Dorian LPG (LPG) investor relations material

Executive summary

• Achieved record quarterly net income of $138.3 million for the three months ended June 30, 2026, up from $10.1 million year-over-year, driven by higher TCE rates, increased available days, and extraordinary freight rates amid geopolitical disruptions.

• Declared two irregular cash dividends of $1.00 per share each, totaling $85.6 million, paid in May and scheduled for August 2026, marking the 20th dividend and over $1 billion in capital returned since IPO.

• Completed the sale of Cobra, Corsair, and Constellation, generating significant proceeds and gains, with Clermont sale pending.

• Entered into an agreement for a new dual-fuel Panamax VLGC to be delivered in Q3 2029, supporting ongoing fleet renewal.

• Helios Pool fleet comprises 29 vessels, with 25 contributed by the company, and seven VLGCs on time charter out.

Financial highlights

• Revenues rose 123.1% year-over-year to $187.9 million, primarily due to higher spot rates and increased fleet days.

• Adjusted EBITDA reached $165.4 million, up from $38.6 million year-over-year, including a $30.1 million gain on vessel sale.

• Net income was $138.3 million ($3.24 per diluted share), compared to $10.1 million ($0.24 per share) a year ago.

• Cash and cash equivalents stood at $342.2 million at quarter-end, rising to nearly $600 million after vessel sales and strong market performance.

• Debt at quarter end was $512.4 million; pro forma for recent sales, debt would be $473 million.

Outlook and guidance

• Management expects to meet liquidity needs for at least the next twelve months through cash on hand, operations, and available credit.

• Ongoing geopolitical disruptions and Panama Canal congestion are expected to sustain high volatility and extraordinary freight rates in the near term.

• Dividend policy remains flexible and discretionary, balancing earnings, cash needs, and market volatility.

• $115.3 million in contractual commitments remain for a newbuilding dual-fuel Panamax VLGC, with delivery expected in Q3 2029.

• Cash cost per day for the coming year expected at $26,000–$27,000, excluding dry docking.