Slides
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3Q 2026 Earnings Conference Call October 28, 2026
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2 Disclosures 3Q 2026 Earnings Forward Looking Statements Statements contained in this conference call 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, 2025 and quarterly report on Form 10-Q for the quarter ended June 30, 2026. Non-GAAP Financial Measures This conference call may refer to certain non-GAAP or adjusted financial measures. Kirby uses certain non-GAAP financial measures to review performance 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). 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. 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 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. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings press release, and are also available on our website at www.kirbycorp.com in the Investor Relations section under Financials.
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3Q 2026 Overview 3 Financial Summary Third quarter 2026 earnings per share of $2.09, a record quarter and up 27% year-over-year Marine transportation revenues increased 17% year-over-year as market fundamentals continued to improve driven by strong customer demand and high utilization Distribution and services revenues grew 6% year-over-year, driven by robust demand for behind-the-meter and backup power solutions Returned $112 million of capital to shareholders through share repurchases during the third quarter of 2026. Entered into an agreement to acquire certain inland marine assets from undisclosed sellers for approximately $115 million, including nine inland towboats, 14 inland tank barges, nine bow thrusters, and a fleeting operation serving the Corpus Christi area Full year 2026 EPS growth guidance narrowed to 10% to 15%; Expected to trend toward the upper end of the range based on current market conditions. 3Q 2026 Earnings $ millions except earnings (loss) per share 3Q 2026 3Q 2025 Variance % 2Q 2026 Variance % Revenues 977.2$ 871.2$ 106.0$ 12% 922.4$ 54.8$ 6% Operating income 150.9 129.2 21.7$ 17% 122.4 28.5$ 23% Net earnings attributable to Kirby 110.8 92.5 18.3$ 20% 89.7 21.1$ 24% Earnings per share ("EPS") 2.09 1.65 0.44$ 27% 1.67 0.42$ 25%
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Marine Transportation – 3Q 2026 Overview 4 Inland Market conditions improved as the quarter progressed with an average barge utilization in the low-90% range Spot market rates improved sequentially in the low-to-mid-single-digit range on strengthening demand Term contract renewals increased in the low-single-digit range year-over-year Operating margin in the 20% range Marine fundamentals strengthened during the quarter, despite fuel cost headwinds Coastal Healthy customer demand, combined with continued limited availability of large-capacity vessels, supported barge utilization in the high-90% range One term contract renewal in Q3 with an increase in the low-double-digit range year-over-year Operating margin in the mid-teens range 3Q 2026 Earnings
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Distribution & Services – 3Q 2026 Overview Power Generation Revenues increased 8% year-over-year fueled by robust sales from data center and industrial customers Continued growth in backlog supported primarily by behind-the-meter power solutions OEM-related supply constraints continue to create quarter-to-quarter variability in results Commercial and Industrial Revenues increased 8% year-over-year, driven by strong marine repair activity and healthy demand across other industrial end markets Oil and Gas Revenues were flat sequentially and operating income was up 54% sequentially driven by higher-margin parts and service activity and ongoing cost management 5 Continued growth in power generation and strong commercial and industrial activity 3Q 2026 Earnings
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Marine Transportation - 3Q 2026 Financial Summary 6 Inland – Contributed 81% of marine transportation revenues with average barge utilization in the low -90% range – Term contracts represented ~65% of revenue with ~56% attributed to time charters – Operating margin in the 20% range Coastal – Contributed 19% of marine transportation revenues with average barge utilization in the high-90% range – Term contracts represented ~95% of revenue with ~100% attributed to time charters – Operating margin in the mid-teens range 3Q 2026 Earnings Inland Coastal Y/Y % Q/Q % Y/Y % Q/Q % Term increase 2%-4% 11-13% Spot increase 4%-6% 3%-5% NA NA $ millions 3Q 2026 3Q 2025 Variance % 2Q 2026 Variance % Revenue 568.7$ 484.9$ 83.8$ 17% 537.0$ 31.7$ 6% Operating income 111.9 88.6 23.3 26% 87.8 24.1 27% Operating margin 19.7% 18.3% 1.4% 16.4% 3.3%
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Barge Construction and Retirements 7 3Q 2026 Update and FY 2026 Outlook 3Q 2026 Earnings Inland (barrels in millions) Barges Barrels Barges Barrels Beginning of period 1,134 25.2 1,105 24.5 Additions: Reactivations/new builds/acquisitions 16 0.5 51 1.4 Reductions: Retirements (2) 0.0 (6) (0.2) End of period 1,148 25.7 1,150 25.7 Coastal (barrels in millions) Barges Barrels Barges Barrels Beginning of period 27 2.9 28 2.9 Reductions: Retirements - 0.0 (1) 0.0 End of period 27 2.9 27 2.9 *Estimated FY 2026* FY 2026* 3Q 2026 3Q 2026
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Distribution & Services - 3Q 2026 Financial Summary 8 Power Generation – Continued growth in demand for behind-the-meter and backup power solutions drove an 8% increase in revenues and a 13% increase in operating income year-over-year – Operating margin in the low-double-digit range Commercial and Industrial – Strong marine repair activity and healthy demand across other industrial end markets drove an 8% increase in revenues and a 23% increase in operating income year-over-year – Operating margin in the low-double-digit range Oil and Gas – Revenues and operating income were 9% and 15%, respectively, below prior-year levels; however, revenues were flat and operating income was up 54% sequentially due to higher mix of parts and service sales – Operating margin in the low-double-digit range 3Q 2026 Revenue Oil & Gas 10% Commercial & Industrial 44% Power Generation 46% 3Q 2026 Earnings $ millions 3Q 2026 3Q 2025 Variance % 2Q 2026 Variance % Revenue 408.5$ 386.2$ 22.3$ 6% 385.4$ 23.1$ 6% Operating income 48.4 42.7 5.7$ 13% 38.2 10.2$ 27% Operating margin 12.0% 11.0% 1.0% 9.9% 2.1%
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Financial Highlights 9 3Q 2026 Results – EPS: $2.09 / share – Net cash provided by operating activities: $143.5 million – Capital expenditures: $69.5 million – Free cash flow (non-GAAP): $74.0 million – Repurchased 816,234 shares at an average price of $137.04 for $112 million 2026 Guidance – EPS growth: 10% to 15% Expected to trend toward the upper end of the range based on current market conditions – Net cash provided by operating activities: $575 to $675 million – Capital expenditures: $220 to $260 million Total Debt $1.1B Cash and Cash Equivalents $38M Available Liquidity $530M As of September 30, 2026 3Q 2026 Earnings
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Marine Transportation – 2026 Outlook Inland – Constructive market dynamics driven by strong customer demand and limited newbuild activity – Barge utilization anticipated to be in the low-90% range – Full year revenue growth expected to be in the low-double-digit range – Operating margin expected to be in the high-teens to low-20% range 10 Positive outlook supported by favorable supply dynamics and robust demand Coastal – Favorable market conditions driven by balanced supply and demand with some ongoing cost pressures – Stable customer demand with barge utilization anticipated to be in the high-90% range – Full year revenue growth expected to be in the mid-to-high- single-digit range – Operating margin expected to be in the mid-teens range for the full year 3Q 2026 Earnings
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Power Generation – Solid growth supported by a strong order pipeline, an expanding backlog, and increasing customer emphasis on behind-the-meter and backup power solutions – Timing of OEM engine deliveries continues to contribute to quarter-to-quarter variability in results – Expected to be ~45% of segment revenues Commercial and Industrial – Healthy demand in marine repair, while on-highway activity remains constrained – Expected to be ~45% of segment revenues Oil and Gas – Activity is expected to remain stable, although market conditions have improved modestly from recent lows – Expected to be ~10% of segment revenues Segment Outlook – Full year revenues expected to increase in the high-single-digit range – Operating margin expected to be in the high-single-digit range Distribution & Services – 2026 Outlook 11 Strong demand in power generation and marine repair to drive segment results 3Q 2026 Earnings