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DORIAN LPG Investor Highlights August 2026 H NO SMOKING PRESERVE SAFETY FIRST CONSERVE 300
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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. The cash dividends referenced in this presentation or associated remarks are irregular dividends. All declarations of dividends are subject to the determination and discretion of our Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, its business prospects and other factors that our Board of Directors may deem relevant. The Board of Directors, in its sole discretion, may increase, decrease or eliminate the dividend at any time.
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3 Cash and Debt Balances at 6/30/20261 Investor Highlights – 1Q FY27 Earnings Helios LPG Information Dorian LPG Operating Statistics Baltic VLGC Index Performance Note: Excludes $41.1mm of cash liquidity available through undrawn revolving credit facility 1. Numbers may not sum due to rounding Note: The top-left chart shows BLPG3 (Houston to Chiba) rates due to a lack of fixing out of the Middle East (BLPG1 – Ras Tanura to Chiba) Source: Baltic Exchange • 75,140$ − Helios Pool TCE / Available Day • 82,445$ − Helios Pool Spot + COA TCE / Available Day mm Cash 342.1$ Restricted Cash 0.1 Total Cash & Restricted Cash 342.2$ mm 2023 A&R Debt Facility 144.0$ Japanese Financings 257.8 BALCAP Facility 47.7 Areion Facility 62.9 Total Debt Obligations 512.4$ • 75,926$ − Fleet TCE / Available Day • 10,356$ − Fleet OpEx (reported) / Calendar Day • 10,308$ − 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, 25 of which are from Dorian LPG Dorian LPG Vessel Name Capacity (Cbm) Built Scrubber Employment Helios Pool TC Out (7 VLGCs): Comet 84,000 2014 Scrubber Pool-TCO1 Cougar 84,000 2015 — Pool-TCO1 Continental 84,000 2015 Scrubber Pool-TCO1 Commodore 84,000 2015 — Pool-TCO1 Chaparral 84,000 2015 — Pool-TCO1 Commander 84,000 2015 Scrubber Pool-TCO1 Challenger 84,000 2015 Scrubber 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 M. E. Waterborne Exports -64% Q/Q; -72% Y/YU.S. Waterborne Exports +18% Q/Q; +20% Y/Y Global Liftings -8% Q/Q; -12% Y/Y Global Seaborne Volumes 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 Bunker Prices and Fuel Grade Differentials Strongly Support ROI for Scrubbers and Fuel management: Fuel Reduction and Emissions Strategy (mid-/long-term) • Scrubber vessel daily savings for calendar 2Q26 (our 1Q FY27) for HSFO vs. LSFO stood at $1,971/calendar day net of all scrubber OPEX, benefitting our vessels with improved voyage economics. • Fuel differentials between HSFO and LSFO averaged $118/metric ton, while the differential of LPG as fuel versus LSFO stood at about $369/metric ton, making LPG economically attractive for our D/F vessels. • We now manage and operate fifteen (15) scrubber-fitted vessels and six (6) 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). • Improve our energy efficiency onboard our vessels with a focus on vessel operational performance, while continuing to follow technological 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 emissions. • 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. * Bunker Prices are calculated as the average of Singapore, Houston and Panama Prices, our most frequent bunkering locations • Fuel Savings this year are yielding between $75,000-$110,000 more per ship per year due to higher bunker prices • Fuel grade differentials strongly support Scrubbers by providing additional savings of up to $4,000 per sailing day HSFO LSFO LSFO-HSFO Q2 2025 Average: 448$ 499$ 51$ Q2 2026 Average: 692 810 118 Price Change: 244 311 % Change: 54.5% 62.3%
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8 Investor Highlights – 1Q FY27 Statement of Cash Flow Cash flows from operating activities: Net income $ 138,285,022 $ 10,082,101 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 17,649,067 18,379,147 Non-cash lease expense 11,853,276 8,490,242 Amortization of financing costs 554,119 295,249 Unrealized (gain)/loss on derivatives (932,965) 1,183,841 Stock-based compensation expense 2,020,619 1,757,879 Gain on disposal of vessel (30,116,869) - Unrealized foreign currency loss/(gain), net 66,256 (241,006) Other non-cash items, net (188,889) 21,610 Changes in operating assets and liabilities Trade receivables, inventories, prepaid expenses, and other current and non-current assets (3,022,035) (1,574,245) Due from related parties (90,004,070) (26,671,741) Operating lease liabilities—current and long-term (11,855,467) (8,491,076) Trade accounts payable 1,676,839 1,147,369 Accrued expenses and other liabilities (5,527,600) 356,959 Due to related parties 557,995 238,204 Payments for drydocking costs (543,447) (4,160,059) Net cash provided by operating activities 30,471,851 814,474 Cash flows from investing activities: Payments for vessel under construction and other capital expenditures for vessels (181,515) (3,056,789) Proceeds from disposal of vessel 80,730,111 - Net cash provided by/(used in) investing activities 80,548,596 (3,056,789) Cash flows from financing activities: Repayment of long-term debt borrowings (53,404,854) (13,965,616) Repurchase of common stock - (1,822,780) Financing costs paid (276,692) - Dividends paid (42,549,955) (21,211,264) Net cash used in financing activities (96,231,501) (36,999,660) Effects of exchange rates on cash and cash equivalents (56,996) 291,277 Net increase/(decrease) in cash, cash equivalents, and restricted cash 14,731,950 (38,950,698) Cash, cash equivalents, and restricted cash at the beginning of the period 327,488,955 316,953,612 Cash, cash equivalents, and restricted cash at the end of the period $ 342,220,905 $ 278,002,914 Three Months Ended (Unaudited) June 30, 2026 June 30, 2025
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9 Thank You OUR MISSION IS TO ARRANGE SAFE, RELIABLE, CLEAN AND TROUBLE-FREE TRANSPORTATION