Slides
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Navigator Gas (NYSE: NVGS) Analyst / Investor Day November 2025
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 2 Forward Looking Statements This presentation contains certain statements that may be deemed to be “forward- looking statements” within the meaning of applicable federal securities laws. Most forward-looking statements contain words that identify them as forward-looking, such as “may”, “plan”, “seek”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “project”, “opportunity”, “target”, “goal”, “growing” and “continue” or other words that relate to future events, as opposed to past or current events. All statements, other than statements of historical facts, that address activities, events or developments that Navigator Holdings Ltd. (“Navigator” or the “Company”) expects, projects, believes or anticipates will or may occur in the future, including, without limitation, acquisitions of vessels, the outlook for fleet utilization and shipping rates, general industry conditions, future operating results of the Company’s vessels, capital expenditures, expansion and growth opportunities, business strategy, ability to pay dividends and other such matters, are forward- looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ any expectations or goals expressed in, or implied by, the forward-looking statements included in this presentation, possibly to a material degree. Navigator cannot assure you that the assumptions made in preparing any of the forward-looking statements will prove accurate or that any long-term financial goals will be realized. All forward-looking statements included in this presentation speak only as of the date made, and Navigator undertakes no obligation to update or revise publicly any such forward-looking statements, whether as a result of new information, future events, or otherwise. In particular, Navigator cautions you not to place undue weight on certain forward-looking statements pertaining to potential growth opportunities or long-term financial goals set forth herein.
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 3 Today’s Presenters Mads Peter Zacho Chief Executive Officer Gary Chapman Chief Financial Officer Oeyvind Lindeman Chief Commercial Officer Randy Giveans Executive Vice President
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 4 Board of Directors with Four Independent Directors Dag von Appen Florian WeidingerDr. Anita Odedra Janette Marx Dr. Heiko Fischer Peter Stokes
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 5 Table of Contents 1 Company Introduction 2 Commercial Update 3 Financial Update 4 Recent Developments 5 Appendix
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 6 Our Assets 9x Small 5x + 6 NB Midsize incl. 4 ethylene 43x Handysize incl. 15 ethylene 1.55Mmts World’s Largest Ethylene Export Terminal Manila Office London Office Gdynia Office Copenhagen Office Houston Office Houston Ethylene Export Terminal 6
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 7 2023 The Company announced the expansion of its ethylene export terminal at Morgan’s Point to at least 1.55 million tons per year. The Company’s initial five vessels came into operation in 2000. 2000 Initial Public Offering on the New York Stock Exchange (NVGS). 2013 2016 Navigator Gas moved into the mid- sized market, commissioning newbuild ethylene vessels. Commercial operations of the ethylene export terminal commences following the completion of phase 1 of the construction. 2019 Successfully completed the merger of Ultragas' fleet and business activities with our own, adding 18 vessels and uniting two leading gas shipping companies. 2021 Company History – Proven Track Record With the Best Still to Come 5 57* + 6 Repurchased 3.8 million shares of NVGS for $50 million and implemented a new return of capital policy including a fixed quarterly cash dividend. 2023 2025 Ordered four 48,500 cbm Ethylene carrier newbuildings to be delivered in 2027/2028. 2024 Announced the completion of the ethylene Flex Train expansion and acquisition of three secondhand Handysize ethylene carriers. 2025 Completed new $50 million share repurchase program. * Fleet count Nov 12, 2025, includes 75.1% of 5 vessels acquired through our joint venture with Greater Bay Gas 2025 2025 Ordered two 51,350 cbm anomia-fuelled ammonia carrier newbuildings on timecharter with Yara to be delivered in 2028 through our new 80/20 JV with Amon. Announced a new and improved return of capital policy, increasing the payout to 30% of net income and the fixed quarterly cash dividend to $0.07/share.
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 8 Navigator Operates a Large, Modern and Diversified Fleet of 57 Vessels Operates 57 Vessels** Significant scale and diversified fleet Vessel Type Key Client Relationships Small Gas Carrier Ethylene/ethane capable semi-refrigerated 9x Handysize Market Leader Market leader with ~32% of the market Modern Fleet Average age of 12.4 years 11 unencumbered vessels Valued at >$250 million 4x Midsize Gas Carrier Ethylene/ethane capable semi-refrigerated Handysize Gas Carrier Ethylene/ethane capable semi-refrigerated 15x Handysize Gas Carrier Fully-refrigerated 7x* Handysize Gas Carrier Semi-refrigerated 22x Size (cbm) 25k – 39k 15k – 24k 15k – 24k 15k – 24k 5k – 14k 12.4yrs 7.6yrs 11.5yrs 12.6yrs 11.3yrs Average Age Unigas Pool Time-charter Time-charter & spot voyages Time-charter Time-charter & spot voyages Employment Butane Ammonia Propane Ethane Ethylene × × × × Selected blue-chip clients with 20+ years relationships * One of the vessels is a 38k cbm MCG, which does not fall strictly under the Handysize Gas Carrier Fully-refrigerated category ** Fleet count Nov 12, 2025, includes 75.1% of 5 vessels acquired through our joint venture with Greater Bay Gas
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 9 Navigator “Virtual Pipeline” Connecting Markets We provide safe, reliable and efficient logistics service to the midstream industry, to producers and to consumers by extending a “virtual pipeline” to international markets LPG & Ammonia trading-patterns are of regional nature, and Petrochemicals are typically on longer transcontinental routes
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 10 Gender (Leadership) Gender (Total) ESG Excellence... Recognized by Webber Research’s ESG scorecard as being within the top quartile of assessed companies for the second year running. 2021 2022 2023 52 companies 52 companies 64 companies 16th place 11th place 7th place Diversity and Inclusion… Target 35% Target 45% Onshore figures only Navigator Gas is committed to driving a sustainable transformation in shipping Contribute to the shipping industry’s target to become net zero by 2050 Derive significant part of revenues from green cargo such as clean ammonia and CO2 Ensure 35% of onshore leadership positions are filled by women by 2028 Our Commitment to ESG 2024 3rd 64 companies 33% 40%
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 11 Table of Contents 1 Company Introduction 2 Commercial Update 3 Financial Update 4 Recent Developments 5 Appendix
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 12 Our Logistical Expertise Covers the Most Complex Liquefied Gases + + + LPG -42 Degrees C to ambient Petrochemicals -104 Degrees C to ambient Ammonia -33 Degrees C Captured Liquefied CO2 Our 57 vessels transport the most complex and volatile gases Typical complex LPG cascade liquefication system NGL vs LPG vs LNG: Explaining the alphabet soup (NVGS carries NGLs) Navigator Prominence Navigator Glory Navigator Ceres Operates down to -104c Operates up to 5 bars Handles high toxicity cargos Commodity Referred To What We do Natural Gas Methane (Dry Gas, Natural Gas) LNG Liquified Natural Gas Natural Gas Liquids Ethane Propane Ethylene feedstock Propylene feedstock Propane Normal Butane Iso Butane LPG Liquified Petroleum Gas Natural Gasoline
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 13 Utilization Picking Up and Normalizing Above the 90% Mark – Increasing Demand in LPG Makes Up Shortfall in Ammonia – 40% of Earnings Days Next 12 Months Fixed at Average Rate Of $31,249 / Day LPG Spot Ammonia Spot LPG Spot Petchems TC Petchems Spot 90.5% 86.5% 85.8% 85.7% 83.9% 88.6% 86.0% 90.5% 87.7% 82.1% 92.5%94.1% 91.8% 92.7% 92.6% 85.9%87.9% 85.1% 85.4% 83.9% 85.9% 90.9% 84.4% 86.2% 94.4%92.6% 88.2%86.7% 91.3% 92.9% 92.1%90.5% 80.1% 79.9% 90.1% 89.3% 89.9% 82.3% 81.9% 84.6% 88.1% 83.0% 83.9% 87.0% 83.2% 90.9% 90.7% 96.4%97.3% 84.1% 85.4% 83.6% 91.4%90.0% 89.3% 75.8% 71.4% 84.5% 93.3% 95.2% 96.1% 84.5% 83.9% 86.9% 86.9% 82.2% 89.5% 82.4% 80.8% 87.3% 91.3% 95.4% 92.6% 88.3% 87.5% 94.2% 85.3% 83.0% 85.7% 82.9% 86.2% 94.4% 91.2% 96.8% 98.6%98.8% 95.0% 86.9% 89.5%87.5% 94.2% 93.0% 93.0% 86.0% 93.0% 95.1% 89.8% 87.7%90.5% 91.4% 94.7%94.2%91.1% 88.8% 92.0% 93.8% 93.0% 90.5% 84.3% 83.1% 85.2% 90.0% 86.8% 91.3% 91.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Ammonia TC Ammonia Spot LPG TC LPG Spot Petchems TC Petchems Spot Utilisaton% Earning days vs Utilization LPG Ammonia TC 48% 21% 31% YTD ‘25 Volume Mts LPG Ammonia Petrochemicals 39% 15% 46% YTD ‘25 Earnings Days LPG Ammonia Petrochemicals
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 14 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 19x Ethylene capable vessels - Earning days vs Utilisation LPG Ethylene Petchems (Ex Ethylene) Ammonia Idle Days Utilisaton% 70% 75% 80% 85% 90% 95% 100% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecUtilization seasonality Min-Max (2019-2024) Average 2024 2025 3Q Utilization Rebounding – Diversification Remains Key as Semi and Fully Refrigerated Ships Both Seeing Strengthening Demand 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 7x Fully Ref - Earning days vs Utilisation LPG Petchems Ammonia Idle Days Utilisaton% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 23x Semi Ref - Earning days vs Utilisation LPG Petchems Ammonia Idle Days Utilisaton%
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 15 Source: Kpler, 2025 Stronger Handysize Demand Driven by Rising Iraqi LPG Exports and Steady Asian Butadiene Needs 0 20 40 60 80 100 120 140 2020-10 2021-01 2021-04 2021-07 2021-10 2022-01 2022-04 2022-07 2022-10 2023-01 2023-04 2023-07 2023-10 2024-01 2024-04 2024-07 2024-10 2025-01 2025-04 2025-07 2025-10 kMts Month SGC Handy MGC 0 5 10 15 20 25 30 35 40 45 50 2020-11 2021-02 2021-05 2021-08 2021-11 2022-02 2022-05 2022-08 2022-11 2023-02 2023-05 2023-08 2023-11 2024-02 2024-05 2024-08 2024-11 2025-02 2025-05 2025-08 2025-11 kMts Month Western Europe South America Northern America Southern Europe Iraq LPG Exports Butadiene Imports to Asia, Handysize, Origin
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 16 LPG Petchems Ammonia 81% 3% 16% 45% 47% 8% 20% 67% 13% 100% 41% 14% 45% North America Leading the Way For the Future, Anchored by Cheap Gas Earnings Days Origin Export & Destination
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 17 0 25,000 50,000 75,000 100,000 125,000 150,000 175,000 200,000kMts Annual LPG Mts Petrochemicas Mts NH3 Mts 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0MMb/d Other Niobrara Anadarko Utica Marcellus Williston Basin Eagle Ford Permian 2025-2027 Forecast Base Forecast “Flat Oil” Scenario Crude Oil +800 MBPD 0 MBPD Natural Gas +4.7 Bcf/d +2.0 Bcf/d NGLs +650 MPD +300 MBPD U.S. Natural Gas Liquids Production and Takeaway Capacity Trending Up – Producers Continue to Pursue Gas / NGLs – Global Exports of LPG, Ammonia and Petrochemicals to Exceed 200M mts in 2028 U.S. NGL Production by Basin Global Gas ExportsU.S. NGLs Growing Despite Oil Concerns Source: RBN, EPD, Kpler, 2025
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 18 U.S. Ethylene Lifeline to European Petrochemical Profitability and Offering Reliable Opportunistic Trades to Asia-Pacific Consumers Source: Argus, Kpler, 2025 0% 20% 40% 60% 80% 100% 120% 0 20 40 60 80 100 120 140 2022-01 2022-05 2022-09 2023-01 2023-05 2023-09 2024-01 2024-05 2024-09 2025-01 2025-05 2025-09 % Destination ‘000s Kt Morgan's Point Targa C2 Europe Asia $183 $211 $394 $100 $256 $750 FOB Ethane Cracker Margin FOB Ethylene Export Terminal Logistics Freight Asia Delivered Price USD/PMT $0 $100 $200 $300 $400 $500 $600 $700 $800 $183 $211 $394 $100 $201 $695 FOB Ethane Cracker Margin FOB Ethylene Export Terminal Logistics Freight Europe Delivered Price USD/PMT $0 $100 $200 $300 $400 $500 $600 $700 $800 Europe Asia U.S./Europe/Asia Ethylene & U.S. Ethane U.S. Ethane to Ethylene Value Chains U.S. Ethylene Exports & Destination $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 01 2023 03 2023 05 2023 07 2023 09 2023 11 2023 01 2024 03 2024 05 2024 07 2024 09 2024 11 2024 01 2025 03 2025 05 2025 07 2025 09 2025 USD/PMT Ethylene Delivered North Europe Ethylene USG Ethylene Delivered North Asia Ethane Mt Belvieu
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 19 Trade Uncertainty Weighs on U.S. Ethane and Ethylene Exports – Asia More Exposed than Europe 0 10 20 30 40 50 60 70 80 90 2023-11 2023-12 2024-01 2024-02 2024-03 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 2024-10 2024-11 2024-12 2025-01 2025-02 2025-03 2025-04 2025-05 2025-06 2025-07 2025-08 2025-09 2025-10 2025-11 ‘000s Mts Ethylene Ethane Source: Kpler, 2025 0 25 50 75 100 125 150 175 200 2023-11 2023-12 2024-01 2024-02 2024-03 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 2024-10 2024-11 2024-12 2025-01 2025-02 2025-03 2025-04 2025-05 2025-06 2025-07 2025-08 2025-09 2025-10 2025-11 ‘000s Mts Ethylene Ethane Quarterly Average 520kt Quarterly Average 680kt Quarterly Average 195kt Quarterly Average 97kt U.S. Handysize Exports of Ethane & Ethylene to Asia-Pacific U.S. Handysize Exports of Ethane & Ethylene to Europe
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 20 Source: Kpler, 2025 0 10 20 30 40 50 60 70 80 2014-01 2014-07 2015-01 2015-07 2016-01 2016-07 2017-01 2017-07 2018-01 2018-07 2019-01 2019-07 2020-01 2020-07 2021-01 2021-07 2022-01 2022-07 2023-01 2023-07 2024-01 2024-07 2025-01 2025-07 kMts Month Handy MGC LGC SGC VLGC 0 50 100 150 200 250 2014-01 2014-07 2015-01 2015-07 2016-01 2016-07 2017-01 2017-07 2018-01 2018-07 2019-01 2019-07 2020-01 2020-07 2021-01 2021-07 2022-01 2022-07 2023-01 2023-07 2024-01 2024-07 2025-01 2025-07 kMts Month SGC Handy MGC LGC Geopolitics Could Boost Handysize Demand – Venezuela and Russia as Examples Venezuela Historic LPG Exports Russia Historic LPG Exports
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 21 Very Large Gas Carrier >60,000 cbm Large Gas Carrier 59,000 – 60,000 cbm Medium Gas Carrier 25,000 – 52,000 cbm Handysize Gas Carrier 15,000 – 24,999 cbm Small Gas Carrier 3,000 – 13,000 cbm Fully-Refrigerated Ethylene & Ethane Fully-Refrigerated Fully-Refrigerated Ethylene & Ethane Fully-Refrigerated Semi-Refrigerated Ethylene 407 35 21 139 17 27 60 38 110 58 4 62 5 5 7 2 40% 19% 46% 11% 6% 5 + 6 NBs* 43* 9 61 10 19 27 196 Existing Number of Vessels Vessels On Order % of Fleet (# vessels) Navigator Fleet # of Vessels >20 years Order book Ethylene Semi-Refrigerated Pressurised 450 84 122 34 3 5 Source: Steem1960, 2025*includes 75.1% of 5 vessels owned via the Greater Bay JV and 80% of 2 vessels owned via Amon Maritime JV Fleet Supply Picture Remains Attractive with Low Handysize Orderbook Handysize segment well positioned on the supply side, with only 11% on order and 22% of existing fleet above 20 years of age.
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 22 Company A Company B $1,025k per month / $33,7000 per day. An adjustment of $2,500pd due to lingering trade uncertainties for the Trans-Pacific Trade. 15 out of 57 vessels in this category. $950k per month / $31,250 per day. Handysize Semi-Ref holding firm with stronger rates due to incremental volume from Iraq as well as healthy exports of Butadiene from Americas and Europe to Asia. 23 out of 57 vessels in this category. $775k per month / $25,500 per day. Handysize Fully-Ref following MGC assessment which is somewhat stronger heading into the winter months. 6 out of 57 vessels in this category. Source: Clarksons, 2025 Handysize Semi-Refrigerated TC Rates Strengthened From 2Q 2025 Ethylene Capable Vessels Adjusted Down Over Lingering Trade Uncertainties $300 $500 $700 $900 $1,100 $1,300 $1,500 $1,700 $300 $500 $700 $900 $1,100 $1,300 $1,500 $1,700 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TC Hire per calendar month (‘000s) 12-month Timecharter Assessment VLGC 84,000cbm MGC 35,000cbm Handy SR 20,500cbm Small Eth 12,000cbm Handy Ethylene 21,500cbm Handy FR 22,5000cbm
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 23 Table of Contents 1 Company Introduction 2 Commercial Update 3 Financial Update 4 Recent Developments 5 Appendix
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 24 Fleet Data 2024 2025 Q3 Q3 Weighted average number of vessels* 47.0 48.8 Ownership days 4,324 4,485 Available days 4,055 4,402 Earnings days 3,684 3,932 Fleet utilization 90.9% 89.3% Daily vessel operating expense $8,437 $9,275 Income Statement – Cargo Flexibility and Asset Sale Offset Geopolitical Tension *With the exception of daily vessel operating expenses, all other data in the table above excludes the 9 owned smaller vessels that are commercially managed in the independent Unigas Pool. Record quarterly TCE of $30,966 and EBITDA of $85.7m Utilization rebounded to 89.3% from 84.2% in 2Q 2025 Navigator Gemini sold in Sept for $30.4m, gain $12.6m Terminal throughput 270,594 tons, share of profit for the quarter of $3.3m Net income attributable to stockholders of Navigator Holdings Ltd. of $33.2m, giving basic EPS of $0.50 Adjusted net income attributable to stockholders of $23.9m, Adjusted EPS of $0.36 (US$’000) 2024 2025 Q3 Q3 Unaudited Unaudited Total operating revenues 141,817 153,086 Brokerage, voyage expenses -23,496 -22,020 Vessel operating expenses -43,465 -49,288 Depreciation and amortization -33,290 -32,937 General and administrative costs -9,379 -8,575 Profit from sale of vessel - 12,589 Total operating expenses -109,630 -100,231 Operating income 32,187 52,855 Unrealized gains / losses -1,895 -3,342 Interest and tax -13,028 -16,983 Share of result of joint venture 2,214 3,273 Net income 19,478 35,803 Net income attributable to non-controlling interest -1,306 -2,648 Net income attributable to stockholders of NVGS 18,172 33,155
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 25 TCE Headroom Protects a Lot of Downside Risk Continuing low all-in cash breakeven levels allow Navigator to report positive quarterly EBITDA and remain cashflow positive even in more challenging periods, with growing headroom over last five years Latest all-in estimated cash breakeven for 2025 at $20,510, which includes $118m of forecast debt amortization Latest Estimated All-in Cash Breakeven for Full Year 2025 $15,000 $20,000 $25,000 $30,000 $35,000 Headroom over all-in cash breakeven Time charter equivalent rate $1,720 $2,370 $9,080 $370 $11,170 $5,600 $19,140 $1,370 $20,510 $0 $5,000 $10,000 $15,000 $20,000 $25,000 TCE Headroom Growing Over All-In Cost Per Vessel Per Day
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 26 Balance Sheet – Sustained Strength and Robust Liquidity Strong liquidity position despite paying $95m in scheduled loan repayments, dividends and share buybacks, and towards newbuilds in the quarter. Terminal asset equity value $252m, unencumbered at Dec 31, 2025 Total of $99m paid from cash to date for vessels under construction $301m of cash, cash equivalents, restricted cash, and available liquidity at Nov 10, 2025. Strong Liquidity Position 9 48 49 52 52 131 91 238 165 158 29 91 91 140 139 316 308 301 $0m $50m $100m $150m $200m $250m $300m $350m 31 Dec, 2024 31 Mar, 2025 30 Jun, 2025 30 Sep, 2025 3 Nov, 2025 Restricted cash Available Cash & Cash Equivalents Undrawn vessel facilities Total liquidity (US$’000) December 31 September 30 2024 2025 Audited Unaudited ASSETS Cash and cash equivalents 139,797 216,597 Other current assets 80,587 85,678 Total current assets 220,384 302,275 Vessels, net 1,653,607 1,635,507 Vessels under construction 41,589 102,899 Equity method investments 253,729 252,723 Other assets 11,320 6,272 Total assets 2,180,629 2,299,676 LIABILITIES AND EQUITY Net current portion of debt 250,087 170,930 Other current liabilities 68,686 86,158 Total current Liabilities 318,773 257,088 Net long-term debt 603,441 762,279 Other non-current Liabilities 12,051 14,912 Total liabilities 934,265 1,034,279 Equity 1,205,469 1,221,060 Non-controlling interest 40,895 44,337 Total liabilities and equity 2,180,629 2,299,676
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 27 Panda and Coral Shipyard Payments and Anticipated Financing -$120 -$100 -$80 -$60 -$40 -$20 $0 $20 $40 $60 $80 $100 $120 Total Financing Drawdowns Total Yard Payments
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 28 Established and Expanding Sources of Finance and Credit Strength Longstanding relationships with leading shipping banks – 14 banks and institutions in our loan book today Credit margin for new loans has come down substantially over the last 4 years Current weighted average cost of debt less than 6% Our Oslo-listed 2024 unsecured Bond and the 2025 Tap closed with the tightest spread for any USD denominated shipping bond in the Nordic market since the financial crisis in 2008 Reflects strong credit quality
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 29 Unencumbered Vessels Can Provide $100M+ of Extra Liquidity Vessel name Vessel type Year built Current Market Value Age at Sep 30, 2025 Potential LTV (%) Potential Leverage Happy Kestrel Ethylene 2013 26 12 65% $17 Navigator Global Fully-Ref 2011 31 14 55% $17 Navigator Taurus Semi-Ref 2009 32 16 45% $15 Navigator Pegasus Semi-Ref 2009 32 16 45% $14 Navigator Phoenix Semi-Ref 2009 32 16 45% $14 Navigator Capricorn Semi-Ref 2008 32 17 40% $13 Navigator Aries Semi-Ref 2008 31 17 40% $13 Happy Condor Ethylene 2008 18 17 35% $7 Happy Falcon Semi-Ref 2002 4 23 - - Navigator Saturn Ethylene 2000 17 25 - - Navigator Pluto Ethylene 2000 17 25 - - Total $273M 18 40% $110M
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 30 Morgan’s Point Ethylene Export Terminal – Original Investment Mostly Recouped -$100m -$75m -$50m -$25m $0m $25m $50m $75m Terminal investment ($280M) Terminal debt financing ($70M) Cash Distributions from Terminal Original investment Expansion • Long-term asset • To date: 40% payback (>$120M of cash distributions) after 20% of asset life • Debt fully paid off by Dec 31, 2025 • At current conservative run rate, estimated payback period of 10-12 years, versus minimum 25-year asset life • Option to re-lever which could raise $150M+ of new capital and boost project’s ROE
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 31 Strong Secondary Bond Market Performance, Current Bid 100.50% of Par1 Secondary market development (DNB Carnegie bid prices) 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% 94.0% 95.0% 96.0% 97.0% 98.0% 99.0% 100.0% 101.0% 102.0% Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Yield% of par Bid cash price (LHS) Bid yield to worst (RHS) Liberation day (broad market sell- off) Yield disturbance due to listing General market commentary (Nordic high yield) • Record strong primary market throughout the year, often substantial oversubscriptions. Total year-to-date new issue volume currently at NOK ~250bn equivalent (USD ~25bn) • Broader capital markets volatility remains at acceptable levels; VIX hovering slightly below 20 • Secondary market yields remain tight, especially across high yield shipping with several strong credits trading at or around 7% yield Most recent Navigator Holdings trades Trade date Volum (US$m) Price (% of par) Spread to worst (bps) Yield to worst (%) 9/23/2025 0.40 101.69% 346.07 6.71% 9/17/2025 0.20 101.75% 346.86 6.70% 9/17/2025 0.20 101.75% 346.86 6.70% 9/17/2025 0.20 101.77% 346.20 6.69% 9/16/2025 0.20 101.63% 357.21 6.74% 9/16/2025 0.20 101.63% 357.21 6.74% 9/16/2025 0.20 101.65% 356.55 6.73% 8/22/2025 2.60 101.00% 360.95 6.94% 8/8/2025 1.00 101.00% 353.43 6.94% 8/8/2025 0.20 101.75% 330.44 6.71% 8/8/2025 0.20 101.75% 330.44 6.71% 8/8/2025 0.20 101.77% 329.77 6.71% 6/25/2025 0.20 100.00% 381.82 7.26% Source: Bloomberg and DNB Carnegie as of 10 November 2025 1 100.50% of par corresponding to ~7.1% yield to worst and 375 bps I-spread to worst
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 32 Financial Efficiency With Significant Headroom Falling Net Debt/Adjusted EBITDA, Rising Interest Cover 6.6 6.4 7.5 6.6 5.3 3.4 2.6 2.4 2.3 2.9 2.6 2.2 2.9 4.1 4.1 4.3 5.0 5.2 - 2.0 4.0 6.0 8.0 Net Debt to Adjusted EBITDA Interest Cover Only Two Debt Balloons in the Next 24 Months 140 29 32 56 11 25 5 25 26 146 $0m $50m $100m $150m $200m $250m $300m facility $75m facility $148m facility $200m facility $112m facility $151m facility $67m facility $140m Bond >$100m of Scheduled Loan Repayments Each Year $26 $29 $35 $26 $26 $31 $31 $31 $36 $34 $30 $32 $118 $116 $133 $0m $25m $50m $75m $100m $125m $150m 2025 2026 2027 Q1 Q2 Q3 Q4 Steady but Growing Adjusted EBITDA $31 $29 $39 $60 $55 $55 $42 $56 $69 $69 $72 $72 $74 $78 $68 $73 $73 $60 $76 $0m $20m $40m $60m $80m Adjusted EBITDA Ethylene JV Net Income Comfortable Net Debt Supported by Significantly Higher Asset Values 63% 61% 55% 61% 52% 37% 34% 32% 30% 0% 25% 50% 75% $0m $1,000m $2,000m $3,000m Net Debt (Current debt & Non-current debt less Cash) ($M) Vessels Market Value ($M) Net Debt / Market Value
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 33 Table of Contents 1 Company Introduction 2 Commercial Update 3 Financial Update 4 Recent Developments 5 Appendix
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 34 Recently Announced New and Improved Return of Capital Policy: $0.07/Share Fixed Quarterly Cash Dividend and Total 30% Net Income Payout Effective as of 3Q 2025 results, our new and improved Return of Capital policy now includes a fixed quarterly cash dividend o f $0.07 (up from $0.05) per share with an additional return of capital to equal at least 30% (up from 25%) of net income. Whenever quarterly EPS > $0.23, additional capital will be returned via a larger cash dividend and / or share buybacks depend ing on the share price. On November 4, 2025, the Board declared a cash dividend of $0.07/share payable on December 16, 2025, to all shareholders of record as of November 25, 2025, equating to a quarterly dividend payment of $4.6m. Additionally, as part of our quarterly Return of Capital policy, and with NVGS trading well below estimated NAV of ~$28 per s hare, we expect to repurchase approximately $5.4m of NVGS common shares between now and December 31, 2025 , such that the cash dividend and share repurchases together equal 30% of net income ($9.95m). 3Q 2025 Quarterly Return of Capital Table ($m) Net Income $33.155 30% of Net Income $9.947 Split as: Cash Dividend ($0.07 per share x 65.5m shares) $4.585 Share repurchases anticipated during 4Q 2025 $5.362 $9.947 Illustrative Quarterly Return of Capital Table Earnings Per Share Fixed Dividend Additional Dividend or Total Per Share Payout 30% Dividend Payment Share Repurchases Payment <$0.23 $0.07 $0.07 $4.6m - $4.6m $0.25 $0.075 $0.07 $4.6m $0.005 or $0.3m for buybacks $4.9m $0.30 $0.09 $0.07 $4.6m $0.02 or $1.3m for buybacks $5.9m $0.35 $0.105 $0.07 $4.6m $0.035 or $2.3m for buybacks $6.9m $0.40 $0.12 $0.07 $4.6m $0.05 or $3.3m for buybacks $7.9m $0.45 $0.135 $0.07 $4.6m $0.065 or $4.3m for buybacks $8.8m $0.50 $0.15 $0.07 $4.6m $0.08 or $5.2m for buybacks $9.8m $0.55 $0.165 $0.07 $4.6m $0.095 or $6.2m for buybacks $10.8m $0.60 $0.18 $0.07 $4.6m $0.11 or $7.2m for buybacks $11.8m All based on 65.5m shares outstanding
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 35 50,000,000 55,000,000 60,000,000 65,000,000 70,000,000 75,000,000 80,000,000 Returning Capital to Shareholders Remains a Key Pillar – Soon to Exceed $210m Since December 2022 and including the upcoming return of capital announced following our 3Q 2025 results, we will have repurchased 12 million shares totaling $174 million, for an average price of ~$14.20 per share. By year end, we will have returned $210m to shareholders over the past three years, including $36m of cash dividends and $174 m of share buybacks. This equates to ~$3/share based on an average share count of ~70 million shares, or >20% based on an average share price of ~$14.60 during that time. Ships for shares merger with Ultragas (21m shares) $50m program #1 $50m program #2 Direct repurchase from BW Cumulative Return of Capital since December 2022 ($m)NVGS Total Shares Outstanding $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25* Dividends Buybacks
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 36 Expect to Continue Ad Hoc Share Buybacks at Steep Discount to NAV Multiple reasons for share buybacks: Repurchasing shares at less than NAV/share is an accretive use of cash and boosts the NAV/share Provides additional support and a theoretical floor for the share price (deterring the shorting of shares ) Reduces the share count and increases EPS Note: Any future dividends and share buybacks remain subject to board approval
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 37 Trading Liquidity Remains Robust – Options Trading To Further Boost Liquidity Average daily trading liquidity continues to increase, currently above $5.2m/day YTD. After multiple conversations with the NYSE and our market - makers/brokers to increase the number of strike prices for NVGS shares, we are now at $1 increments instead of $2.50 increments. This change should lead to more trading volumes for our options, and in turn more underlying trading liquidity for NVGS shares. 37 NVGS Trading Liquidity (annual averages) Year Share Price Shares per day $ per day 2020 $8.26 131,617 $1,052,346 2021 $9.66 95,466 $931,951 2022 $11.64 142,716 $1,714,862 2023 $13.62 156,583 $2,127,521 2024 $15.91 195,578 $3,132,436 2025 YTD $15.01 353,947 $5,235,805
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 38 Morgan’s Point Expansion Boosting US Ethylene Exports Morgan’s Point Terminal at Houston Ship Channel Existing ethylene terminal provides 1 million tons of annual throughput capacity. Ethylene cryogenic storage tank with a capacity of: • 30,000 tons ethylene storage • 1,000 tons per hour load rate Two twin loading docks capable of loading at up to 1,000 tons per hour Ethylene export terminal at Morgan’s Point to be expanded to at least 1.55 mtpa and up to 3.2 mtpa by converting an existing ethane refrigeration train to also refrigerate ethylene (aka “Flex Train”). The export terminal is pipeline-connected to Enterprise’s Mont Belvieu, Texas complex. Here, Enterprise has a high- capacity ethylene salt dome storage and extensive pipeline network serving as an open market storage and trading hub for the US ethylene industry. The Terminal is a Key US Infrastructure Asset, with Stable Cash Flow Generation $17 $32 $26 $22 2021 2022 2023 2024 Fully Utilized >$35 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2014 2016 2018 2020 2022 2024 2026 Metric Tons ‘000s Morgan's Point Flex Train Morgan's Point Phase 2 US Exports Terminal Contribution to EBITDA ($m) Morgans Point start * Now expansion is successfully completed throughput capacity increases to 1.55mm tons per year, expected full run-rate in 2026 Despite quarterly fluctuations based on actual throughout, the terminal take-or-pay contracts provide us with stable cash flow generation on an annual basis. Average terminal contribution to EBITDA for our 50% share of the Joint Venture has been $5m per quarter since 4Q21. Once the Flex Train is fully utilized, we expect annual EBITDA contribution from the terminal level for our 50% ownership to exceed $35m.
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 39 Ethylene Export Terminal Throughput Near Record High in 3Q 2025 Throughput during 3Q 2025 remained at strong levels reaching 270,594 tons as many U.S. Gulf ethylene crackers maintained elev ated production resulting in stable U.S. ethylene prices; consequently, the flex train was utilized in all three months this quart er. Spot activity picked up in recent months with multiple ethylene spot cargoes being completed to both Europe and Asia during 3 Q 2025. Looking ahead, we expect throughput in 4Q 2025 to be lower than the very strong levels of 2Q 2025 and 3Q 2025 as the spreads between domestic US prices and international prices tightened in recent weeks, tariff uncertainty increased, and more vessels switched t o carrying ethane and butadiene cargoes. Still actively negotiating various term sheets with multiple potential off-takers with contracts commencing in 1Q 2026. We continue to expect that additional offtake capacity will be contracted in the coming months as new customers continue to request terms. Ethylene Export Terminal Throughput (metric tons) U.S. (Mont Belvieu) Domestic Ethylene Price (cents/pound) Source: WoodMac 2025; ~21 cents/pound = ~$440/ton 0 5 10 15 20 25 30 35 40 Ethane-based margins Actual prices Last month's forecast Current Forecast ~21 cents/pound through 2027 0 20,000 40,000 60,000 80,000 100,000 120,000
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 40 Fleet Renewal Ongoing – Selling Older Vessels and Adding Ownership of JV Vessels Current fleet of 57 vessels is now 12.4 years of age with an average size of 20,818 cbm. Vessel Name Size (cbm) Year Built Age at Sale Sale Price $m Sale Date Navigator Neptune 22,085 2000 21.1 21.0 January 14, 2022 Happy Bird 8,600 1999 22.5 6.1 March 7, 2022 Navigator Magellan 20,900 1998 24.1 12.7 November 23, 2022 Navigator Orion 22,085 2000 23.3 20.9 May 2, 2023 Navigator Venus 22,085 2000 24.7 17.5 May 13, 2025 Navigator Gemini 20,750 2009 16.1 30.4 September 8, 2025 In September, we sold the Navigator Gemini, a 2009-built 20,750 cbm semi-refrigerated Handysize vessel to a third party for $30.4m netting a gain of $12.6 million; this was our sixth vessel sale since January 2022. In October, we increased our ownership interest from 60% to 75.1% in each of the five vessels owned via the Navigator Greater Bay Joint Venture by purchasing an additional 15.1% for a total of $16.8m paid from cash on hand. As we already fully consolidate these vessels, the result of this transaction will be a reduction in the “Net income attribut able to non- controlling interest” line item, thus an immediate increase to our net income and EPS. Vessel Name Size (cbm) Year Built Prior Ownership New Ownership Navigator Luna 17,000 2018 60% 75.1% Navigator Solar 17,000 2018 60% 75.1% Navigator Castor 22,000 2019 60% 75.1% Navigator Equator 22,000 2019 60% 75.1% Navigator Vega 22,000 2019 60% 75.1%
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 41 Four New 48,500 cbm Mid-Size Ethylene Carriers on Order – One Already on TC In 2024, we announced newbuilding orders for four new 48,500 cubic meter capacity liquefied ethylene gas carriers with Jiangnan Shipyard. The newbuildings are scheduled to be delivered to us between 1Q 2027 and 1Q 2028, at an average price of $102.9m per vessel. These will be fitted with dual-fuel engines for ethane, a low-carbon intensity transitional fuel, and made retrofit-ready for using ammonia as a fuel in the near future. The newbuildings will be capable of transiting through both the old and the new Panama Canal locks, providing enhanced flexibility. Discussions also commencing on financing the four newbuildings, with the initial 10% shipyard payments made in September/December 2024 from cash on hand, with a target to complete vessel financings in the coming months.
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 42 Recently Ordered Two Ammonia-Fueled Newbuildings on TC to Yara In July, we announced a new joint venture: Navigator Amon Shipping AS (the ‘JV’). Navigator expects to acquire approximately 80% of the JV company and Amon Maritime approximately 20%. The JV has ordered two new 51,350 cubic meter capacity ammonia fueled liquefied ammonia carriers, which will also be capable of carrying liquefied petroleum gas. The vessels will also have ice-class notation, providing reliable, year-round access to Northern Europe. The newbuildings are scheduled to be delivered in June and October 2028 at an average basic price of $87m per vessel. Each vesse l was awarded a NOK 90 million (approx. $9 million) investment grant from the Norwegian government agency Enova. These will be the largest vessels in our fleet and will be fitted with dual -fuel engines to run primarily on clean ammonia. The newbuildings will be capable of transiting through both the old and the new Panama Canal locks providing enhanced flexibility. Each of the vessels will be operated under the JV on five-year time charters with Yara Clean Ammonia from delivery. Discussions are commencing on financing the two newbuildings, with a target to complete vessel financings in the early part o f 2026. The initial 10% shipyard instalments paid were on August 28, 2025, from cash on hand. Illustrative Capex Details ($m) Shipyard price / vessel 87 Enova grant (9) Net price 78 Debt financing* (61) Equity needed 17 *assumes c.70% LTV
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 43 Five Key Pillars for Capital Deployment – Recent Past, Present, and Future Sold six older vessels for a total of $108.6 million, acquired three Handysize ethylene-capable vessels totalling $83.9 million that were delivered during 1Q25 and 15.1% of five vessels in October 2025. Ordered 6 newbuildings mid-sized gas carriers to be delivered in 2027 and 2028. Continuously looking at selling older vessels and replacing with more modern vessels. Continuing To Refinance and Reduce Debt Repaid $120 million of debt amortization during LTM through 3Q25. Refinanced $100m unsecured bonds at 8% fixed coupon maturing in 2025 with new $100m unsecured bonds at 7.25% fixed coupon maturing in 2029. Completed a tap issuance in March 2025 at par raising an additional $40m. Completed new $300m financing facility in May 2025, generating additional liquidity of $142m after repaying existing facilities. Return of Capital Policy = Dividends + Share Buybacks Implemented our new return of capital policy that provides for payment of a fixed quarterly cash dividend of $0.07 per share, with additional return of capital to equal at least 30% of net income. Distributed $36 million of dividends during the last 2.5 years. Repurchased 1.2 million shares at an average price of $15.07 (totalling $17.7m) via quarterly share repurchases as part of our ongoing return of capital policy. Opportunistically Repurchasing of NVGS Shares Completed $50 million share repurchase program from December 2022 through May 2023 (3.8 million shares at an average price of $13.12/share). Repurchased 3.5 million shares directly from BW Group at $14.52/share (totalling $51m) in June 2024. Completed $50 million share repurchase program from May 2025 through July 2025 (3.4 million shares at an average price of $14.68/share). Renewing Fleet Via Sales & Secondhand Acquisitions and Newbuildings Expanding Energy Infrastructure Business Completed investment of $128 million in January 2025 for our ethylene export terminal expansion. Invested $3 million in Azane Fuel Solutions ammonia bunkering and invested $2.5 million in Ten08, a clean ammonia export project in the US. In discussions for multiple new Marine Midstream infrastructure projects.
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CORPORATE PRESENTATION 2025 Energy Infrastructure Shipping Record EBITDA of $85.7m and, excluding profit on sale of older vessel, Adjusted EBITDA of $76.5m, despite market volatility, well above 2Q 2025 results. Net income attributable to stockholders of $33.2m, or $0.50 per share. Adjusted net income attributable to stockholders of $23.9m, or $0.36 per share. Our recent debt transactions have extended our maturities, improved our already strong liquidity and helped reduce our interest expense, with no major maturities in the next 24 months. Between May and July 2025, completed the $50m share buyback program, repurchasing 3.4m shares at an average price of $14.68 per share. New and improved Return of Capital policy ($0.07/share fixed dividend and total 30% net income payout) paying quarterly cash dividends and buying back shares to a total of $10m during 4Q 2025. Cash, cash equivalents, restricted cash and available liquidity as of November 10, 2025, was $301m. Financial 3Q 2025 Strength Expected to Continue in 4Q 2025 – 2026 Also Looking Good Average fleet utilization was 89.3% for 3Q 2025 and average TCE earned was a record high of $30,966/day. Utilization and average TCE in 4Q 2025 both expected to remain robust. Latest all-in cash breakeven of $20,510 per day. Sold another vessel, the 2009-built Navigator Gemini for $30.4m. Expecting to sell additional vessels in 4Q 2025 and 2026. Ordered two new ammonia fueled vessels through JV with Amon Maritime. Both vessels are contracted on long-term time charters with Yara Clean Ammonia, require relatively low equity / capex in the near-term, and are expected to be accretive to the Company’s earnings upon delivery. Supply picture remains attractive with a minimal Handysize orderbook and an ageing global fleet. Continue to show advantages of flexibility and cargo diversification of fleet in 3Q 2025 against backdrop of geopolitical uncertainties. Morgan’s Point ethylene export volumes remained solid during the last two quarters following the domestic price spike in 1Q 2025, with volumes flowing to both Europe and Asia. The flex train has been utilized in every month since May 2025, totaling 270,594 tons for 3Q 2025. We expect export volumes in 4Q 2025 to be lower than the strong levels of 2Q 2025 and 3Q 2025 as spreads between domestic U.S. prices and international prices are under pressure, and tariff uncertainties remain for Asia-Pacific buyers. That said, we expect that additional ethane volumes will offset this. Enterprise’s new ethane export facility in Beaumont, Texas continues to ramp operations. The incremental terminal capacity is expected to require more spot and term vessel fixtures for our ethane capable vessels. Pre-FEED studies for Ten08 clean ammonia export project now completed, FEED study commencing; numerous conversations ongoing with potential offtakers. Discussions are also ongoing for various other Marine Midstream projects as well.
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 45 Top 5 Reasons to Invest in Navigator Gas Today… 1. Market position, diversification, and vessel supply / demand balance remain favorable, promoting stable earnings. 2. Terminal expansion completed with additional contributions to earnings anticipated. 3. Strong balance sheet and robust total liquidity provide downside protection and financial flexibility. 4. Fleet renewal ongoing – focused on prudent vessel sales and accretive vessel acquisitions. 5. Committed to returning capital to shareholders through cash dividends and share repurchases.
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CORPORATE PRESENTATION 2025 Q&A
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 47 Table of Contents 1 Company Introduction 2 Commercial Update 3 Financial Update 4 Recent Developments 5 Appendix
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 48 NVGS Fleet List as of Nov 4, 2025 (page 1 of 2) * Denotes our owned vessels that operate within the independently managed Unigas Pool Operating Vessel Year Built Size (cbm) Employment Status Current Cargo Navigator Aurora Navigator Eclipse Navigator Nova Navigator Prominence Navigator Pluto Navigator Saturn Navigator Atlas Navigator Europa Navigator Oberon Navigator Triton Navigator Umbrio Navigator Luna Navigator Solar Navigator Castor Navigator Equator Navigator Vega Navigator Hyperion Navigator Titan Navigator Vesta Happy Condor* Happy Pelican* Happy Penguin* Happy Kestrel* Happy Osprey* Happy Peregrine* Happy Albatross* Happy Avocet* Happy Falcon* 2016 2016 2017 2017 2000 2000 2014 2014 2014 2015 2015 2018 2018 2019 2019 2019 2010 2010 2010 2008 2012 2013 2013 2013 2014 2015 2017 2002 37,300 37,300 37,300 37,300 22,085 22,085 21,000 21,000 21,000 21,000 21,000 17,000 17,000 22,000 22,000 22,000 17,300 17,300 17,300 9,000 6,800 6,800 12,000 12,000 12,000 12,000 12,000 3,770 Time Charter Time Charter Time Charter Time Charter Spot Spot Spot Time Charter Time Charter Spot Time Charter Spot Time Charter Spot Spot Spot Spot Spot Time Charter Unigas Pool Unigas Pool Unigas Pool Unigas Pool Unigas Pool Unigas Pool Unigas Pool Unigas Pool Unigas Pool Ethane Ethane Ethane Ethane Ethane Ethane Ethane Ethane Ethane Ethane Ethane Ethane Ethylene Ethylene Ethane Ethane Ethylene Ethylene Ethylene — — — — — — — — — December 2026 March 2029 September 2029 March 2029 — — — January 2026 October 2026 — January 2026 — March 2027 — — — — — December 2025 — — — — — — — — — Time Charter Expiration Date Ethylene/ethane capable semi-refrigerated handysize Ethylene/ethane capable semi-refrigerated midsize Ethylene/ethane capable semi-refrigerated smaller size Semi-refrigerated smaller size
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 49 NVGS Fleet List as of Nov 4, 2025 (page 2 of 2) Navigator Aries Navigator Capricorn Navigator Pegasus Navigator Phoenix Navigator Scorpio Navigator Taurus Navigator Virgo Navigator Leo Navigator Libra Navigator Atlantic (ex Atlantic Gas) Adriatic Gas Navigator Balearic (Previously Balearic Gas) Navigator Celtic (Previously Celtic Gas) Navigator Centauri Navigator Ceres Navigator Ceto Navigator Copernico Bering Gas Navigator Luga Navigator Yauza Arctic Gas Pacific Gas Navigator Glory Navigator Grace Navigator Galaxy Navigator Genesis Navigator Global Navigator Gusto Navigator Jorf Operating Vessel 2008 2008 2009 2009 2009 2009 2009 2011 2012 2014 2015 2015 2015 2015 2015 2016 2016 2016 2017 2017 2017 2017 2010 2010 2011 2011 2011 2011 2017 Year Built 20,750 20,750 22,200 22,200 20,750 20,750 20,750 20,600 20,600 22,000 22,000 22,000 22,000 21,000 21,000 21,000 21,000 22,000 22,000 22,000 22,000 22,000 22,500 22,500 22,500 22,500 22,500 22,500 38,000 Size (cbm) Time Charter Time Charter Time Charter Time Charter Time Charter Spot Spot Time Charter Time Charter Time Charter Time Charter Time Charter Time Charter Time Charter Time Charter Time Charter Time Charter Time Charter Time Charter Time Charter Spot Time Charter Time Charter Spot Time Charter Time Charter Spot Spot Time Charter Employment Status LPG LPG LPG Ammonia LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG Ammonia LPG LPG Ammonia Ammonia Ammonia LPG Ammonia Ammonia Ammonia Current Cargo June 2026 December 2025 September 2026 December 2025 January 2026 — — July 2026 April 2026 January 2026 January 2026 June 2026 May 2026 May 2027 June 2027 May 2027 May 2027 March 2026 January 2026 July 2026 — December 2025 June 2027 — January 2026 April 2026 — — August 2027 Time Charter Expiration Date Semi-refrigerated handysize Fully-refrigerated
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CORPORATE PRESENTATION – NOVEMBER 12, 2025 50 Contact Investor Relations investorrelations@navigatorgas.com
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CORPORATE PRESENTATION 2025