Slides
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1 Investor Highlights February 2026
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2 Disclaimer Forward-Looking Statements This presentation contains "forward-looking statements." Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "may," "will," "should," and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the Company's current expectations and observations regarding future results, many of which, by their nature are inherently uncertain and outside of the Company's control. Where the Company expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, the Company’s forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. For more information about risks and uncertainties associated with Dorian LPG’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Dorian LPG’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The Company does not assume any obligation to update the information contained in this press release.
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3 Cash and Debt Balances at 12/31/20251 Investor Highlights – 3Q FY26 Earnings Helios LPG Information Dorian LPG Operating Statistics Baltic VLGC Index Performance Note: Excludes $50.0mm of cash liquidity available through undrawn revolving credit facility 1. Numbers may not sum due to rounding Source: Baltic Exchange mm Cash 294.5$ Restricted Cash 0.1 Total Cash & Restricted Cash 294.6$ mm 2023 A&R Debt Facility 170.0$ Japanese Financings 294.4 BALCAP Facility 52.0 Total Debt Obligations 516.4$ • 50,616$ − Helios Pool TCE / Available Day • 50,476$ − Helios Pool Spot + COA TCE / Available Day • 50,333$ − Fleet TCE / Available Day • 10,275$ − Fleet OpEx (reported) / Calendar Day • 9,558$ − Fleet OpEx (ex drydock) / Calendar Day
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4 Time Chartered-Out Fleet – Through Helios LPG Pool 1. “Pool-TCO” indicates that the vessel is operated in the Helios Pool on a time charter out to a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel’s pro rata performance in the pool. Helios Fleet Currently Comprises 29 vessels, 27 of which are from Dorian LPG Dorian LPG Vessel Name Capacity (Cbm) Built Scrubber Employment Helios Pool TC Out (3 VLGCs): Chaparral 84,000 2015 Scrubber Pool-TCO1 Challenger 84,000 2015 Scrubber Pool-TCO1 Commodore 84,000 2015 — Pool-TCO1
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5 East – West Arbitrage USGC Propane Spot Delivered Prices vs CFR Far East Source: NGLS
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6 Global Liftings +1% Q/Q; +3% Y/Y Global Seaborne Volumes U.S. Waterborne Exports -2% Q/Q; +0.3% Y/Y M. E. Waterborne Exports -3% Q/Q; +3% Y/Y Source: Platts Note: Quarters are calendar quarters; Numbers may not sum due to rounding
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7 Environment & Sustainability Fuel Efficiency and Emissions Management Sustainability and GHG Strategy (short-term) Environmental and Sustainability Strategy (mid-/long-term) The Dorian LPG fleet exceeds IMO’s EEXI/CII regulations, which came into effect in January 2023; following measures are applied: • Energy Saving Devices (ESDs) which improve energy efficiency and reduce fuel consumption as well as carbon emissions improving the C II profile of each vessel. • Adopted the mandatory Engine Power Limitation (EPL) to all our vessels to comply with each vessel’s EEXI requirements. • We completed engine upgrades recommended by the engine makers, resulting in improved engine operation and fuel savings. • Real-t ime data monitoring of each vessel to track performance, optimize onboard operations, voyage routing and just -in-time arrival. • We implement marine technologies and physical improvements that can yield environmental benefits and efficiency improvements. • Improve our energy efficiency onboard our vessels with a focus on vessel operational performance, while continuing to follow t echnological innovations and advances as they mature and become commercially viable for the marine sector. • Investigate and review new systems and technologies that could be applied to our vessels which can reduce fuel consumption and em issions. • Improve the GHG footprint of the fuel used by the Fleet and consider carbon neutral and other green fuels alternatives. • Follow developments in the CO2 capture and sequestration onboard our vessels and the commercial utilization of such technologies. • Joined academic maritime consortiums focused on funding research for efficient and sustainable systems, data driven analysis, optimized ship logistics and autonomy, energy saving methods, and preventive maintenance. • Scrubber vessel daily savings for calendar 4Q25 (our 3Q FY26) for HSFO vs. LSFO stood at $933/calendar day net of all scrubber O PEX, benefitting our vessels with improved voyage economics. • Fuel differentials between HSFO and VLSFO averaged $57/metric ton, while the differential of LPG as fuel versus VLSFO stood at about $104/metric ton, making LPG economically attractive for our D/F vessels. • We now manage and operate sixteen (16) scrubber-f itted vessels and five (5) dual-fuel LPG vessels. • Scrubbers generally produce better emissions in SOX and reduce both Particulate Matter (PM) and Black Carbon by 90% versus non-scrubber vessels using very low sulfur fuel oils (VLSFO).
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8 Investor Highlights – 3Q FY26 Statement of Cash Flow $ 47,188,898 $ 21,361,828 18,129,336 17,497,383 11,609,123 8,170,251 280,083 302,302 170,904 (2,865,617) 2,034,165 1,701,724 34,162 90,330 131,379 720,020 (2,363,272) 399,395 17,916,722 (12,674,427) (11,610,414) (8,170,625) (36,847) 699,397 1,980,540 (1,536,986) (1,371,417) 1,826,813 (3,318,408) (3,262,949) 80,774,954 24,258,839 (13,352,326) (2,842,533) - (213,592) (13,352,326) (3,056,125) (13,512,951) (13,399,490) 2,766 - (27,693,502) (42,579,287) (41,203,687) (55,978,777) (29,329) (112,903) 26,189,612 (34,888,966) 268,384,185 349,494,604 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Non-cash lease expense Amortization of financing costs Unrealized loss/(gain) on derivatives Stock-based compensation expense Unrealized foreign currency loss, net Other non-cash items, net Changes in operating assets and liabilities Trade receivables, inventories, prepaid expenses, and other current and non-current assets Due from related parties Operating lease liabilities—current and long-term Trade accounts payable Accrued expenses and other liabilities Due to related parties Payments for drydocking costs Net cash provided by operating activities Cash flows from investing activities: Payments for vessel under construction and other capital expenditures for vessels Purchase of investment securities Net cash used in investing activities Cash flows from financing activities: Repayment of long-term debt borrowings Repurchase of common stock Dividends paid Net cash used in financing activities Effects of exchange rates on cash and cash equivalents Net increase/(decrease) in cash, cash equivalents, and restricted cash Cash, cash equivalents, and restricted cash at the beginning of the period Cash, cash equivalents, and restricted cash at the end of the period $ 294,573,797 $ 314,605,638 Three Months Ended (Unaudited) December 31, 2025 December 31, 2024
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9 Thank You OUR MISSION IS TO ARRANGE SAFE, RELIABLE, CLEAN AND TROUBLE-FREE TRANSPORTATION