Slides
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NVGS Third Quarter 2026 Earnings Presentation November 4, 2026
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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 ▪ Demand strengthened into 4Q: utilization recovered to 94% in Sept 2026 and remained firm into Oct 2026; both utilization and average TCE are expected to sequentially increase in 4Q 2026 ▪ Ethylene Export Terminal volumes in 4Q 2026 are expected to increase from the seasonally soft 3Q 2026, reflecting the wider arbitrage between U.S. and international ethylene prices as well as the improved operating conditions following the warm summer ▪ Strait of Hormuz conditions have not materially improved, continuing to support demand for U.S. LPG and petrochemical exports; Panama Canal costs and slots are also pushing more voyages via the Cape of Good Hope thus increasing ton-miles ▪ Flexible employment keeps us well placed to benefit from firm demand: the majority of our ethylene-capable handysize vessels are expected to trade spot over the next 12 months, while c. 34% of total available days are currently covered by time charters ▪ 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 7%, compared to 17% of the fleet currently above 25 years of age Outlook ▪ TCE of $30,314 per day in 3Q 2026, compared to $33,946 per day in 2Q 2026 and $30,966 per day in 3Q 2025 ▪ Latest all-in forecast 2026 cash breakeven of $21,720 per day ▪ Fleet utilization at 87.9% in 3Q 2026, compared to 90.8% in 2Q 2026 and 89.3% in 3Q 2025; c. 85% in Jul–Aug 2026, recovering to 94% in Sept 2026 ▪ Unigas Transaction completed: all eight smaller vessels (six in 3Q 2026, two in Oct 2026) and our Unigas B.V. shareholding (Nov 2nd) sold for total of c. $183m, with c. $70m total profit on sale (c. $48m 3Q, and c. $22m 4Q) ▪ Ethylene Export Terminal throughput was 264,398 tons in 3Q 2026, compared to the record of 374,278 tons in 2Q 2026, and slightly down from 270,502 tons in 3Q 2025 ▪ Four new offtake contracts for the Ethylene Export Terminal’s available ethylene volumes signed by new customers since January 2026; discussions for additional contracts starting in 2027 continue to gain traction ▪ Our planned UK redomiciliation remains on track, with shareholder approval to be sought on Nov 16, 2026, and completion targeted by year-end 2026 Commercial ▪ 3Q 2026 earnings surge: Net income of $78.3m (3Q 2025: $33.2m), EPS of $1.28/share (3Q 2025: $0.50), EBITDA of $120.8m, Adjusted EBITDA of $67.8m, Total Operating Revenue of $155m ▪ Strong liquidity: $221m of available cash and cash equivalents at Sept 30, 2026, after debt repayments, shipyard payments and capital returns ▪ Conservative leverage: Net debt to Adjusted EBITDA (LTM) of 1.7x at Sept 30, 2026 ▪ Newbuild funding on track: drawdowns of a further $72.5m of pre-delivery finance for three of our ethane/ethylene newbuilds: Navigator Polaris, Proxima & Parsec ▪ Six newbuilds now fully financed: competitive long-term post-delivery finance secured in Jul 2026 for our two ammonia vessels (Navigator Amundsen and Archer) ▪ 2Q 2026 capital return delivered: repurchased 661,482 shares for c. $14.2m and paid a $0.07/share dividend in 3Q 2026, together 35% of 2Q 2026 net income attributable to stockholders ▪ 3Q 2026 capital return: $0.08/share dividend declared on Nov 3, 2026, plus $22.6m of anticipated share buybacks, together 35% of net income attributable to stockholders Financial 3Q 2026 – Solid Earnings & Utilization, Strong Capital Return, Newbuilds Funded * TCE (Time Charter Equivalent) excludes our 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 Quarterly Net Income Boosted by Vessel Sales Gains * With the exception of Daily vessel operating expense, all other data excludes the owned vessels commercially managed in the independent Unigas Pool. ▪ 3Q 2026 TCE of $30,314 per day (3Q 2025: $30,966) ▪ 3Q 2026 Utilization of 87.9% (rebounded to c. 94% in Sept, from c. 85% in Jul–Aug) ▪ Total operating revenues up to $155m (3Q 2025: $153m) ▪ Vessel opex down 13% to $42.8m, and daily opex down 3.7% to $8,928, G&A up $1.2m on project-specific legal and professional fees ▪ 3,585 earnings days across a more right-sized vessel fleet (3Q 2025: 3932) ▪ EBITDA $120.8m up $35.0m (3Q25: $85.7m); Adjusted EBITDA $67.8m (3Q 2025: $76.5m) ▪ Net income attributable to stockholders $78.3m, up from $33.2m in 3Q 2025; EPS of $1.28 (3Q 2025: $0.50); the main uplift being c. $48m profit on vessel sales in 3Q 2026 ▪ Adjusted net income attributable to stockholders1 up to $25.4m (3Q 2025: $23.9m); Adjusted EPS $0.42 (3Q 2025: $0.36) ▪ Unrealized gain on derivatives $5.0m, a $7.4m swing from a $2.4m loss in 3Q 2025 Fleet Data 2025 2026 Q3 Q3 Weighted average number of vessels* 48.8 46.0 Ownership days 4,485 4,232 Available days 4,402 4,077 Earnings days 3,932 3,585 Fleet utilization 89.3% 87.9% Average daily results in quarter: Time charter equivalent $30,966 $30,314 Daily vessel operating expense $9,275 $8,928 (US$’000) 2025 2026 Q3 Q3 Unaudited Unaudited Operating revenues 141,871 143,728 Operating revenues – Unigas Pool 11,215 11,303 TOTAL OPERATING REVENUES 153,086 155,031 Brokerage commissions (1,906) (1,780) Voyage expenses (20,114) (35,044) Vessel operating expenses (49,288) (42,794) Depreciation and amortization (32,937) (29,553) General and administrative costs (8,575) (9,759) Profit from sale of vessels 12,589 48,013 TOTAL OPERATING EXPENSES (100,231) (70,917) OPERATING INCOME 52,855 84,114 Unrealized (loss) / gain on non-designated derivative instruments (2,368) 5,025 Interest expense (14,913) (12,919) Interest income 1,720 2,286 Write off of deferred financing costs - (160) Unrealized foreign exchange gain/(loss) (974) 54 Income taxes (3,790) (882) Share of result of equity method investments 3,273 2,167 NET INCOME 35,803 79,685 Net income attributable to non-controlling interest (2,648) (1,341) NET INCOME ATTRIBUTABLE TO STOCKHOLDERS OF NVGS 33,155 78,344 1 During the third quarter of 2026, the Company updated its definition of Adjusted net income attributable to stockholders of the Company to exclude profit/loss on sale of vessels, reverting to the methodology applied prior to the first quarter of 2026. Accordingly, profit/loss from the sale of vessels is excluded from Adjusted EBITDA, Adjusted net income attributable to stockholders of the Company, Adjusted basic earnings per share,and Adjusted diluted earnings per share. Prior-period amounts presented herein have been updated to conform to the current-period presentation.
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CORPORATE PRESENTATION 2026 7 Balance Sheet – Disciplined Capital Allocation With Liquidity Still Rising ▪ 2Q 2026 $18.5m capital return delivered: repurchased 661,482 shares for c. $14.2m and paid a $0.07/share dividend in 3Q 2026 for $4.3m, for a total of 35% of 2Q 2026 net income attributable to stockholders ▪ During 3Q 2026, returned $18.5m across dividends and share buybacks, repaid $28.9m in scheduled loan amortization, repaid debt of $201.5m (including against certain vessels in the Unigas fleet ahead of sale), and made $21.4m payments towards newbuild vessels. ▪ During 3Q 2026 we received $129.9m net proceeds from asset sales, between Jul and Sept we drew $72.5m from our new $164m bridge loan and $133.8m facilities towards three of our newbuild vessels, and we received $12.7m from net cash distributions from/to our equity investments and insurance recoveries. ▪ At Sept 30, 2026, liquidity (cash, cash equivalents, restricted cash and undrawn facilities) was $425.8m, with available liquidity (excluding restricted cash) of $377.8m. At Oct 31, 2026, these figures were $482m and $434m, respectively. Strong Liquidity After Capital Returns, Debt Repayments & Newbuild Capex (US$m) (US$’000) December 31 September 30 2025 2026 Audited Unaudited ASSETS Cash and cash equivalents 154,950 221,084 Restricted cash 49,921 48,031 Other current assets 90,580 107,881 Total current assets 295,451 376,996 Vessels, net 1,601,045 1,402,849 Vessels under construction 115,321 163,466 Assets held for sale 7,761 29,293 Equity method investments 247,935 242,614 Other assets 11,601 20,248 TOTAL ASSETS 2,279,114 2,235,466 LIABILITIES AND EQUITY Net current portion of debt 168,066 175,310 Other current liabilities 82,880 97,941 Total current Liabilities 250,946 273,251 Net long-term debt 732,143 587,271 Other non-current Liabilities 39,284 43,697 Total liabilities 1,022,373 904,219 Equity 1,226,840 1,299,179 Non-controlling interest 29,901 32,068 TOTAL LIABILITIES AND EQUITY 2,279,114 2,235,466 49 52 50 50 48 48 48 238 165 155 150 226 221 277 28.5 91.5 91.5 91.5 156.7 156.7 316 308 296 291 274 426 482 $0m $100m $200m $300m $400m $500m $600m 30-Jun-2025 30-Sep-2025 31-Dec-2025 31-Mar-2026 30-Jun-2026 30-Sep-2026 31-Oct-2026 Restricted cash Available Cash & Cash Equivalents Undrawn vessel facilities
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CORPORATE PRESENTATION 2026 8 Shareholder Returns, Proactive Refinancing And Newbuilds Financed Anticipated Debt Balloon Profile (US$m) The above list of facilities excludes facilities signed but not yet utilized related to 4 newbuild vessels: June 2026 JOLCO Financing ($205.8m), July 2026 Post-Delivery Term Loan ($121.8m) 1 Refinance already in place via June 2026 JOLCO Financing facility 2 Includes repayment of RCF component of facility (available to be redrawn) 3 Senior unsecured bonds at fixed rate 4 Option to extend the maturity of the Facility by up to 12 months 5 Total debt excludes two executed post-delivery facilities for our newbuild vessels Anticipated Loan Repayment Profile (US$m) (US$m) Original facility amount At Change At Indicative maturity date Jun 30, 2026 Sep 30, 2026 Oct 2013 $58m 57.7 3.6 - 3.6 Apr-27 Jun 2026 $164.6m 164.6 - +65.9 65.9 Jun-271 Feb 2025 $75m 74.6 74.6 -74.6 - Aug-26 Aug 2026 $47.9m 47.9 - +45.5 45.5 Jul-31 Dec 2022 $112m2 111.8 64.8 -31.7 33.1 Sep-28 Jul 2015 $61m 60.9 14.0 -2.6 11.4 Dec-28 Mar 2023 $200m 200.0 91.8 -8.3 83.5 Mar-29 Dec 2022 $151m 151.3 114.3 -2.7 111.6 Mar-29 Aug 2024 $148m2 147.6 123.9 -66.5 57.4 Jul-30 Oct 2024/Mar 20253 140.0 140.0 - 140.0 Oct-29 May 2025 $300m2 300.0 273.3 -89.7 183.6 May-31 Mar 2026 $133m4 133.8 26.8 +6.6 33.4 Jan-33 Total debt5 (excluding deferred finance costs) 927.0 -158.0 769.0 Cash, cash equivalents and restricted cash 269.1 Net debt (excluding deferred finance costs) 499.9 Net debt to LTM Adjusted EBITDA 1.7x Proportion of total debt at fixed rates / hedged 56% 29 33 36 27 33 37 29 33 26 26 34 24 111 134 123 $0m $25m $50m $75m $100m $125m $150m 2026 2027 2028 Q4 Q3 Q2 Q1 * All capital returns, including for the quarter ending Dec 31, 2026, remain subject to Board approval following the end of each quarter. ▪ 3Q 2026 capital return: $0.08/share dividend declared*, plus $22.6m of anticipated share buybacks, together 35% of net income attributable to stockholders ▪ Drew $72.5m in 3Q 2026 under existing facilities for three of our new 'Panda' ethylene/ethane newbuilds ▪ All six newbuild vessels now under attractive long-term finance from delivery; the final two vessel financings signed July 31, 2026, for 70% of shipyard cost of our two ammonia carriers, with tenor c. 6 years, priced at SOFR plus 135 bps margin ▪ In Aug 2026, signed new $47.9m facility, maturing 2031, priced at SOFR + 150 bps, covering three of our vessels, and repaid associated Feb 2025 shorter-term $74.6m loan that was outstanding at SOFR +180 bps ▪ To date paid $153m towards our six vessels under construction (plus $10.4m capitalized interest) ▪ Our Ethylene export terminal remains unencumbered, at Sept 30, 2026 we owned nine vessels that were unencumbered, two of which were part of the Unigas fleet sold in Oct 2026 ▪ At Sept 30, 2026, Net debt to Adjusted EBITDA (LTM) was 1.7x; Net debt to on -water fleet market value was 25%, and 21% if including our Morgan’s Point ethylene export terminal 140 32 56 11 25 8573 103 137 $0m $50m $100m $150m $200m $250m $ JOLCO facility $134m facility $300m facility $122m facility $200m facility $112m facility $151m facility $140m Bond
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CORPORATE PRESENTATION 2026 9 Healthy Cashflow Yield and Headroom Above Cash Breakeven ▪ Company continues to generate strong underlying operating cashflow with (pre-capex) yield averaging 17% over last 12 months (LTM) to Sep 30, 2026. ▪ Total capex spend in last 8 quarters of $132m ▪ Yield reducing over 2025, in part, due to appreciation of share price. ▪ Latest all-in estimated daily cash breakeven for 2026 of $21,720 per vessel, which includes over $175m of forecast operating expenses, $111m of forecast debt amortization, and $42m of forecast net interest expense ▪ Expense guidance for 2026 shows margin improvement across opex and depreciation (primarily due to vessel sales), and interest expense (due to lower debt and tighter margins) but materially unchanged from guidance provided in 2Q 2026 (when isolating the change in ownership days) Latest Estimated All-in Daily Cash Breakeven for Full Year 2026 ($) Latest Expense Guidance for 2026* At 3Q 2026 Guidance at 2Q 2026 Daily OPEX Mid-sized $11,300 per day $11,400 per day Semi-ref ethylene $9,100 per day $8,800 per day Semi-ref LPG $9,000 per day $9,300 per day Fully ref LPG $9,800 per day $9,600 per day Small LPG $8,000 per day $7,900 per day 4Q 2026 Guidance Vessel OPEX total $40m - $41m $44m - $46m Cash G&A $9.5m - $10m $9.0m - $10m Depreciation $30m - $31m $31m - $32m Net interest expense $9.5m - $10.5m $12m - $13m Full Year 2026 Guidance Vessel OPEX total $175m - $177m $177m - $180m Cash G&A $39m - $42m $39m - $42m Depreciation $123m - $124m $125m - $128m Net interest expense $42m - $43m $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. $420 $2,170 $2,270 $5,900 $1,710 $9,250 $11,840 $20,010 $21,720 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 $183m $21m $41m $62m $62m $79m $68m $49m $69m $54m 16% 18% 18% 16% 18% 14% 12% 12% 11% 11% 13% 16% 18% 20% 20% 24% 21% 20% 18% 15% 17% 17% 0% 5% 10% 15% 20% 25% $0m $50m $100m $150m $200m $250m 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Yield Post-Capex Cashflow (Free Cashflow) (LTM) Sum of Capex LTM Post-Capex Cashflow (Free Cashflow) Yield Pre-Capex Cashflow (Operating Cashflow) Yield
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CORPORATE PRESENTATION 2026 10 Record EBITDA Quarter Built on Consistently Strong Earnings ▪ Record high EBITDA in 3Q 2026 of $120.8m, boosted by $48m of gains on vessel sales, and Adjusted EBITDA of $67.8m ▪ Fifteen quarters in a row since 1Q 2023 have resulted in at least $60m of quarterly Adjusted EBITDA, averaging $72m per quarter during that period ▪ 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 $0.28 in annual EPS, all else being equal ▪ Total fleet utilization and TCE rates as well as throughput and earnings from our Ethylene Export Terminal are all expected to improve in 4Q 2026, while the underlying business remains well positioned to continue its gradual upward trajectory over time NVGS Adjusted EBITDA and NVGS Share of Terminal JV Net Income (US$m) Estimated Annual EBITDA Sensitivity to TCE Changes (US$m)Terminal Adjusted EBITDA (US$m) 31 29 39 60 55 55 42 56 69 69 72 72 74 78 68 73 73 60 76 73 66 86 68 -1 2 3 6 7 7 5 8 5 6 4 6 4 5 2 6 -1 5 3 1 3 7 2 -$10m $0m $10m $20m $30m $40m $50m $60m $70m $80m $90m NVGS Adjusted EBITDA Ethylene Export Terminal JV Net Income 1 4 5 8 8 8 6 9 7 7 5 7 6 6 4 7 2 8 6 4 6 10 5 $0m $2m $4m $6m $8m $10m $12m Terminal Adjusted EBITDA (50% basis) $283 $294 $311 $328 $345 $362 $379 $0m $50m $100m $150m $200m $250m $300m $350m $400m $450m 2025 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 2026 Commercial Update
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CORPORATE PRESENTATION 2026 12 Chokepoint Disruptions Are Lengthening Voyages and Tightening Supply ▪ Strait of Hormuz NGL transits remain well below pre-closure levels ▪ Panama Canal: fewer slots, longer waits, higher auction costs ▪ VLGCs on U.S.–Asia trade continue to reroute via the Cape of Good Hope Source: Kpler, Panama Canal Authority, 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 0 500 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 0.0 0.5 1.0 1.5 2.0 2.5 3.0 250 500 750 1,000 1,250 1,500 Waiting days Number of transits Panamax (old locks) Neopanamax (new locks) Wait Southbound (days) Wait Northbound (days) Not booked booked Booked and not booked Panama Canal Waiting Time Booked+Unbooked
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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 % U.S. Ethylene Exports Have Pivoted to Asia, Adding Ton-Miles U.S. Ethane U.S. Ethylene Europe Ethylene Asia Ethylene Source: Kpler, Argus, 2026 Europe Importing Asia Importing ▪ Europe took most U.S. ethylene in spring; ~75% now heads to Asia ▪ Wide U.S.–global price spread keeps the export arbitrage open ▪ Longer voyages tighten supply, and spot rates are climbing back toward 2Q levels Ethane flat$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800USD/PMT Small U.S. Ethane Feedstock Rise While Global Ethylene Prices Climb Rapidly Ethylene NWE (cif) Ethylene NE Asia (fob) Ethylene USGC (delivered) Ethane Mont Belvieu Asia Importing U.S. Ethane U.S. Ethylene Europe Ethylene Asia Ethylene
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CORPORATE PRESENTATION 2026 14 3Q26 3Q26 Utilization Seasonally Soft But Above 5-Year Average and Rising into 4Q26 ▪ 3Q26 utilization averaged 87.9% as July–August softened from the post-Hormuz surge; September rebounded to 94%, above the five-year average, giving firm momentum into Q4 ▪ Demand rebounded in September and has continued into 4Q 2026 as Middle East disruption proves persistent ▪ Higher utilization is now feeding through to firmer spot rates across all three of our segments 3Q26 Source: Kpler, 2026 0 30 60 90 120 150 180 210 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ‘000s Mts U.S. Ethylene Exports Moderated in Q3 Calendar Month Min-Max (Oct21-Sep26) Calendar Month Average (Oct21-Sep26) 2025 2026 75% 80% 85% 90% 95% 100% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec NVGS 3Q 2026 Utilization Average at 87.9% Calendar Month Min-Max (Oct21-Sep26) Calendar Month Average (Oct21-Sep26) 2025 2026
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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 447 53 21 156 3 18 28 65 40 176 52 8 2 5 4 5 0 45% 38% 29% 7% 8% 5 + 6 NBs* 41* 0 46 0 12 22 162 Existing Number of Vessels Vessels On Order % of Fleet (# vessels) Navigator Fleet # of Vessels >25 years Order book Ethylene Semi-Refrigerated Pressurized 457 85 122 42 6 5 Source: Steem1960, Oct 2026 *includes 75.1% of 5 vessels owned via the Greater Bay JV and expected 79.5% of 2 vessels owned via Amon Maritime JV Fleet Supply Picture Remains Attractive with Low Handysize Orderbook Fully-Refrigerated 44
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CORPORATE PRESENTATION 2026 16 Latest Handysize Time Charter Rates Holding Firm Post-Hormuz $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, Oct 2026 ▪ Ethylene: $1,050k/month, rising on Far East demand for U.S. ethane and ethylene ▪ Semi-ref: $1,045k/month, supported by LPG and butadiene; gap to ethylene now closed ▪ Fully-ref: $890k/month, lifted by stronger VLGC and MGC LPG demand
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CORPORATE PRESENTATION 2026 Recent Developments
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CORPORATE PRESENTATION 2026 18 Continuing Capital Return Policy of 35% and Increasing Cash Dividend by 14% ▪ 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. ▪ On Nov 3, 2026, the Board declared a cash dividend of $0.08/share payable on Dec 3, 2026, to all shareholders of record as of Nov 17, 2026, equating to a quarterly cash dividend payment of $4.9m. ▪ Additionally, as part of our quarterly Capital Return Policy, and with NVGS trading well below estimated NAV of >$32 per shar e, we expect to repurchase $22.6m of NVGS common shares between now and Dec 31, 2026, such that the cash dividend and share repurchases together equal 35% of net income attributable to stockholders (being a total of $27.4m). ▪ Since Dec 2022, including the aforementioned declared return of capital to be distributed in 4Q 2026, we will have soon returned c. $338 million to shareholders, including c. $55 million of cash dividends and c. $284 million of share buybacks. 3Q 2026 Quarterly Capital Return Table (US$m) Net Income $78.3 35% of Net Income $27.4 Split as: Cash Dividend ($0.08 per share x 60.8m shares) $4.9 Share repurchases anticipated in respect of 3Q 2026 $22.6 $27.4 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 $5.3m $0.30 $0.11 $0.08 $4.9m $0.03 or $1.5m for buybacks $6.4m $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 $8.5m $0.45 $0.16 $0.08 $4.9m $0.08 or $4.8m for buybacks $9.6m $0.50 $0.18 $0.08 $4.9m $0.10 or $5.8m for buybacks $10.6m $0.55 $0.19 $0.08 $4.9m $0.11 or $6.9m for buybacks $11.7m $0.60 $0.21 $0.08 $4.9m $0.13 or $8.0m for buybacks $12.8m $1.28 $0.45 $0.08 $4.9m $0.37 or $22.6m for buybacks $27.4m All based on 60.8m shares outstanding
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CORPORATE PRESENTATION 2026 19 0 5 10 15 20 25 30 35 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 Jan-28 Apr-28 Jul-28 Oct-28 Ethane-based margins Actual prices Last month's forecast Current forecast Ethylene Throughput Seasonally Lower in 3Q 2026, Currently Rising Into 4Q 2026 ▪ Following record high throughput in 2Q 2026, volumes decreased to 264,398 tons in 3Q 2026 as European demand fell while the international price arbitrage tightened, coupled with inventory destocking throughout most of the summer . ▪ Throughput is now on the rise during the fourth quarter due to higher naphtha prices, global inventory restocking, and a stronger pull from Asia, which has also increased ton-mile demand for cargoes from Morgan’s Point to the Far East. ▪ Since January 2026, four new offtake contracts have been signed by new customers, and the widening arbitrage driven by much higher international ethylene prices in recent months has led to numerous spot customers buying cargoes from the terminal at robust rates. ▪ Multiple customers currently in discussions for take-or-pay contracts commencing in 2027, with the remainder of available capacity in 4Q 2026 expected to be sold at firm spot rates. Source: WoodMac 2026; ~22 cents/pound = ~$480/ton ~22 cents/lb through 2028 U.S. (Mont Belvieu) Domestic Ethylene Price (cents/pound)Ethylene Export Terminal Throughput (metric tons) 0 25,000 50,000 75,000 100,000 125,000 150,000 175,000 Original Capacity Flex Train Expansion
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CORPORATE PRESENTATION 2026 20 Completed 8 Unigas Vessel Sales - First Newbuilding To Be Delivered December ▪ Newbuilding program consists of four mid-size dual-fuel, liquefied ethane/ethylene carriers and two mid-size ammonia-fuelled, liquefied ammonia carriers ▪ Total delivered shipyard cost of $586 million (or $568 million net of $18m Enova grants), with $153 million already paid ▪ Completed debt financings for all six vessels totaling c. $461 million (weighted average LTV of 79%) with an average tenor of 6.5 years and a weighted average margin of SOFR + 147 bps ▪ First newbuilding to be delivered in Dec 2026 (already on timecharter), with the remaining vessels to be delivered throughout 2027 and 2028 ▪ Pro forma fleet (including six newbuilding deliveries) of 52 vessels would be 13.2 years of age as of 4Q 2028, with an average size of 26,005 cbm. Unigas Vessels Size (cbm) Year Built Quarter Sold Happy Pelican 6,800 2012 4Q26 Happy Penguin 6,800 2013 3Q26 Happy Condor 9,000 2008 3Q26 Happy Osprey 12,000 2013 3Q26 Happy Kestrel 12,000 2013 3Q26 Happy Peregrine 12,000 2014 3Q26 Happy Albatross 12,000 2015 3Q26 Happy Avocet 12,000 2017 4Q26 ▪ Recently completed the sales of our 8 vessels in the Unigas Pool for cash proceeds of c. $183 million, resulting in a book gain of c. $70 million (split across Q3 and Q4 2026); six of the vessels were delivered to their buyers in Aug/Sept, and two were delivered in Oct 2026 ▪ As all debt on the 8 vessels had been repaid prior to delivery to the buyers, all sales proceeds in 3Q and 4Q were retained by the Company ▪ Current fleet of 46 vessels is now 12.8 years of age as of Nov 3, 2026, with an average size of 22,900 cbm Newbuild Vessels Size (cbm) Vessel Type Scheduled Delivery Navigator Polaris 48,500 Ethane/Ethylene 4Q26 Navigator Proxima 48,500 Ethane/Ethylene 2Q27 Navigator Parsec 48,500 Ethane/Ethylene 3Q27 Navigator Pleione 48,500 Ethane/Ethylene 4Q27 Navigator Amundsen 51,350 Ammonia-fuelled 2Q28 Navigator Archer 51,350 Ammonia-fuelled 3Q28
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CORPORATE PRESENTATION 2026 21 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 8:00am ▪ Lunch at 12noon ▪ Stakeholders' appreciation event from 1:00-6:00pm
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CORPORATE PRESENTATION 2026 22 Energy InfrastructureShipping ▪ Net income attributable to stockholders of $78.3m ($1.28 EPS; 3Q 2025: $33.2m) and EBITDA of $120.8m ($67.8m adjusted) on revenue of $155.0m, aided by c. $48m profit on vessel sales ▪ Conservative leverage of 1.7x Net debt / Adjusted EBITDA (LTM) at Sept 30, 2026, with a 2026 all-in cash breakeven of $21,720 per day ▪ Strong available liquidity: Cash, cash equivalents, and undrawn facilities (excluding restricted cash) was $377.8m at Sept 30, 2026, after normal operations, debt repayments, shipyard payments and capital returns; rising to $434m at Oct 31, 2026 ▪ 3Q 2026 capital return of $0.08 / share cash dividend plus $22.6m of buybacks, together 35% of net income attributable to stockholders Financial 3Q 2026 - Solid Earnings & Utilization, Robust Capital Return, 4Q Starting Strong ▪ Fleet utilization of 87.9% in 3Q 2026 (89.3% in 3Q 2025), recovering to 94% in Sept from c. 85% in Jul–Aug; TCE of $30,314 per day (3Q 2025: $30,966) ▪ TCE and utilization are expected to increase in 4Q 2026, also in line with typical seasonality; as a result, Adjusted EBITDA should be above 3Q 2026 levels ▪ Unigas exit complete: all eight smaller vessels and our Unigas B.V. shareholding sold for $183.1m, with c. $70m total profit on sale (c. $48m in 3Q 2026 and c. $22m in 4Q 2026) ▪ Supply fundamentals remain supportive: a minimal Handysize orderbook of 7% against 17% of the fleet over 25 years old, with c. 34% of available days on time charter ▪ Ethylene Export Terminal throughput of 264,398 tons in 3Q 2026 (3Q 2025: 270,502 tons), following a record of 374,278 tons in 2Q 2026, as international customers reduced inventories and the price arbitrage tightened ▪ 4Q 2026 volumes are on the rise due to higher naphtha prices, global inventory restocking, and a stronger pull from Asia, which has also increased ton-mile demand for cargoes from Morgan’s Point to the Far East ▪ Four new offtake contracts signed since January 2026, with further capacity expected to be contracted starting in 2027 ▪ Strait of Hormuz disruption and Panama Canal constraints continue to support U.S. LPG and petrochemical exports and ton-miles ▪ Expanding U.S. propane and ethane export capacity still underpins long-haul flows ▪ 3Q 2026 net income attributable to stockholders of $78.3m ($1.28 EPS) and EBITDA of $120.8m on revenue of $155.0m, boosted by c. $48m profit on vessel sales ▪ Earnings underpinned by a $21,720 per day cash breakeven, conservative leverage of 1.7x, and financings completed for all six newbuild vessels ▪ Demand strengthening into 4Q26: utilization recovered to 94% in Sept and remained firm through Oct, supported by a limited orderbook and growing U.S. exports ▪ Strong liquidity and the Unigas exit complete, supporting the 35% capital return policy, which includes an increased $0.08/share cash dividend
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CORPORATE PRESENTATION 2026 Q&A
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CORPORATE PRESENTATION 2026 Appendices
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CORPORATE PRESENTATION 2026 25 NVGS Fleet List as of November 3, 2026 (page 1 of 2) 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 Navigator Glory Navigator Grace Navigator Galaxy Navigator Genesis Navigator Global Navigator Gusto Navigator Jorf 2016 2016 2017 2017 2000 2014 2014 2014 2015 2015 2018 2018 2019 2019 2019 2010 2010 2010 2010 2010 2011 2011 2011 2011 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 22,500 22,500 22,500 22,500 22,500 22,500 38,000 Time Charter Time Charter Time Charter Time Charter Spot Spot Spot Spot Spot Time Charter Spot Time Charter Spot Spot Spot Spot Time Charter Spot Time Charter Time Charter Time Charter Time Charter Time Charter Time Charter Time Charter Ethane Ethane Ethane Ethane Ethane Ethylene Ethane Ethane Ethane Ethane Ethylene Ethylene Ethylene Ethylene Ethane Ethylene Ethane Ethylene Ammonia LPG Ammonia LPG LPG Ammonia Ammonia November 2031 March 2029 September 2029 March 2029 — — — — — December 2026 — March 2027 — — — — May 2027 — June 2027 October 2027 December 2026 June 2027 March 2027 December 2026 August 2027 Time Charter Expiration Date Ethylene/ethane-capable semi-refrigerated handysize Ethylene/ethane-capable semi-refrigerated midsize Fully-refrigerated handysize/midsize
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CORPORATE PRESENTATION 2026 26 NVGS Fleet List as of November 3, 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 Operating Vessel 2008 2008 2009 2009 2009 2009 2011 2012 2014 2015 2015 2015 2015 2015 2016 2016 2016 2017 2017 2017 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 Size (cbm) Spot Time Charter Time Charter Time Charter Time Charter Time Charter Spot Spot Time Charter Spot Time Charter Spot Time Charter Time Charter Time Charter Time Charter Spot Time Charter Time Charter Spot Spot Employment Status LPG LPG Ammonia LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG Ammonia LPG LPG Current Cargo — December 2026 December 2026 January 2027 November 2026 November 2027 — — January 2027 — March 2027 — May 2027 June 2027 May 2027 May 2027 — January 2027 August 2027 — — Time Charter Expiration Date Semi-refrigerated handysize
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CORPORATE PRESENTATION 2026 27 ▪ 16 vessels scheduled for drydocking during 2026, nine of which have already completed by Sept 30, 2026 ▪ Estimate of 474 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 286 scheduled off -hire days and budgeted $20m cost) ▪ 7 vessels scheduled for drydocking in 2028 (estimated 180 scheduled off -hire days and budgeted $12m cost) Drydockings Focus on Emissions Reductions and Energy Saving Technologies *Offhire days include 5 – 10 days per vessel for positioning/repositioning per drydocking, plus an average drydocking period of c. 15 - 20 days per drydocking. Upcoming Drydock Costs (including efficiency upgrades) (US$m) Quarter / Year Estimated Off-hire Days Estimated Drydocking (US$m) 1Q26 125 7 2Q26 50 4 3Q26 171 11 4Q26 128 10 2026 474 32 2027 286 20 2028 180 12 2026 - 2028 total 940 64 2026 - 2028 annual average 313 21 $7 $4 $11 $10 $32 $20 $12 $0m $5m $10m $15m $20m $25m $30m $35m 1Q26A 2Q26A 3Q26A 4Q26F 2026F 2027F 2028F
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CORPORATE PRESENTATION 2026 28 Contact Investor Relations investorrelations@navigatorgas.com