Navigator (NVGS) Investor presentation summary

Financial performance and liquidity

• Achieved record adjusted EBITDA of $74.1m in Q1 2024, with net income of $22.6m and EPS of $0.31.

• Maintained strong liquidity with $172.2m in cash and $200.8m total liquidity as of March 31, 2024.

• Net debt to capitalization at 33% and net debt to adjusted EBITDA at 2.4x, reflecting a healthy balance sheet.

• Continued aggressive debt reduction, with over $100m annual scheduled amortization and supportive lender appetite.

• Low TCE breakeven of $20,705/day enables positive cashflow even in challenging markets.

Commercial operations and fleet

• Operates a diversified fleet of 56 vessels with an average age of 10.9 years and average size of 21,032 cbm.

• Average TCE earned was $28,339/day in Q1 2024, with fleet utilization at 89.3%.

• Ethylene export terminal throughput was 220,703 tons in Q1 2024; expansion at Morgan's Point is underway.

• Fleet renewal ongoing, including sale of older vessels and delivery of five modern ethylene-capable vessels via joint venture.

• Minimal Handysize orderbook (8%) and an aging global fleet support a favorable supply outlook.

Capital deployment and shareholder returns

• Maintains a return of capital policy with a fixed $0.05/share quarterly dividend and additional returns to equal at least 25% of net income.

• Repurchased 52,630 shares for $0.8m in Q1 2024 and completed a $51m buyback from BW Group in June 2024.

• Paid $14.7m in dividends over the past 12 months and continues to authorize new share repurchase programs.