, Inc. Targa (16), CGBM (27) Undisclosed (2) Cenac Marine, Black Lake Fleet Savage Inland Marine Undisclosed Undisclosed Undisclosed Undisclosed 10 18 6 27 4 13 163 45 63 92 6 23 17 14 2024 2025
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9 KEX Overview Distribution & 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 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) Internal Growth 1989 Midwest 1992 Seattle 2000 Cooper Nuclear 2025 Haynes Fuel Injection Acquisitions Continued 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)
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10 KEX Overview Historic Revenue Growth Marine Transportation and Distribution and Services – Revenue from Continuing Operations $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 1000 1500 2000 2500 3000 3500 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 In Millions Financial crisis Tank barge industry overbuilding 2011 – 2015 ----------------------- Oil and gas industry downturn COVID-19 Pandemic Economic Downturn CAGR: 8%
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11 KEX Overview Historic EPS Growth Earnings Per Share, Excluding One-Time Items 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$2.34 $2.15 $3.35 $4.44 $0.98 $2.86 $0.56 Earnings per share have been revised to reflect 2-for-1 stock split effective May 31, 2006 (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 this investor presentation. 1 Industry downturn COVID-19 pandemic 1 1 1 CAGR: 9% $3.73 $1.33 $1.79 $2.29 $2.91 $4.93 $4.11 $2.62 $1.99 $2.90 $2.10 $3.72 $5.46 $1.84 KEX Overview
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12 Marine Transportation A Good News Story For Safety and the Environment Source: National Waterways Foundation: A Modal Comparison of Domestic Freight Transportation Effects on the General Public: 2001-2019 Barges: Fewer Spills Inland waterways transportation is safest relative to Rail and Truck. All transport modes continuously work hard to prevent accidents, human errors, and other causes of spills. Statistics for 2001-2019 show trucks have 239% and rail cars have 287% more incidents than barges. Barges: Most Fuel Efficient A rail car is 30% less efficient than a barge A truck is 78% less efficient than a barge Barges: Lower CO2 Emissions To move an identical amount of cargo by rail generates 43% more carbon dioxide than by barge, and trucks generate over 800% more emissions. KEX Overview Marine Transportation has far fewer impacts on the population than truck or rail
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Safety is the first and foremost concern in everything we do All levels of supervision have safe work responsibility The Board of Directors review safety performance of the organization Strong Emphasis on Safety “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 Investing in safe operations is good for morale and benefits financial performance NO HARM award banquets held annually to reward and recognize employees 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 Employees are expected to adhere to safety rules as a condition of employment. All employees, contractors, and consultants are required to follow our Safety Policy 13 KEX Overview
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14 KEX Overview Sustainability Highlights 44% Diverse Directors ON THE BOARD Company Culture Survey Results*Coverage through end of FY’24 Marine Training Certificates ISSUED 99.95% SAFE WATCHES with NO HARM In 2024 D I V E R S I T Y EMPLOYEES: White – 64% African American – 13% Hispanic – 17% Other – ~6% 1,600 Disclosed Scope 3 Emissions COMPANY ENGAGEMENT 90% Of employees surveyed agree that Kirby is committed to Employee Safety TARGET OF CO2e Emissions 40% Reduction Emissions Data Dashboard Project Adoption Initiated to assist in understanding the environmental impact of our operations and provide data to our customers 2nd Company–wide human rights training completed Started construction on the nation’s per Barrel of Capacity By 2040 inland marine hybrid diesel-electric towboat Sustainability Reporting Scores: Climate Disclosure Project: B- Together for Sustainability Audit: 96.5/100 25% Reduction TARGET OF CO2e Emissions per Barrel of Capacity By 2024 ACHIEVED KEX Overview
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Marine Transportation
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16 Marine Transportation Waterways are a Crucial Link between U.S. and Global Trade Gulf Intracoastal Waterway Mississippi River System Pittsburgh Charleston St. Marks Houston Corpus Christi St. Paul Tulsa Sioux City St. Louis Chicago Cincinnati New Orleans US Coasts Kirby operates on 12,000 miles of navigable U.S. waterways Texas and Louisiana account for 80% of the total U.S. production of chemicals and petrochemicals Marine Transportation
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17 Marine Transportation Industry Leader Well Positioned for Continued Growth 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 September 30, 2025 ** Barges with 195K bbl. of capacity or less Marine Transportation
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Marine Transportation Marine Transportation Demand Drivers Inland & Offshore Drivers 18 48% Petrochemicals and Chemicals 25% Black Oil 24% Refined Petroleum Products 3% Agricultural Chemicals Revenue by Product1 Products: Benzene, Styrene, Methanol, Naphtha, Acrylonitrile, Xylene, Caustic Soda, Butadiene, Propylene Drivers: 30% Consumer Durables | 70% Consumer Non-Durables Products: Residential Fuel Oil, Coker Feedstock, Vacuum Gas Oil, Asphalt, Carbon Black Feedstock, Crude Oil, Natural Gas Condensate, Ship Bunkers Drivers: Fuel for Power Plants and Ships, Feedstock for Refineries, Road Construction Products: Gasoline, No. 2 Oil (Heating Oil, Diesel Fuel), Jet Fuel, Ethanol Drivers: Vehicle Usage, Air Travel, Weather, Refinery Utilization Products: Anhydrous Ammonia, Nitrogen- based Liquid Fertilizer, Industrial Ammonia Drivers: Corn, Cotton, Wheat Production, Chemical Feedstocks (1) For the three months ended September 30, 2025
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19 Marine Transportation Common Products Moved - Inland Black Oil Pressurized Petrochemicals Refined Products 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: Kerosene/Jet Fuel Gasoline No. 2 Oil ‒ Diesel Oil ‒ Heating Oil Lube Oil Etc. Product list: Ammonia Ammonium Thiosulfate Urea Ammonium Nitrate (UAN) Etc. Marine Transportation
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Inland Market
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21 Marine Transportation Number of Inland Tank Barges Kirby expects no material new barge construction in 2025 due to historically high new barge prices 3,997 2,100 2,300 2,500 2,700 2,900 3,100 3,300 3,500 3,700 3,900 4,100 4,300 2% CAGR over last 20 years 0% CAGR over last 5 years Sources: Current Data, LLC (currentdata.net) - Adjusted as of September 30, 2025*Barge count estimated as of September 30, 2025 Marine Transportation
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22 Flexible Fleet Size Keeps Utilization High 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 270 towboats* Chartered towboats used to flex horsepower with demand - Provides ability to address increased activity in a cost-effective manner Marine Transportation * Towboat count represents the average for the quarter ended September 30, 2025
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23 Marine Transportation Kirby Inland Fleet by Barge Type* * Barge counts as of September 30, 2025 Petrochemicals / Refined Products - High-capacity pumps; -Specialty coated tanks Black Oil & Bunkering - Self-contained heating systems Pressure - Pressurized tanks Anhydrous Ammonia - Refrigeration tanks 850 158 87 10
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American Commercial Lines LLC. Canal Barge Company MPLX (“Hardin St. Marine”) Ingram Barge Company Southern Towing / Devall Barge Line Florida Marine Blessey Marine Services Enterprise Products Partners Magnolia Marine Transport Co. LeBeouf Brothers Towing Co. Genesis Energy, L.P. Westlake Vinyl/PPG American River Transportation Co. Golding Barge Lines, Inc. Campbell Transportation Company Chem Carriers, Inc. Buffalo Marine Service, Inc. John W. Stone Oil Martin Midstream Partners Central Boat Rentals, Inc. Others Inland Barge Fleet by Operator * Kirby tank barges as of September 30, 2025 Shipper Owned Independent 24 Marine Transportation 49 29 29 37 40 54 61 68 73 73 78 101 108 153 168 206 224 283 315 358 385 1,105 Sources: Tank Barge – Current Data, LLC (currentdata.net) - Adjusted Tank Barges Operated Kirby Corporation*
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897 904 913 914 863 825 817 841 861 884 898 876 841 1003 1053 1066 1025 1037 1066 1094 1105 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 17.6 500 1000 1500 2000 2500 3000 3500 4000 4008 3992 40044007 3997 2865 25 Marine Transportation Kirby Growth and Asset Replacement Strategy Based on Counter Cyclical Acquisitions 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 20172008 2010 2011 2012 3125 2013 3867 2014 2015 2016 2020 4010 2875 2925 2975 3125 3125 3325 3475 3675 3875 3850 2018 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 Undisclosed 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 September 30, 2025 * Source: Industry tank barge count – Current Data, LLC (currentdata.net) – Adjusted as of September 30, 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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26 Marine Transportation Kirby Inland Marine – Increase in Earnings Potential 2017 2025 2017 2025 2017 2025 Number of Inland Barges Inland Bbl Capacity (MM Bbls) Inland Average Barge Age 841 1,105 31% 17.3 24.5 42% 14.4 17.6 3.2 Years Increase in operational scale and earnings power Significant growth while improving asset quality Marine Transportation
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27 Marine Transportation Inland Barge Utilization and Margins Improving From Lows 27 Margins historically lag barge utilization through the cycle, but have started to improve 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 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 Inland EBITDA and operating income have started to inflect The COVID-19 pandemic resulted in historically low barge utilization levels and pricing Note: EBITDA and Operating Margins are Trailing 12 MonthsMarine Transportation
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28 Marine Transportation 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
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Coastal Market
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30 Coastal Tank Barge Fleet by Operator Kirby is the second largest coastal tank barge operator by barrel capacity Marine Transportation Tank barge count as of June 30, 2025 Source: Kirby, company websites and public filings 23 20 4 15 18 1 8 - 6 8 5 2 1 1 1 5 1 66 44 5 4 1 - 3 3 2 - - - 3 1 2 4 - - - - 10 20 30 40 50 60 70 80 90 100 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Coastal Barge Count Estimated Barrel Capacity (mm) 75kbbls to 195kbbls <75kbbls >195kbbls Total Capacity Marine Transportation
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1 21 11 49 25 6 1 1 8 28 67 19 8 6 1 3 4 1 0-5 Years 5-10 Years 10-15 Years 15-20 Years 20-25 Years 25-30 Years 30-35 Years 35+ Years 75kbbls to 195kbbls <75kbbls >195kbbls 2 32 43 116 45 14 6 2 Coastal Tank Barge Age Profile The average age of the nation’s coastal tank barge fleet is ~17 years, but 22 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 June 30, 2025 Source: Kirby, company websites and public filings Number of barges by age and category 31 Marine Transportation
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32 Marine Transportation Kirby Coastal Marine Differentiators 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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34 Distribution & Services has diversified sources of revenue across multiple industries Customer Industry Base 11% New equipment, parts, repair, and service for: ‒ Commercial marine ‒ Pleasure marine ‒ On-highway and refrigerated trucking ‒ Industrial markets ‒ Rail car movers Power Generation - Distribution, services, manufactured and packaged equipment 45% 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 11% of D&S segment revenues 45% 44% Commercial & Industrial - Distribution, services and packaged equipment 44% of D&S segment revenues Distribution & Services As of September 30th, 2025 Distribution & Services
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35 Kirby is a leader in power generation and industrial distribution 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 Distribution & Services O&G Marine(C) Marine(L) Mining Industrial O&G Industrial Industrial Marine(L)Marine(C) Nuclear Dealerships provide rights to service customers in specific markets MARINE(C) (C) Commercial (L) Light/pleasure Power Generation On-Hwy O&G On-Hwy refer and climate controlMarine(C)
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36 Kirby Distribution Services locations KDS locations updated 10/23/2025 Distribution & Services
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37 Power Generation 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 Distribution & Services Distribution & Services
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38 Power Generation Technology Kirby manufactures power generation equipment that is creating opportunities in new commercial and industrial markets Highly Scalable Power Plants for On and Off Grid Operation Stationary Natural Gas Generators for Reliable, Long-Duration Operation Flexible Mobile Power Distribution Systems for Scalable Power Plants Natural Gas Generator Systems High Power Output: 2.5MW+ 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 More fuel efficient than turbines in simple cycle microgrid operations Mobile Power Distribution Systems Enables highly scalable power plants and microgrids Multiple local generator inputs Utility infeed connection and synchronization Energy storage system connection Proprietary power control and management system enables synchronization and remote control of all local inputs (ESS and generators) Self Contained: Drive-up and plug-in (no additional rig-up) Highly Scalable: Platform based design (allows for smaller systems or use of multiple systems to meet different power demands) Distribution & Services
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Commercial & Industrial Kirby is a leading distribution and services provider to key markets Marine Major service & 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 ‒ Fishing industry ‒ Ferries ‒ Pleasure yachts 39 On-Highway Distributes, sells parts, and services diesel engines and transmissions Distributes and services Thermo King refrigeration systems Rents and repairs refrigeration trailers Locations in the U.S. and Colombia Key markets include: ‒ Trucking companies ‒ Commercial truck fleets ‒ Municipalities ‒ Grocers and food banks Distribution & Services
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Oil and Gas Kirby is one of the largest providers of equipment, service and parts to the oilfield Manufacturing Designs and manufactures a wide array of specialized equipment for hydraulic fracturing, acidizing, cementing, coiled tubing, and nitrogen operations (OEM) Market leader in non-captive Electric Fracturing (E-Frac) equipment ‒ Highest horsepower unit with 6,600 bhp Remanufacture of existing oilfield equipment New frac equipment offerings are often highly customized: ‒ Electric unties ‒ Noise-reducing units ‒ Natural gas powered units Sells new equipment into U.S. and international markets Developed proprietary controls solutions and telematics Distribution Heavy duty cycle associated with fracturing leads to the need for regular equipment services 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 Distribution & Services40 Most pressure pumping equipment requires some form of major service every three to five years Distribution & Services
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Financial Highlights
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42 Financial Highlights 3Q 2025 Overview Financial Summary Third quarter EPS up 6% year-over-year, supported by robust power generation and solid execution Power generation revenue up 56% year-over-year and operating income up 96% year-over-year, driven by strong demand from data centers and prime power customers Generated $160 million of free cash flow during the quarter Continued to repurchase stock with $120 million of repurchases in the third quarter of 2025 an and additional ~36 million so far in the fourth quarter of 2025 Financial Highlights
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‒ Favorable market conditions with constrained supply side environment driving pricing momentum ‒ Strong customer demand with barge utilization expected to be mid to high-90% range ‒ Revenues and margins expected to be at similar levels as the third quarter of 2025 ‒ Constructive market dynamics due to limited new barge construction ‒ Barge utilization expected to be in the 85-90% range ‒ Revenues and margins expected to improve modestly from Q3-25 levels Marine Transportation – Q4 2025 Outlook Improved outlook with better utilization Inland Coastal 43 Financial Highlights
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Distribution & Services – Q4 2025 Outlook Strength in power generation growth to offset softness in conventional oil and gas market Power Generation Commercial & Industrial Strong sales and order growth from data center and backup power markets as demand remains robust Extended lead times for certain OEM products could lead to challenged delivery schedule for the rest of 2025 Expected to be ~40-45% of segment revenues Stable marine repair demand while on-highway moderately recovering Expected to be ~40-45% of segment revenues 44 Financial Overview Oil and gas Transition to e-frac from conventional 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 ~10-15% of segment revenues Segment Outlook Full year revenues expected to be up in the mid-single digit range year-over-year Operating margins expected to be in the high-single digits for the full year 44 Financial Highlights
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45 Financial Highlights Adjusted EBITDA Per Share 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1 1 Financial crisis Tank barge industry overbuilding 2011 – 2015 ------------------------ Oil and gas industry downturn COVID-19 pandemic $5.73 $5.46 $7.95 $10.49 $2.95 $7.89 $5.10 $9.31 Industry downturn COVID-19 pandemic 1 CAGR: 7% $9.03 $3.52 $4.39 $5.60 $6.66 $11.23 $10.38 $8.32 $7.27 $6.80 $12.14 See Appendix for reconciliation of GAAP net earnings to Non-GAAP Adjusted EBITDA (1) 2019, 2020 and 2024 Adjusted EBITDA earnings per share exclude one-time non-cash inventory write-down charges of $35.5 million, $8.0 million, respectively. For more information, see the Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items in the Appendix of this investor presentation. $8.35 $6.14 Financial Highlights
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46 Cash Flow Generation Kirby consistently generates free cash flow* $312 $253 $355 $345 $231 $177 $302 $248 $148 $98 $173 $402 $343 $14 $348 $84 $179 $185 $176 $45 $264 $297 $224 $121 $138 $414 $326 $601 $439 $524 $416 $353 $347 $512 $445 $322 $294 $540 $757 201820142012 2013 $ in Millions 2015 2016 2017 2019 Capital expenditures (ex-acquisitions) Free Cash Flow 2020 2021 2022 2023 2024 2025 capital expenditures guidance of $260 million - $290 million1 2025 operating cash flow guidance of $620 million - $720 million1 * Free cash flow is defined as cash from operations less capital expenditures Financial Highlights (1) Based on Kirby's most recent guidance in the July 31, 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. Operating Cash Flow
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47 Financial Highlights Capital Structure 2012 to 2025 Q3 Debt-to-Total Capital
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48 Financial Strength Financial Highlights 2025 2027 2028 2033 $500 million Bank Revolving Credit Facility $175 million outstanding as of September 30, 2025 $250 million Term Loan $70 million outstanding as of September 30, 2025 $500 million 4.20% Senior Notes $300 million 3.50% Senior Notes Investment grade rating Standard & Poor’s: BBB, stable Moody’s: Baa3, stable $380 million of total liquidity as of September 30, 2025 $47million of Cash and Cash Equivalents (as of Sep 30, 2025)
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Appendix
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50 Reconciliation of GAAP to Non-GAAP Financial Measures 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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51 Reconciliation of GAAP Net Earnings to Non-GAAP Adjusted EBITDA Note: Adjusted EBITDA per share is adjusted EBITDA divided by diluted common stock outstanding for the period 2025-Q3 YTD 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 ($ in millions) Net earnings (loss) attributable to Kirby 262.8$ 286.7$ 222.9$ 122.3$ (247.0)$ (272.5)$ 142.4$ 78.5$ 313.2$ 141.4$ 226.7$ 282.0$ Interest expense 35.1 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 83.8 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 196.3 240.3 211.2 201.4 213.7 219.9 219.6 225.0 202.8 200.9 192.2 169.3 Adjusted EBITDA, Non-GAAP 578.0$ 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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52 Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items (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 with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the compan y'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 Earnings Before Tax Net Earnings Attr. Kirby Diluted Earnings per Share GAAP earnings 129.2$ 122.9$ 92.5$ 1.65$ 366.6$ 347.2$ 262.8$ 4.64$ 399.1$ 362.8$ 286.7$ 4.91$ 335.1$ 294.1$ 222.9$ 3.72$ 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 Earnings, excluding one-time items (1) 129.2$ 122.9$ 92.5$ 1.65$ 366.6$ 347.2$ 262.8$ 4.64$ 455.4$ 419.1$ 318.8$ 5.46$ 338.1$ 294.4$ 223.1$ 3.72$ 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 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 GAAP earnings (loss) 192.9$ 165.0$ 122.3$ 2.03$ (258.1)$ (290.6)$ (247.0)$ (4.11)$ (420.8)$ (461.4)$ (272.5)$ (4.55)$ 242.0$ 189.8$ 142.3$ 2.37$ 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 - Severance, strategic review, shareholder engagement, early retirement expense and other charges 5.7 5.7 4.3 0.07 - - - - - - - - 4.8 4.8 3.7 0.06 - Louisiana tax law change - - - - - - 5.7 0.09 - - - - - - - - Earnings, excluding one-time items (1) 198.6$ 170.7$ 126.6$ 2.10$ 82.6$ 50.1$ 33.7$ 0.56$ 140.5$ 99.9$ 110.0$ 1.84$ 282.3$ 230.1$ 174.0$ 2.90$ Full Year 2022 Full Year 2021 Full Year 2020 Full Year 2019 KIRBY CORPORATION Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items (unaudited, $ in millions except per share amounts) Q3 2025 Q3 YTD 2025 Full Year 2024 Full Year 2023
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53 Marine Transportation Performance Measures 2025 2024 2020 2019 2018 2017 2016 2015 2014 1Q 2Q 3Q YTD 1Q 2Q 3Q 4Q Total Total Total Year Year Year Year Year Year Year Year Inland Performance Meas urements : Ton miles (in millions) (1) 3,329 3,659 3,497 10,485 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 10.9 10.8 11.1 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) 291 290 270 283 286 287 287 281 285 280 271 250 287 299 278 224 234 248 251 Delay days (4) 4,029 3,320 1,442 8,791 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: Third quarter 2025 inland marine revenues of $379.3 million divided by 3,497 million ton miles = 10.8 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