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NVGS Second Quarter 2026 Earnings Presentation August 5 , 2026 NAVIGATOR GAS NAVIGATOR JORF Feedig The Word
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CORPORATE PRESENTATION 2026 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 from 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 2026 4 ▪ Following an exceptionally strong 2Q 2026, both average TCE and utilization in 3Q 2026 are expected to normalize, also consistent with typical seasonal patterns, while remaining supportive of continued healthy cash generation ▪ Ethylene Export Terminal volumes in 3Q 2026 are expected to ease from the record high set in 2Q 2026, reflecting the elevated current-quarter comparison and a tighter arbitrage between U.S. and international ethylene prices; but with underlying demand for U.S. ethane and ethylene exports remaining resilient into the future ▪ Strait of Hormuz tensions and supply chain uncertainties continue to support demand for U.S. commodities, including LPG and petrochemicals ▪ U.S. propane and ethane export capacity is set to increase substantially in the coming years as new export facilities are being constructed, and existing export facilities are being expanded ▪ The vessel supply picture remains attractive with a minimal Handysize orderbook of 11%, compared to 17% of the fleet currently above 25 years of age Outlook ▪ Record high average quarterly TCE* of $33,946 per day in 2Q 2026, compared to $29,684 per day in 1Q 2026, and $28,216 per day in 2Q 2025 ▪ Latest all-in forecast 2026 cash breakeven of $21,990 per day ▪ Fleet utilization above our benchmark at 90.8% in 2Q 2026, compared to 90.6% in 1Q 2026, and 84.2% in 2Q 2025 ▪ Ethylene Export Terminal throughput was another record high of 374,278 tons in 2Q 2026, compared to the previous record of 300,537 tons in 1Q 2026, and up from 268,117 tons in 2Q 2025 ▪ Four new offtake contracts related to the Ethylene Export Terminal’s available ethylene volumes have been signed by new customers in 2026, with the most recent contract commencing in June; discussions for additional contracts remain constructive ▪ On July 13, 2026, we signed definitive agreements to divest our eight Unigas Pool gas carrier vessels for gross proceeds of $183m, and we expect to complete the sale of most of these vessels during 3Q 2026 ▪ In April 2026, we sold Navigator Pegasus (a 2009-built 22,085 cbm semi-refrigerated handysize gas carrier) to a third party for $30.5m netting a gain of $15.3m ▪ Our investment in Azane Fuel Solutions is developing towards a final investment decision (FID) to build three ammonia bunkering terminals on the west coast of Norway, with the project benefitting from a grant from the Norwegian government upon reaching FID. Commercial ▪ 2Q 2026: Net income of $53.0m ($0.86/share); EBITDA of $101.6m and Adjusted EBITDA of $86.4m; Total Operating Revenue of $167.9m. All record highs. ▪ Available cash and cash equivalents of $226m at June 30, 2026 ($274m total less $48m restricted), after debt repayments, shipyard payments and capital returns ▪ Net debt to Adjusted EBITDA (LTM) was 2.2x at June 30, 2026 ▪ Now secured pre-delivery and post-delivery finance for all four ‘Panda’ ethane/ethylene newbuild vessels: drawing $57.6m in July 2026 to recoup a proportion of instalments paid to the shipyard in respect of the first two vessels; and having drawn $26.8m from a facility secured in March 2026 in respect of the second two vessels ▪ Secured post-delivery finance in July 2026 for our two Coral ammonia newbuild vessels, thus completing competitive long- term financing for all six of our newbuild vessels ▪ 1Q 2026 Capital Return: in 2Q 2026 repurchased 272,280 shares for c. $6.3m and paid $0.07/share dividend, which in total equaled 30% of 1Q net income attributable to stockholders ▪ 2Q 2026 Capital Return: on August 4, 2026, the board declared a $0.07/share dividend, plus $14.2m of share buybacks, which in total will equal 35% of net income attributable to stockholders ▪ Effective for 3Q 2026, the board approved an increase in the fixed element of the Company’s Capital Return Policy to $0.08/share, while maintaining the total return at 35% of net income attributable to stockholders Financial 2Q 2026 Highlights – All-Time Highs in EBITDA, Net Income, EPS, and Average TCE Rate * TCE (Time Charter Equivalent) excludes our owned smaller vessels that are commercially managed in the independent Unigas Pool.
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CORPORATE PRESENTATION 2026 Financial Update
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CORPORATE PRESENTATION 2026 6 Income Statement – Record Net Income Driven by TCE, Terminal, and Vessel Sale * With the exception of daily vessel operating expenses, all other data excludes the owned smaller vessels that are commercially managed in the independent Unigas Pool. ▪ Highest quarterly time charter equivalent (‘TCE’) on record of $33,946 in 2Q 2026, compared to 2Q 2025 of $28,216, and $29,684 for 1Q 2026, driven by handysize ethylene vessel performance. ▪ Record quarterly net income attributable to stockholders in 2Q 2026 of $53.0m, with record high $0.86 earnings per share, driven by strong terminal profit, gain on sale of Navigator Pegasus, all-time high average TCE, and strong utilization; compared to $21.5m and $0.31 for 2Q 2025, and $35.5m and $0.55 for 1Q 2026. ▪ All-time high EBITDA of $101.6m for 2Q 2026, compared to $71.9m for 2Q 2025 and $80.3m for 1Q 2026. Record Adjusted EBITDA of $86.4m for 2Q 2026, compared to $60.1m for 2Q 2025, and $65.9m for 1Q 2026. ▪ Total operating revenue of $167.9m for 2Q 2026; compared to $129.6m for 2Q 2025 and $140.6m for 1Q 2026. ▪ Operating costs and depreciation broadly in line with expectations; G&A costs higher in 2Q 2026 primarily due to specific non-recurring project-related costs, including legal and professional fees. Fleet Data 2025 2026 Q2 Q2 Weighted average number of vessels* 49.5 46.2 Ownership days 4,501 4,202 Available days 4,294 4,148 Earning days 3,615 3,764 Fleet utilization 84.2% 90.8% Average daily results in quarter: Time charter equivalent $28,216 $33,946 Daily vessel operating expense $8,905 $9,554 1 During the three months ended March 31, 2026, the Company revised its definition of Adjusted Net Income Attributable To Stockholders to no longer exclude profit/loss on sale of vessels. The Company believes this change provides improved comparability and better reflects overall earnings generated during the period, which earnings include contributions to net income arising from the Company’s ongoing process of fleet renewal. Prior-period adjusted net income attributable to stockholders of the Company presented has been recast to conform to the current-period presentation. (US$’000) 2025 2026 Q2 Q2 Unaudited Unaudited Operating revenues 117,205 156,080 Operating revenues – Unigas Pool 12,430 11,856 TOTAL OPERATING REVENUES 129,635 167,936 Brokerage commissions (1,536) (1,959) Voyage expenses (15,213) (28,298) Vessel operating expenses (47,373) (47,105) Depreciation and amortization (34,827) (31,465) General and administrative costs (10,264) (11,277) Profit from sale of vessels 12,617 15,256 TOTAL OPERATING EXPENSES (96,596) (104,848) OPERATING INCOME 33,039 63,088 Realized loss on non-designated derivative instruments (2) (374) Unrealized (loss) / gain on non-designated derivative instruments (1,349) 2,358 Interest expense (15,063) (13,348) Interest income 1,717 2,209 Write off of deferred financing costs (257) (100) Unrealized foreign exchange gain/(loss) 845 (1,980) Income taxes (1,495) (2,003) Share of result of equity method investments 4,805 7,125 NET INCOME 22,240 56,975 Net income attributable to non-controlling interest (787) (3,990) NET INCOME ATTRIBUTABLE TO STOCKHOLDERS OF NVGS 21,453 52,985
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CORPORATE PRESENTATION 2026 7 Disciplined Capital Management Building On Position of Strength ▪ Cash, cash equivalents and restricted cash at June 30, 2026, was $274m; and was $362m at August 3, 2026. ▪ During 2Q 2026, we returned $10.6m across dividends and share buybacks, repaid $26.8m in scheduled loan amortization, repaid debt of $43m including secured against certain vessels in the Unigas fleet ahead of agreed sale, made $20.8m payments towards newbuild vessels, and against this drew down $91.4m on our existing revolving credit facilities. ▪ On July 17, 2026, we drew down $57.6m on new $164m bridge loan facility for two of our newbuild vessels to ensure we maintain a strong liquidity position. ▪ Ethylene export terminal is currently unencumbered, and we also owned fourteen unencumbered vessels at June 30, 2026, of which seven are part of the Unigas Fleet. ▪ $131.6m paid to date towards our six vessels under construction, with an additional $8.5m of capitalized interest on balance sheet. Strong Liquidity Despite Capital Returns, Debt Repayments & Newbuild Capex (US$m) (US$’000) December 31 June 30 2025 2026 Audited Unaudited ASSETS Cash and cash equivalents 154,950 225,892 Restricted cash 49,921 47,942 Other current assets 90,580 109,760 Total current assets 295,451 383,594 Vessels, net 1,601,045 1,533,626 Vessels under construction 115,321 140,068 Assets held for sale 7,761 - Equity method investments 247,935 247,737 Other assets 11,601 15,494 TOTAL ASSETS 2,279,114 2,320,519 LIABILITIES AND EQUITY Net current portion of debt 168,066 139,987 Other current liabilities 82,880 84,432 Total current Liabilities 250,946 224,419 Net long-term debt 732,143 780,363 Other non-current Liabilities 39,284 43,783 Total liabilities 1,022,373 1,048,565 Equity 1,226,840 1,238,712 Non-controlling interest 29,901 33,242 TOTAL LIABILITIES AND EQUITY 2,279,114 2,320,519 49 52 50 50 48 49 238 165 155 150 226 314 29 91 91 91 316 308 296 291 274 362 $0m $50m $100m $150m $200m $250m $300m $350m $400m 30 Jun, 2025 30 Sep, 2025 31-Dec-25 31-Mar-26 30-Jun-26 03-Aug-26 Restricted cash Available Cash & Cash Equivalents Undrawn vessel facilities
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CORPORATE PRESENTATION 2026 8 ▪ Continued Capital Return Policy: returned 30% of Net Income for 1Q 2026 ($6.3m buybacks plus $4.3m dividend at $0.07/share), rising to 35% for 2Q 2026 (expected $14.2m buybacks plus $4.3m dividend at $0.07/share). ▪ On August 4, 2026, the Board raised the Fixed Element to $0.08/share, keeping Fixed plus Variable Elements at 35% of net income attributable to stockholders. All capital returns, including for the quarter ending September 30, 2026, remain subject to Board approval following the end of each quarter. ▪ On June 18, 2026, secured pre-delivery bridge finance for the first two 'Panda' ethylene/ethane newbuilds (and drew $57.6m on July 17, 2026), plus obtained committed $205.8m JOLCO (Japanese Operating Lease with Call Option) financing to refinance the bridge and fund long-term post-delivery financing for both vessels on very competitive terms. ▪ On July 31, 2026, secured up to $121.8m to finance c. 70% of the shipyard cost of our two Coral ammonia newbuild vessels from delivery in 2028, at our lowest ever margin of 135 bps. ▪ At June 30, 2026, Net debt to Adjusted EBITDA (LTM) was 2.2x; Net debt to on -water fleet market value was 31%, and well below 30% if including our Morgan’s Point ethylene export terminal. Low Leverage, Strong Credit, and No Near-term Maturities Supporting Growth Anticipated Debt Balloon Profile (US$m) 1 Includes drawdown of RCF component of facility in April 2026 2 Senior unsecured bonds at fixed rate Anticipated Loan Repayment Profile (US$m) (US$m) Original facility amount At Change At Principal maturity date Mar 31, 2026 Jun 30, 2026 May 2019 $67m 67.0 29.1 -29.1 0.0 Jun-26 Oct 2013 $58m 57.7 6.0 -2.4 3.6 Apr-27 Jun 2026 $164.6m 164.6 - - - Jun-27 Feb 2025 $75m 74.6 74.6 - 74.6 Feb-28 Jul 2015 $61m 60.9 14.0 - 14.0 Dec-28 Dec 2022 $112m1 111.8 39.4 +25.4 64.8 Sep-28 Jul 2015 $56m 55.8 14.0 -14.0 - Jan-29 Mar 2023 $200m 200.0 100.2 -8.4 91.8 Mar-29 Dec 2022 $151m 151.3 117.1 -2.8 114.3 Apr-29 Oct 2024/Mar 20252 140.0 140.0 - 140.0 Sep-29 Aug 2024 $148m3 147.6 64.5 +59.4 123.9 Aug-30 May 2025 $300m 300.0 280.0 -6.7 273.3 May-31 Mar 2026 $133m4 133.8 26.8 - 26.8 Jan-33 Total debt (excluding deferred finance costs) 905.4 +21.7 927.1 Cash, cash equivalents and restricted cash 273.8 Net debt, June 30, 2026 (excluding deferred finance costs) $653m Net debt, June 30, 2026, to LTM Adjusted EBITDA 2.2x Proportion of total debt at fixed rates / hedged 55% 29 33 38 27 30 32 27 34 29 31 32 29 114 130 128 $0m $25m $50m $75m $100m $125m $150m 2026 2027 2028 Q1 Q2 Q3 Q4 140 32 56 40 25 67 25 26 146 103 $0m $50m $100m $150m $200m $250m $134m facility $300m facility $75m facility $148m facility $200m facility $112m facility $151m facility $67m facility $140m Bond 3 Includes drawdown of RCF component of facility in April 2026 4 Option to extend the maturity of the Facility by up to 12 months
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CORPORATE PRESENTATION 2026 9 Significant Operating Cashflow Generation and Low All-in Cash Breakeven ▪ Company continues to generate strong underlying operating cashflow, with (pre-capex) yield averaging 17% over last 12 months (LTM) to Jun 30, 2026, with yield reducing over recent quarters, in part, due to appreciation of share price. Total capex spend in last 8 quarters of $131m. ▪ Latest all-in estimated daily cash breakeven for 2026 of $21,990 per vessel, which includes over $175m of forecast operating expenses, $114m of forecast debt amortization, and $44m of forecast net interest expense. ▪ Expense guidance for 2026 materially unchanged from guidance provided in 1Q 2026 earnings results presentation (when isolating the change in ownership days). ▪ Guidance figures below, in particular for OPEX and depreciation, have reduced accordingly with the upcoming sale of the 8 Unigas Vessels, expected to complete by 4Q 2026. Latest Estimated All-in Daily Cash Breakeven for Full Year 2026 ($) Latest Expense Guidance for 2026* Daily OPEX Mid-sized $11,400 per day Semi-ref ethylene $8,800 per day Semi-ref LPG $9,300 per day Fully ref LPG $9,600 per day Small LPG $7,900 per day 3Q 2026 Guidance Vessel OPEX total $44m - $46m Cash G&A $9.0m - $10m Depreciation $31m - $32m Net interest expense $12m - $13m Full Year 2026 Guidance Vessel OPEX total $177m - $180m Cash G&A $39m - $42m Depreciation $125m - $128m Net interest expense $43m - $45m Operating Cashflow and Free Cashflow (LTM at end of each quarter) (US$m) * Guidance includes the sale of the Unigas fleet; the timing of each vessel's disposal is estimated. $440 $2,150 $2,330 $6,040 $1,710 $9,320 $11,910 $20,280 $21,990 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 $185m $220m $204m $169m $163m $136m $120m $133m $132m $124m $21m $41m $62m $62m $79m $68m $49m $69m16% 18% 18% 16% 18% 14% 12% 12% 11% 11% 16% 18% 20% 20% 24% 21% 20% 18% 15% 17% 0% 5% 10% 15% 20% 25% $0m $50m $100m $150m $200m $250m 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Yield Post-Capex Cashflow (Free Cashflow) (LTM) Capex Spend (LTM) Post-Capex Cashflow (Free Cashflow) Yield Pre-Capex Cashflow (Operating Cashflow) Yield
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CORPORATE PRESENTATION 2026 10 Record Quarter Underscores EBITDA Stability and Spot Market Upside ▪ Record high 2Q 2026 EBITDA of $101.6m and Adjusted EBITDA of $86.4m. ▪ Fourteen quarters in a row since 1Q 2023 have resulted in at least $60m of quarterly Adjusted EBITDA, with an average of $72m over that period. ▪ Utilization, TCE rates and throughput from our Ethylene Export Terminal are expected to moderate back to more historic levels in 3Q 2026, while the underlying business remains well positioned to continue its gradual upward trajectory over time. ▪ EBITDA generation still primarily driven by shipping operations and, across a full year, every additional $1,000 per day in TCE can potentially add an estimated $17m in annual Adjusted EBITDA, equivalent to $0.28 in annual EPS, all else being equal. Historic NVGS Adjusted EBITDA and NVGS Share of Terminal JV Net Income (US$m) Estimated Annual EBITDA Sensitivity to TCE Changes (US$m) 283 302 319 336 354 371 388 $0m $50m $100m $150m $200m $250m $300m $350m $400m 2025 Adjusted EBITDA LTM Adjusted EBITDA +$1,000/ day +$2,000/ day +$3,000/ day +$4,000/ day +$5,000/ day Historic Terminal Adjusted EBITDA (US$m) 1 4 5 8 8 8 6 9 7 7 5 7 6 6 4 7 2 8 6 4 6 10 $0m $2m $4m $6m $8m $10m $12m Terminal Adjusted EBITDA (50% basis) 31 29 39 60 55 55 42 56 69 69 72 72 74 78 68 73 73 60 76 73 66 86 -1 2 3 6 7 7 5 8 5 6 4 6 4 5 2 6 -1 5 3 1 3 7 -$10m $0m $10m $20m $30m $40m $50m $60m $70m $80m $90m NVGS Adjusted EBITDA Ethylene Export Terminal JV Net Income
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CORPORATE PRESENTATION 2026 Commercial Update
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CORPORATE PRESENTATION 2026 12 Chokepoint Disruptions Rerouting Trade & Tightening Fleet Supply ▪ Marine traffic is deviating from historic patterns: Hormuz transits down more than 80%, pushing pressure onto the Panama Canal, where longer waiting times are in turn driving routings via the Cape of Good Hope ▪ Longer voyages and idle waiting absorb vessel days which effectively reduce available fleet supply without a single ship leaving the market Source: Kpler, 2026 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000Number of transits VLGC MGC Handy SGC LGC Hormuz Transits Collapsed >80% Since Feb '26 0 2 4 6 8 10 12 250 500 750 1,000 1,250 1,500 Waiting days Number of transits Panamax (old locks) Neopanamax (new locks) Wait Southbound (days) Wait Northbound (days) Panama Canal Waiting Time Spiking Again 0 500 1,000 1,500 2,000 2,500 3,000 3,500Number of transits VLGC VLEC MGC Handy LGC SGC VLAC Cape of Good Hope Absorbing Rerouted Traffic
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CORPORATE PRESENTATION 2026 13 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 25 50 75 100 125 150 175 200 225 % Destination ‘000s Kt U.S. Ethylene Export Destinations Rotating: Europe Pull in Spring, Asia Pull Since June Morgan's Point Targa Energy Transfer To Europe % To Asia % Middle East Disruption Widens Gap & U.S. Ethylene Stays The World’s Cheapest $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 USD/PMT U.S. Ethane Feedstock Flat While Global Ethylene Prices Spiked U.S. Ethane U.S. Ethylene Europe Ethylene Asia Ethylene Source: Kpler, Argus, 2026 Europe Importing Asia Importing ▪ From March through May, the majority of U.S. ethylene exports headed across the Atlantic as the transatlantic arb hit record levels. Since June the pendulum has swung, with Asia now taking the majority of around 65% of ethylene exports Ethane flat
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CORPORATE PRESENTATION 2026 14 70% 75% 80% 85% 90% 95% 100% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec NVGS 2Q26 Utilization Ran Above 5 Year Average Min-Max (2019-2025) Average 2025 2026 0 30 60 90 120 150 180 210 240 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ‘000s Mts U.S. Ethylene Exports Hit Record Highs in April–May Min-Max (2020-2025) Average 2025 2026 2Q26 2Q26 Utilization of 90.8% Which Is Well Above Historic Range on Hormuz-Driven U.S. C2 Export Surge ▪ The surge in U.S. ethylene exports lifted fleet utilization, particularly across the ethane & ethylene capable segment which reached 100% utilization in April. ▪ With the majority of our ethane & ethylene capable vessels trading spot, this segment transmits export demand directly into fleet utilization. 2Q26
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CORPORATE PRESENTATION 2026 15 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 Semi-Refrigerated Ethylene & Ethane Fully-Refrigerated Semi-Refrigerated Ethylene 418 41 21 3 17 27 60 38 107 41 4 0 4 5 6 3 32% 19% 40% 11% 6% 5 + 6 NBs* 41* 8 45 0 12 21 161 Existing Number of Vessels Vessels On Order % of Fleet (# vessels) Navigator Fleet # of Vessels >25 years Order book Ethylene Semi-Refrigerated Pressurized 452 85 123 36 2 5 Source: Steem1960, 2026 *includes 75.1% of 5 vessels owned via the Greater Bay JV and expected 80% of 2 vessels owned via Amon Maritime JV Fleet Supply Picture Remains Attractive with Low Handysize Orderbook Fully-Refrigerated 138 59
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CORPORATE PRESENTATION 2026 16 Handysize Rates Holding at Elevated Levels After the Hormuz Spike $300 $500 $700 $900 $1,100 $1,300 $1,500 $1,700 $300 $500 $700 $900 $1,100 $1,300 $1,500 $1,700 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TC Hire per calendar month ('000s) 12-month time charter assessment Source: Clarksons, 2026 ▪ $1,100kpcm ethylene 12-month TC assessment though with few term transactions, the assessment doesn't fully reflect spot earnings. ▪ $975kpcm Semi-Ref continues to see strength from LPG and simpler petrochemical gases such as butadiene. ▪ $850kpcm Fully-Ref Handysize supported by stronger VLGC/MGC sentiment.
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CORPORATE PRESENTATION 2026 Recent Developments
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CORPORATE PRESENTATION 2026 18 Implementing Capital Return Policy of 35%; Soon Increasing Dividend to $0.08/share ▪ Our Capital Return Policy includes a fixed quarterly cash dividend coupled with an additional return of capital to equal, wit h the cash dividend, at least 35% of net income attributable to stockholders. ▪ During 2Q 2026, we repurchased 272,280 of NVGS common shares totaling $6.3m at an average price of $23.19 per share. ▪ On August 4, 2026, the Board declared a cash dividend of $0.07/share payable on September 1, 2026, to all stockholders of record as of August 19, 2026, equating to a quarterly cash dividend payment of $4.3m. ▪ Additionally, as part of our quarterly Capital Return Policy, and with NVGS trading well below estimated NAV of >$30 per shar e, we expect to repurchase $14.2m of NVGS common shares between now and September 30, 2026, such that the cash dividend and share repurchases together equal 35% of net income ($18.5m). ▪ Effective for 3Q 2026 results, the Board approved an increase of the fixed quarterly cash dividend amount to $0.08/share. 2Q 2026 Quarterly Capital Return Table (US$m) Net Income $53.0 35% of Net Income $18.5 Split as: Cash Dividend ($0.07 per share x 61.5m shares) $4.3 Share repurchases anticipated in respect of 2Q 2026 $14.2 $18.5 NEW Illustrative Quarterly Capital Return Policy Table Earnings Per Share Per Share Payout 35% Fixed Dividend Dividend Payment Additional Dividend or Share Repurchases Total Payment <$0.23 $0.08 $0.08 $4.9m - $4.9m $0.25 $0.09 $0.08 $4.9m $0.01 or $0.5m for buybacks $5.4m $0.30 $0.11 $0.08 $4.9m $0.03 or $1.5m for buybacks $6.5m $0.35 $0.12 $0.08 $4.9m $0.04 or $2.6m for buybacks $7.5m $0.40 $0.14 $0.08 $4.9m $0.06 or $3.7m for buybacks $8.6m $0.45 $0.16 $0.08 $4.9m $0.08 or $4.8m for buybacks $9.7m $0.50 $0.18 $0.08 $4.9m $0.10 or $5.8m for buybacks $10.8m $0.55 $0.19 $0.08 $4.9m $0.11 or $6.9m for buybacks $11.8m $0.60 $0.21 $0.08 $4.9m $0.13 or $8.0m for buybacks $12.9m All based on 61.5m shares outstanding
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CORPORATE PRESENTATION 2026 19 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 Priority, Soon To Eclipse $300m ▪ Since December 2022, including our recently declared return of capital to be distributed in 3Q26, we will have soon returned $306 million to shareholders, including ~$50 million of cash dividends and ~$256 million of share buybacks. ▪ For the share repurchases, this $256 million equates to ~16 million shares at an average price of ~$16 per share. ▪ Our total return of capital equates to ~$4.40/share based on an average share count of ~70 million shares, or ~28% based on a n average share price of $15.75 during that time. Ships for shares merger with Ultragas (21m shares) $50m program #1 $50m program #2 First repurchase from BW Cumulative Return of Capital Since December 2022 (US$m)NVGS Total Shares Outstanding $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 $275 $300 $325 Dividends Buybacks Second repurchase from BW *Announced along with 2Q26 results, but yet to be distributed.
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CORPORATE PRESENTATION 2026 20 0 10 20 30 40 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 Oct-26 Jan-27 Apr-27 Jul-27 Oct-27 Ethane-based margins Actual prices Last month's forecast Current Forecast Record High Ethylene Throughput 2Q 2026; Seasonal Reduction Expected 3Q 2026 ▪ Throughput in 2Q 2026 increased to a record high of 374,278 tons despite an increase in domestic ethylene prices as multiple European crackers underwent turnarounds. Furthermore, both European and Asian demand for US ethylene also increased due to the surge i n oil-based naphtha prices. ▪ Since January 2026, four new offtake contracts have been signed by new customers, with the most recent contract commencing in June, and the wide arbitrage driven by much higher international ethylene prices during 2Q26 led to numerous spot customers buying carg oes from the terminal at robust rates. ▪ The third quarter has started off slower due to falling naphtha prices, global inventory destocking, and the recent restart o f multiple European crackers; however, volumes should increase in the coming months along with the widening of the arbitrage and inventory restoc king. ▪ Multiple customers currently in discussions for take-or-pay contracts commencing in the coming months, though oil price volatili ty and geopolitical uncertainties are likely to persist in the near -term. Source: WoodMac 2026; ~25 cents/pound = ~$550/ton ~25 cents/lb through 2027 U.S. (Mont Belvieu) Domestic Ethylene Price (cents/pound) 0 25,000 50,000 75,000 100,000 125,000 150,000 175,000 Original Capacity Flex Train Expansion Original Capacity: 84,000 tons/month Flex Train Expansion: 130,000 tons/month Ethylene Export Terminal Throughput (metric tons)
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CORPORATE PRESENTATION 2026 21 Continuing to Right-size Fleet by Selling Oldest Vessels and Non-Core Assets ▪ Current fleet of 54 vessels is now 12.52 years of age as of June 30, 2026, with an average size of 21,084 cbm. ▪ Pro forma (net of Unigas) fleet of 46 vessels would be 12.46 years of age as of June 30, 2026, with an average size of 22,939 cbm. ▪ In April 2026, we sold the Navigator Pegasus, a 2009-built 22,085 cbm semi-refrigerated gas carrier to a third party for $30.5m, netting a gain of $15.3m. ▪ This was the ninth vessel we have sold since 2022, with an average age of ~22 years at time of sale. ▪ During that timeframe, we have also purchased eight modern secondhand LPG carriers, with an average age of ~8 years at time of purchase. 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 Navigator Saturn 22,085 2000 25.6 $15.9 January 28, 2026 Happy Falcon 3,770 2002 23.8 $4.0 January 28, 2026 Navigator Pegasus 22,085 2009 16.8 $30.5 April 17, 2026 $159.0 Vessel Name Size (cbm) Year Built Happy Pelican 6,800 2012 Happy Penguin 6,800 2013 Happy Condor 9,000 2008 Happy Osprey 12,000 2013 Happy Kestrel 12,000 2013 Happy Peregrine 12,000 2014 Happy Albatross 12,000 2015 Happy Avocet 12,000 2017 *Net cash proceeds of $129 million ▪ Recently signed definitive agreements to sell our 8 vessels in the Unigas Pool for $183 million, resulting in a book gain of $65-70 million, depending on the exact time at which each individual vessel is delivered. ▪ Cash proceeds will be received after repaying outstanding debt (of which $18.3 million remained outstanding at June 30, 2026). Timing of vessel sales / deliveries will likely be August/September, with a few potentially in October. ▪ Total proceeds from all 17 vessel sales is expected to be $342 million, and after all associated debt repayments, total net cash proceeds of $288 million.
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CORPORATE PRESENTATION 2026 22 NVGS Analyst / Investor Day 2026 in Houston, Texas USA Save the dates… Tuesday, November 17th ▪ Morgan’s Point Tours (ethylene export terminal and vessel) from 2:30-6:30pm ▪ Dinner at 6:30pm Wednesday, November 18th ▪ Company / industry presentations at 8:30am ▪ Lunch at 12noon ▪ Stakeholders' appreciation event from 1:00-6:00pm
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CORPORATE PRESENTATION 2026 23 Energy InfrastructureShipping ▪ Record 2Q 2026 net income of $53.0m ($0.86 EPS) and EBITDA of $101.6m ($86.4m adjusted) on revenue of $167.9m, aided by terminal profit and a gain on the sale of Navigator Pegasus. ▪ Leverage fell to 2.2x Net debt / Adjusted EBITDA (LTM) at June 30, 2026, with net debt at 31% of on-water fleet value and a 2026 all-in cash breakeven of $21,990 per day. ▪ Capital returns rise from 30% of net income attributable to shareholders in 1Q to 35% for 2Q 2026 ($14.2m buybacks plus a $4.3m dividend). ▪ The Board approved an increase to the fixed element of the dividend policy to $0.08/share effective for 3Q 2026 from $0.07/share. Future returns remain subject to quarterly approval and to earnings. Financial Record Quarter Across Shipping and Terminal, 3Q 2026 Lower But Expected Firm ▪ Fleet utilization of 90.8% in 2Q 2026 (90.6% in 1Q 2026; 84.2% in 2Q 2025) and a record average TCE of $33,946 per day, versus $29,684 in 1Q 2026, driven by handysize ethylene vessel performance. ▪ TCE and utilization are expected to normalize in 3Q 2026, also in line with typical seasonality, so below the 2Q 2026 records, though profitability and cash generation should remain healthy. ▪ Supply fundamentals remain very supportive: a Handysize orderbook of ~11% against ~17% of the fleet over 25 years old, alongside our proactive and continued fleet renewal through vessel sales, accretive acquisitions, and newbuilds. ▪ Ethylene Export Terminal throughput set a record of 374,278 tons in 2Q 2026, up from 300,537 tons in 1Q 2026, helped by European cracker turnarounds and a wide U.S.-international arbitrage. ▪ Four new offtake contracts have been signed since January 2026, with further take-or-pay discussions ongoing; the terminal provides a stable earnings contribution and an integrated shipping and logistics value chain. ▪ 3Q 2026 volumes are expected to ease from the record due to a tighter arbitrage, destocking and cracker restarts. ▪ Low-cost U.S. ethane and expanding NGL export capacity underpin long-haul flows, though oil price and geopolitical volatility persist. ▪ Record 2Q 2026 for Total Operating Revenue, EBITDA, Net income, and EPS, driven by all-time high TCE of $33,946, robust utilization, record terminal throughput, and gain on vessel sale ▪ Earnings underpinned by a $21,990 per day cash breakeven, leverage of 2.2x, and recently completed financings for all six newbuild vessels ▪ TCE, utilization and terminal volumes are expected to moderate in 3Q 2026, but fleet is still supported by a limited orderbook, an ageing global fleet, and still-growing U.S. exports ▪ Cash and balance sheet position remains robust with Unigas sale proceeds to follow, supporting the 35% capital return policy through the cycle
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CORPORATE PRESENTATION 2026 Q&A
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CORPORATE PRESENTATION 2026 Appendices
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CORPORATE PRESENTATION 2026 26 NVGS Fleet List as of August 4, 2026 (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 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* 2016 2016 2017 2017 2000 2014 2014 2014 2015 2015 2018 2018 2019 2019 2019 2010 2010 2010 2008 2012 2013 2013 2013 2014 2015 2017 37,300 37,300 37,300 37,300 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 Time Charter Time Charter Time Charter Time Charter Spot Spot Spot Time Charter Spot Time Charter Spot Time Charter Spot Spot Spot Spot Time Charter Spot Unigas Pool Unigas Pool Unigas Pool Unigas Pool Unigas Pool Unigas Pool Unigas Pool Unigas Pool Ethane Ethane Ethane Ethane Ethane Ethylene Ethane Ethane Ethane Ethane Ethylene Ethylene Ethylene Ethylene Ethane Ethylene LPG Ethylene — — — — — — — — November 2031 March 2029 September 2029 March 2029 — — — October 2026 — December 2026 — March 2027 — — — — August 2026 — — — — — — — — — Time Charter Expiration Date Ethylene/ethane capable semi-refrigerated handysize Ethylene/ethane capable semi-refrigerated midsize Ethylene/ethane capable semi-refrigerated smaller size
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CORPORATE PRESENTATION 2026 27 NVGS Fleet List as of August 4, 2026 (page 2 of 2) Navigator Aries Navigator Capricorn Navigator Phoenix Navigator Scorpio Navigator Taurus Navigator Virgo Navigator Leo Navigator Libra Navigator Atlantic (Previously 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 2010 2010 2011 2011 2011 2011 2017 Year Built 20,750 20,750 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) Spot Time Charter Time Charter Time Charter Time Charter Spot Spot Spot Time Charter Spot Time Charter Spot Time Charter Time Charter Time Charter Time Charter Spot Spot Time Charter Spot Spot Time Charter Spot Spot Time Charter Time Charter Time Charter Time Charter Employment Status LPG LPG Ammonia LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG Ammonia LPG LPG Ammonia LPG Ammonia LPG LPG Ammonia Ammonia Current Cargo — December 2026 October 2026 September 2026 November 2026 — — — January 2027 — August 2026 — May 2027 June 2027 May 2027 May 2027 — — August 2027 — — June 2027 — — June 2027 March 2027 September 2026 August 2027 Time Charter Expiration Date Semi-refrigerated handysize Fully-refrigerated
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CORPORATE PRESENTATION 2026 28 ▪ 15 vessels scheduled for drydocking during 2026, five of which have already completed by June 30, 2026. ▪ Estimate of 445 scheduled off-hire days in 2026, with budgeted annual drydocking capex of $32m in total. ▪ 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. ▪ 10 vessels scheduled for drydocking in 2027 (estimated 275 scheduled off -hire days and budgeted $27m cost). ▪ 9 vessels scheduled for drydocking in 2028 (estimated 249 scheduled off -hire days and budgeted $15m cost). ▪ Unigas vessel drydocks are now excluded from the figures on this slide pending their sale. Drydockings Focus on Emissions Reductions and Energy Saving Technologies *Offhire days include 8 - 12 days per vessel for positioning/repositioning per drydocking. An average drydocking period is c. 15 days per drydocking. Upcoming Drydock Costs (including efficiency upgrades) (US$m) Quarter / Year Estimated Off-hire Days Estimated Drydocking (US$m) 1Q26 125 7 2Q26 50 4 3Q26 138 10 4Q26 132 11 2026 445 32 2027 275 27 2028 249 15 2026 - 2028 total 969 75 2026 - 2028 annual average 323 25 $7 $4 $10 $11 $32 $27 $15 $0m $5m $10m $15m $20m $25m $30m $35m 1Q26A 2Q26A 3Q26F 4Q26F 2026F 2027F 2028F
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CORPORATE PRESENTATION 2026 29 Contact Investor Relations investorrelations@navigatorgas.com