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NVGS Third Quarter 2025 Earnings Presentation November 5, 2025
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CORPORATE PRESENTATION 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 and other assets and joint ventures, 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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Contents ▪Highlights ▪Financial Update ▪Commercial Update ▪Recent Developments ▪Q&A ▪Appendices
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CORPORATE PRESENTATION 2025 ▪ Headwinds experienced in the first half of 2025 appear to be easing but have not disappeared. We hope to see more stable markets going forward as long as tariff and geopolitical uncertainties ease. ▪ As a result, both utilization and average TCE are expected to remain near to 3Q 2025 levels in 4Q 2025, noting both Sept 2025 and Oct 2025 utilization were above 90%. ▪ Ethane spot activity remains firm (multiple cargoes have been exported in recent months) as the U.S.-to-China ethane export license requirement was rescinded in early July, and Enterprise’s new ethane export facility in Beaumont, Texas continues to ramp operations. ▪ Morgan’s Point ethylene export volumes in 4Q 2025 are expected 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 remains for Asia-Pacific buyers. A number of our ethylene vessels have switched to carrying other cargoes, such as ethane and butadiene. ▪ Activity for our semi-refrigerated LPG carriers continues to increase as additional cargoes from the Middle East have further improved the demand/supply balance. ▪ The vessel supply picture remains attractive with a minimal Handysize orderbook of 11%, compared to 22% of the fleet currently above 20 years of age. Outlook ▪ Highest average quarterly TCE* in the last 10 years of $30,966 per day for 3Q 2025, compared to $28,216 per day for 2Q 2025 and $29,079 per day for 3Q 2024. ▪ Latest all-in forecast 2025 cash breakeven of $20,510 per day. ▪ Fleet utilization of 89.3% for 3Q 2025, compared to 84.2% for 2Q 2025, and 90.9% for 3Q 2024. ▪ Ethylene Export Terminal throughput was 270,594 tons for 3Q 2025, up compared to 268,117 tons in 2Q 2025, and 121,634 tons for 3Q 2024. ▪ Terminal throughput remains solid 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. ▪ On July 17, 2025, we announced the construction of two new ammonia fueled vessels together with Amon Maritime. Both vessels are contracted on long-term 5-year time charters with Yara Clean Ammonia. These newbuildings are expected to be accretive to the Company’s earnings upon delivery in 2028. ▪ In Sept 2025, we sold Navigator Gemini, a 2009-built 20,750 cbm gas carrier to a third party for net proceeds of $30.4m, resulting in a gain of $12.6m in 3Q 2025; this being our sixth vessel sale since January 2022. ▪ In Oct 2025, we increased our ownership interest in the Navigator Greater Bay Joint Venture from 60% to 75.1% through the acquisition of an additional 15.1% interest, for total cash consideration of $16.8m. Commercial ▪ Reporting record Total Operating Revenue of $153m for 3Q 2025, up 8% from 3Q 2024. ▪ Adjusted EBITDA of $76.5m for 3Q 2025, compared to $60.1m for 2Q 2025 and $67.7m for 3Q 2024. ▪ Net income attributable to stockholders of $33.2m for 3Q 2025, or $0.50 per share. Adjusted net income attributable to stockholders of $23.9m, or $0.36 per share. ▪ Cash of $216m on Sept 30, 2025, after $22.5m share buybacks, $31m scheduled debt repayments, $63m RCF repayments and $37.4m shipyard installments for newbuilds. ▪ Total liquidity on Sept 30, 2025, of $308m, compared to $316m on Jun 30, 2025, and $140m on Dec 31, 2024. ▪ Made first shipyard payment for construction of our two new ammonia fueled vessels during 3Q 2025. ▪ In respect of 2Q 2025 Return of Capital policy, repurchased 129,539 shares for $2.1m, and paid a cash dividend of $3.3m ($0.05 per share). ▪ On Nov 4, 2025, declared a $0.07 per share cash dividend, plus we expect $5.4m of additional share buybacks, equalling in total 30% of net income in respect of 3Q 2025. ▪ On May 13, 2025, announced a new share repurchase plan for up to $50m of the Company's common stock. We repurchased 2.1m shares totalling $29.6m in 2Q 2025 and another 1.3 shares totalling $20.4m in July 2025, completing the new share repurchase plan at an overall average price of $14.68. Financial 3Q 2025 Highlights – Business Remains Robust Despite Geopolitical Headlines * TCE (time charter equivalent) excludes our 9 owned smaller vessels that are commercially managed in the independent Unigas Pool.
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CORPORATE PRESENTATION 2025 Financial Update
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CORPORATE PRESENTATION 2025 6 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. For the third quarter 2025: ▪ Record quarterly TCE of $30,966, and highest quarterly EBITDA on record of $85.7m. Adjusted EBITDA of $76.5m, compared to $60.1m for 2Q 2025, and $67.7m for 3Q 2024. Utilization rebounded to 89.3% from 84.2% in 2Q 2025. ▪ On Sept 8, 2025, Navigator Gemini was sold for net proceeds of $30.4m, resulting in a gain of $12.6m. ▪ Income tax charge reflecting movements in deferred tax related to our Terminal operations and to the Navigator Aries which was sold within the group in the quarter. ▪ Ethylene terminal throughput volume was 270,594 tons resulting in a share of profit for the quarter of $3.3m, compared to $2.2m for 3Q 2024. ▪ Net income attributable to stockholders of Navigator Holdings Ltd. of $33.2m, compared to $18.2m for 3Q 2024, giving basic earnings per share (‘EPS’) of $0.50, compared to $0.26 for 3Q 2024. ▪ Adjusted net income attributable to stockholders of Navigator Holdings Ltd. (excluding realised and unrealized gains/losses on derivatives instruments, unrealised foreign exchange, and profit from sale of vessel) of $23.9m, giving Adjusted EPS of $0.36. 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% Average daily results in quarter: Time charter equivalent $29,079 $30,966 Daily vessel operating expense $8,437 $9,275 (US$’000) 2024 2025 Q3 Q3 Unaudited Unaudited Operating revenues 128,777 141,871 Operating revenues – Unigas Pool 13,040 11,215 Total operating revenues 141,817 153,086 Brokerage commissions (1,845) (1,906) Voyage expenses (21,651) (20,114) 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 loss on non-designated derivative instruments (5,177) (2,368) Unrealized foreign exchange (loss) / gains 3,282 (974) Net interest expense (14,252) (14,913) Interest income 1,898 1,720 Income taxes (674) (3,790) 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 2025 7 Balance Sheet – Sustained Strength and Robust Liquidity ▪ Cash, cash equivalents, restricted cash, and available liquidity at Sept 30, 2025 was $308m, which includes $40m of unsecured bonds issued at par with proceeds received in April, and $300m loan facility drawn in June 2025 which increased liquidity by $142m. ▪ Strong liquidity position despite paying $31.3m in scheduled loan repayments, $25.8m across dividends and share buybacks, and $37.4m towards newbuilds in the quarter. ▪ Terminal asset on balance sheet at an equity value of $252m is almost unencumbered at Sept 30, 2025, with only $4m of debt remaining. ▪ Total of $99.4m paid to date at September 30, 2025 towards vessels under construction, with balance of $3.5m relating to capitalized interest. ▪ $301m of cash, cash equivalents, restricted cash, and available liquidity at Nov 3, 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 2025 8 ▪ Completed a $50m share repurchase plan that commenced in 2Q 2025, with a total of 3.4m shares repurchased at an average price of $14.68 (against the company’s estimated NAV of c. $28 per share). ▪ Returned 25% of Net Income to shareholders in respect of 2Q 2025 (as $2.1m share buybacks and cash dividend of $3.3m ($0.05/share)) and will return 30% of Net Income in respect of 3Q 2025 (expected $5.4m share buybacks and cash dividend of $4.6m (or $0.07/share)). ▪ Near and mid-term debt balloons are relatively small at c. $55m in 2026, $nil in 2027, and c. $70m in 2028. ▪ Sold Navigator Gemini in Sept 2025 for net proceeds of $30.4m, adding liquidity to further support investments into our 6 newbuild vessels, the financing of which is underway, expected to be complete in the early part of 2026. ▪ Continued to make substantial loan repayments, with $31.3m in 3Q 2025 and an average of $122m of annual scheduled proforma debt amortization per year across 2025 through 2027, with reduction in Net debt / Adjusted EBITDA (LTM) falling to 2.6x as of Sept 30, 2025. ▪ At Sept 30, 2025, Net debt to our on-water fleet value results in an LTV of 33%; or less than 30% if you include value for our Morgan’s Point ethylene export terminal. Returns to Shareholders, Comfortable Debt, Positioned For New Opportunities Only Two Debt Balloons in the Next 24 Months Debt Facility Original facility amount ($m) At Jun 30, 2025 ($m) Change ($m) At Sep 30, 2025 ($m) Facility maturity date Mar 2019 $75m 75.0 6.0 -2.0 4.0 Dec 2025 May 2019 $67m 67.0 32.0 - 32.0 Jun 2026 Oct 2013 $58m 57.7 8.4 - 8.4 Apr 2027 Feb 2025 $75m 74.6 74.6 - 74.6 Feb 2028 Jul 2015 $61m 60.9 19.0 -2.5 16.5 Dec 2028 Dec 2022 $112m 111.8 48.8 -3.1 45.7 Dec 2028 Jul 2015 $56m 55.8 18.6 -2.3 16.3 Jan 2029 Mar 2023 $200m 200.0 125.1 -8.3 116.8 Mar 2029 Oct 2024/Mar 20251 140.0 140.0 - 140.0 Sep 2029 Dec 2022 $151m 151.3 125.3 -2.8 122.5 Dec 2029 Aug 2024 $148m2 147.6 138.0 -66.5 71.5 Aug 2030 May 2025 $300m 300.0 300.0 -6.7 293.3 May 2031 Total debt 1035.8 -94.2 941.6 Cash, September 30, 2025 216.6 Net debt, September 30, 2025 725.0 Proportion of total debt at fixed rates / hedged 59% 1 Includes repayment of RCF component of facility in July 2025 (available to be redrawn) 2 Senior unsecured bonds at fixed rate 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 Scheduled Loan Repayment Profile $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
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CORPORATE PRESENTATION 2025 9 Cost Management Provides Headroom and Strong Base ▪ 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. ▪ Expense guidance for 2025 is materially unchanged from guidance provided in 2Q 2025 earnings results presentation. Latest Estimated All-in Cash Breakeven for Full Year 2025 Expense Guidance for 2025 Daily OPEX Mid-sized $11,100 per day Semi-ref ethylene $8,800 per day Semi-ref LPG $9,000 per day Fully ref LPG $9,500 per day Small LPG $8,050 per day Q4 2025 Estimates Vessel OPEX total $46m - $48m Cash G&A $9.0m - $9.5m Depreciation $33m - $34m Net interest expense $13m - $14m Full Year 2025 Estimates Vessel OPEX total $190m - $192m Cash G&A $37m - $38m Depreciation $134m - $135m Net interest expense $51m - $52m $15,000 $20,000 $25,000 $30,000 $35,000 Headroom over all-in cash breakeven Time charter equivalent rate $370 $1,720 $2,370 $5,600 $1,370 $9,080 $11,170 $19,140 $20,510 OPEX Broker Commission G&A costs EBITDA Breakeven Net interest expense Debt Amortization Breakeven before Drydock Drydock capex Cash Breakeven $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 2025 10 Continuing Strong and Stable Adjusted EBITDA Consistency ▪ Robust Adjusted EBITDA of $76.5m; eleven quarters in a row since 1Q 2023 have resulted in at least $60m of quarterly Adjusted EBITDA. ▪ Guidance is for 4Q 2025 Adjusted EBITDA to be as strong as 3Q25 and believe full-year 2025 result will be healthy. ▪ Figures below include our share of results from the Ethylene Export Terminal Joint Venture which was a profit of $3.3m in 3Q 2025. ▪ EBITDA generation is still primarily driven by shipping operations, with every +$1,000 per day in TCE potentially adding an estimated $19m in annual Adjusted EBITDA, equivalent to c. $0.29 in annual EPS, all other things being equal. Historic Adjusted EBITDA Estimated Annual Adjusted EBITDA Sensitivity $31 $29 $39 $60 $55 $55 $42 $56 $69 $69 $72 $72 $74 $78 $68 $73 $73 $60 $76 -$1 $2 $3 $6 $7 $7 $5 $8 $5 $6 $4 $6 $4 $5 $2 $6 -$1 $5 $3 -$10m $0m $10m $20m $30m $40m $50m $60m $70m $80m Adjusted EBITDA Ethylene JV Net Income $293 $283 $302 $321 $339 $358 $377 $0m $50m $100m $150m $200m $250m $300m $350m $400m 2024 Adjusted EBITDA LTM Adjusted EBITDA +$1,000/ day +$2,000/ day +$3,000/ day +$4,000/ day +$5,000/ day
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CORPORATE PRESENTATION 2025 Commercial Update
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CORPORATE PRESENTATION 2025 12 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 2025 13 Utilization Picking Up and Normalizing Above the 90% Mark ▪ Utilization: Average utilization in 3Q 2025 was 89.3% with September posting >90%. ▪ Cargo Segments: Petrochemicals contributed 44% of earnings, followed by LPG which has reached its highest contribution since 1Q 2023 at 42%, and ammonia at 14%. ▪ Outlook: October utilization on par with >90% seen in September. ▪ Forward Cover: We currently have 40% of our earnings days for the next 12 months fixed at an average TCE 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 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Ammonia TC Ammonia Spot LPG TC LPG Spot Petchems TC Petchems Spot Utilisaton% Earning days vs Utilization LPG TC Ammonia TC
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CORPORATE PRESENTATION 2025 14 70% 75% 80% 85% 90% 95% 100% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Utilization seasonality Min-Max (2019-2024) Average 2024 2025 3Q Waiting for Chris K Utilization Rebounding – Diversification Remains Key as Semi and Fully Refrigerated Ships Are Both Seeing Strengthening Demand 0% 20% 40% 60% 80% 100% Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 7x Fully-ref Vessels - Earning days vs Utilization LPG Petrochems Ammonia Utilisaton% 0% 20% 40% 60% 80% 100% Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 23x Semi-ref Vessels - Earning days vs Utilization LPG Petrochems Ammonia Idle Days Utilisaton% 0% 20% 40% 60% 80% 100% Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 19x Ethylene capable vessels – Earning days vs Utilization LPG Ethylene Petchems (Ex Ethylene) Ammonia Idle Days Utilisaton%
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CORPORATE PRESENTATION 2025 15 U.S. Ethane & Ethylene Exports for Asia-Pacific Customers Impacted by Trade Uncertainties – European Demand Remains Structural ▪ Asia-Pacific: Trade uncertainties between U.S. and China impacted ethylene and ethane exports during 3Q25. Lingering risk -aversion remains which has had a dampening effect on Trans-Pacific demand. Traders do not want to be caught out by new tariffs in the middle of a voyage with a cargo unsold. ▪ Europe: Demand from Europe has remained robust. Both 2Q25 and 3Q25 posted record volumes for Trans -Atlantic ethane and ethylene as an aggregate. It indicates a more structural supply/demand gap less prone to tariff uncertainties. 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 50 100 150 200 250 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 2025 16 U.S. Ethylene Now Key to European Demand Source: Argus, Kpler, 2025 ▪ Ethane Feedstock: U.S. Ethane prices remain cost-competitive, currently trading at $190pmt. ▪ Ethylene Pricing: U.S. Ethylene prices have further reduced since the spike during August 2025, currently trading at $394pmt. ▪ Arbitrage Opportunity: Delivered Ethylene prices in Europe & Asia reduced in lock-step with U.S. domestic price, keeping the arbitrage mostly unchange d. ▪ Trade Pattern: Europe continues the trend of being the major buyer and importer of U.S. produced ethylene. 0% 20% 40% 60% 80% 100% 120% 0 20 40 60 80 100 120 140 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 % Destination ‘000s Kt Morgan's Point Targa C2 Europe Asia $0 $200 $400 $600 $800 $1,000 $1,200 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 $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
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CORPORATE PRESENTATION 2025 17 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 2025 Recent Developments
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CORPORATE PRESENTATION 2025 19 Announcing 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. ▪ During 3Q 2025, specifically as part of our return of capital policy, we repurchased 129,539 of NVGS common shares totaling $2.1m at an average price of $16.06 per share. ▪ 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 2025 20 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 ▪ In May 2025, we announced the Board’s authorization for a new share repurchase program of up to $50m of NVGS common stock to be implemented via open market purchases, privately negotiated transactions, or in accordance with an approved trading plan (und er Rule 10b5-1). ▪ We repurchased $29.6m of NVGS shares during 2Q 2025 and the remaining $20.4m during 3Q 2025, thus we have completed the most recent $50m share buyback program by repurchasing 3.4 million shares at an average price of $14.68 per share. ▪ Since December 2022 and including the upcoming return of capital announced following our 3Q 2025 results, we will have repurc hased 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 2025 21 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 quarter. ▪ 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 to 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 2025 22 Fleet Renewal Ongoing – Selling Older Vessels, 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. ▪ We continue to engage buyers who are showing interest in acquiring our two remaining Handysize vessels built in 2000, both of which are debt-free, and which would likely result in an expected book gain and cash inflow. ▪ 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 attributable 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 2025 23 Expanding Fleet with 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%. Amon is our existing joint venture partner in Azane Fuel Solutions, designing am monia bunkering solutions. ▪ 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 ve ssel 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 2025 24 NVGS Analyst / Investor Days 2025 in Houston, Texas USA Join us NEXT WEEK… Tuesday, November 11th ▪ Morgan’s Point Tours (ethylene export terminal and vessel) from 2:30-5:30pm ▪ Dinner at 6:00pm Wednesday, November 12th ▪ Company / industry presentations at 8:30am ▪ Lunch at 12noon ▪ Stakeholders' appreciation event from 1:00-6:00pm
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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 3, 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 2025 Q&A
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CORPORATE PRESENTATION 2025 Appendices
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CORPORATE PRESENTATION 2025 28 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 2025 29 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 2025 30 ▪ 14 vessels scheduled for drydocking during 2025, 12 of which have already completed to date. ▪ Estimate of 429 scheduled off-hire days, with budgeted drydocking capex of $28.8m in total across full -year 2025. ▪ Average cost of $7.2m per quarter, compared with current quarterly Adjusted EBITDA of $76.5m. ▪ Continuing to use drydocks to install energy savings technologies such as high -performance anti-fouling paint, propeller upgrades, and route optimization software to reduce emissions and fuel expenses. ▪ 14 vessels scheduled for drydocking in 2026 (estimated 381 scheduled off -hire days and $28.9m budgeted cost). ▪ 13 vessels scheduled for drydocking in 2027 (estimated 336 scheduled off-hire days and $24.1m budgeted cost). Drydockings Focus on Emissions Reductions and Fuel Savings Initiatives *Offhire days typically include 8 – 12 days per vessel for positioning / repositioning per drydocking. In addition to this, our normal average drydocking period is 20 days per drydocking. Recent Actual and Forecast Drydock Costs Quarter / Year Off hire days Drydocking ($m) 1Q25A 87 5.3 2Q25A 178 8.8 3Q25A 73 7.6 4Q25F 92 7.2 2025F 429 28.8 2026F 381 28.9 2027F 336 24.1 2025-2027 total 1,146 81.8 2025 - 2027 annual average 382 27.3 $5.3 $8.8 $7.6 $7.2 $28.9 $28.9 $24.1 $0m $5m $10m $15m $20m $25m $30m $35m 1Q25A 2Q25A 3Q25A 4Q25F 2025F 2026F 2027F
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CORPORATE PRESENTATION 2025 31 Contact Investor Relations investorrelations@navigatorgas.com