NVGS

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 10:00 a.m. ET Chief Executive Officer - Mads Peter Zacho Chief Financial Officer - Gary Chapman Chief Commercial Officer - Oeyvind Lindeman Chief Investor Relations Officer - Randall Giveans Randall Giveans: Thank you for standing by, ladies and gentlemen, and welcome to the Navigator Holdings Conference Call for the Second Quarter 2026 Financial Results. On today's call, we have Mads Peter Zacho, Chief Executive Officer; Gary Chapman, Chief Financial Officer; Oeyvind Lindeman, Chief Commercial Officer; and myself, Randy Giveans, Chief Investor Relations Officer. I must advise you that this conference call is being recorded today. Now as we conduct today's presentation, we'll be making various forward-looking statements. These statements include, but are not limited to, the future expectations, plans and prospects from both a financial and operational perspective and are based on management assumptions, forecasts and expectations as of today's date, August 5, 2026, and are as such, subject to material risks and uncertainties. Actual results may differ significantly from our forward-looking information and financial forecast. Additional information about these factors and assumptions are included in our annual and quarterly reports filed with the Securities and Exchange Commission. With that, I now pass the floor to our CEO, Mads Peter Zacho. Go ahead, Mads. Mads Zacho: Good morning and good afternoon, and thank you very much for joining this Navigator Gas earnings call for Q2 2026. Before we get into the results, let me just say a few words about the Middle East. We continue to have no vessels operating in or transiting the Hormuz Strait, and we don't see any material operational impacts. As I'll touch on shortly, and though it's on a sad background, the conflict continues to create real commercial tailwinds for us. Please turn to Slide #4. Q2 2026 was an exceptional quarter, and I mean that in the most literal sense. We set all-time records for net income, for EBITDA, for earnings per share and average TCE rate, all at the same quarter. And for a company that's been operating for over 25 years, that is quite special. Let me walk you through a couple of the highlights. On the commercial side, TCE rates hit a record high of almost $34,000 per day. This is up significantly from Q1 and up 20% from the same period last year. Utilization came in above our 90% benchmark. These are strong numbers across the board. Our ethylene export terminal at Morgan's Point delivered yet another record, 374 tons in the quarter. That follows from previous record that we set just 1 quarter ago. Demand from Europe and Asia for U.S. ethylene continues to grow, driven by high naphtha prices and structural changes to how global crackers are sourcing their feedstock. We also signed a fourth new offtake contract in the quarter and discussions for further contracts remain active. On portfolio management, we completed the sale of Navigator Pegasus in April for approximately $31 million and a book gain of over $15 million. And in July, we signed the definitive agreement to divest the 8 Unigas Pool vessels for a combined $183 million. That's a significant transaction, and we expect most of those sales to complete during Q3. We expect a net book gain on this transaction of $65 million to $70 million, and this again underscores the value of our vessel portfolio. We have indeed been quite consistent in booking net gains on our vessel sales. Financing for all 6 newbuild vessels are now in place, both the 4 Panda ethane/ethylene carriers and the 2 Coral ammonia newbuilds. Completing that financing package is a real milestone, and it was done at the most competitive terms ever for Navigator. The balance sheet is healthy. Available cash at quarter end was $226 million after significant debt repayments, shipyard payments and capital returns. Our investment in ethane fuel solution is developing towards a final investment decision to build 3 ammonia bunkering terminals along the West Coast of Norway. It's supported by a significant Enova grant from the Norwegian government upon reaching final investment decision. On capital return, we are again delivering on our commitments. The Board has declared a dividend of $0.07 per share for Q2. And together with buybacks, we will return 35% of net income to shareholders, in line with our improved capital return policy. From Q3, we are raising the fixed cash dividend element to $0.08 per share. Now on the outlook. Q3 is expected to see some normalization in TCE rates and terminal volumes. That's also consistent with the seasonal patterns and a tighter arbitrage on ethylene. The underlying demand picture, though, driven by the growing U.S. natural gas liquids production remains fully intact. And the Hormuz Strait situation continues to support demand for U.S. commodities across LPG, ethane and petrochemicals. On the supply side, the Handysize order book stands at just 11% of the fleet, while 17% of vessels are over 25 years old. The math on the fleet renewal continues to work in our favor. With that, I'll pass on the word to Gary, and please go ahead with a little bit more detail on the financials. Go ahead, Gary. Gary Chapman: Thanks, Mads, and hello, everyone. Following on from where we left off on our last call in May this year, the tailwinds we described as we move through the second quarter did indeed arrive. And as Mads has said, we're pleased to report an exceptional second quarter results. This was achieved against a backdrop that included continued disruption across key global shipping corridors, including the Strait of Hormuz, which having limited direct operational or financial impact on us has acted as a meaningful demand catalyst, pushing customers towards North American supply chains and benefiting our utilization and rates in the quarter. Oeyvind will go more into this shortly. Turning to more detail on Slide 6. We're reporting an average TCE of $33,946 for the second quarter of 2026, an all-time high, being more than $4,000 per day higher than the $29,684 in the first quarter of 2026 and over $5,000 per day higher than the $28,216 in the second quarter of last year. Utilization was above our benchmark at 90.8% compared to 90.6% in the first quarter of 2026 and 84.2% in the second quarter of last year. Voyage expenses are shown higher in the second quarter of 2026, which are effectively pass-through costs to our customers related to bunker fuel and other such spot voyage costs and they're reflective of the record total operating revenues that we're reporting this quarter. Vessel operating expenses of $47.1 million for the quarter were broadly flat in absolute dollar terms, though up on the basis of dollars per vessel per day at $9,554 compared to $8,905. This is mainly driven by higher crewing and logistics costs and the timing of project-related expenses incurred in the quarter. Depreciation was down at $31.5 million compared to the second quarter of last year, reflecting our reduced fleet size following vessel sales and the sale of the Navigator Pegasus in this quarter brought us the gain of $15.3 million on proceeds of $30.5 million. EBITDA for the quarter was an all-time high of $101.6 million compared to $80.3 million in the first quarter of 2026 and $71.9 million in the second quarter of 2025. Adjusted EBITDA, also a record, was $86.4 million, up from $65 million in the first quarter of 2026 and significantly higher than the $60.1 million in the second quarter of 2025. As always, Randy will discuss more about our ethylene terminal, but throughput volumes for the second quarter were another record high of 374,278 tons with our share of the terminal results reflected in the equity method investment income line of $7.1 million for the quarter, up from $4.8 million in the second quarter of last year. Our income tax line reflects current tax and deferred tax in relation to our equity investment in the ethylene export terminal, in line with the stronger terminal results for the quarter. Net income attributable to stockholders for the second quarter of 2026 was $53.0 million or $0.86 per share, again, the highest Navigator has ever reported, surpassing the previous record set just last quarter and well above the $21.5 million or $0.31 per share reported in the second quarter of 2025. We continue to actively use, strengthen and build our balance sheet, as shown on Slide 7. Our cash, cash equivalents and restricted cash balance was $274 million at June 30, 2026, and this figure was $362 million at close on August 3, 2026, in particular, following the $57 million we drew from our recently closed newbuild vessel financing facility. As a precautionary measure in April 2026, when the war in Iran started, we drew down just over $91 million under our revolving credit facilities given the geopolitical uncertainty seen at that time. And whilst this, of course, has not gone away, we expect to repay those revolving facilities in the coming months based on our ongoing assessment of market conditions and as the proceeds from the sale of the Unigas vessel fleet are received. Our healthy liquidity position at June 30, 2026, is after returning $10.6 million to shareholders across dividends and share buybacks, repaying $26.8 million of scheduled loan amortization and ahead of our agreed sale of the Unigas Pool fleet, early repaying $43 million of debt secured against certain of those vessels. We also made $20.8 million of payments towards our newbuild vessels during the quarter. Our share in the Morgan's Point ethylene export terminal remains unencumbered. We also own 14 unencumbered vessels at June 30, 2026, 8 of which are part of the Unigas fleet to be sold. And with our bond having $60 million of untapped capacity, we continue to retain significant additional liquidity for if and when needed. Looking beyond this quarter, we paid from our own cash a total of $131.6 million at June 30, 2026, towards the 6 vessels we have under construction, of which $8.5 million represents capitalized interest under U.S. GAAP. On July 17, we drew $57.6 million, as I referred above, from our new $164 million bridge loan facility, recouping 80% of the predelivery installments paid to the shipyard to date for the first of our 2 and newbuild vessels. We continue to press forward in maintaining a balanced capital structure. And on Slide 8, across the quarter and with a very supportive banking group and a strong underlying business, we were again able to return cash to shareholders, use funds for the construction of our newbuilds, reward shareholders through buybacks and continue managing and refreshing our debt to meet our financing needs in an efficient and cost competitive way. In respect to the first quarter of 2026, we returned 30% of net income attributable to stockholders, comprising $6.3 million of share buybacks and $4.3 million of cash dividend, representing $0.07 per share. And in respect to the second quarter of 2026, our Board yesterday approved an increase such that we will return 35% of net income attributable to stockholders. This will comprise $4.3 million of cash dividends, representing $0.07 per share, and we expect the balance will comprise around $14.2 million of share repurchases to take place between now and September 30, 2026. Given the company's strong cash position for the third quarter ending September 30, 2026, yesterday, our Board also approved an increase in the fixed element of the company's capital return policy to $0.08 per share of the company's common stock, while maintaining that the fixed element and the variable element together should equal 35% of net income attributable to stockholders of the company. Just note that the declaration of any dividends and the amount of any such dividends, including with respect to the third quarter, do remain subject to approval by the company's Board of Directors following the conclusion of each quarter as normal. We continue to be busy with vessel financings, and we've now closed 3 transactions relating to our 6 newbuild vessels. In addition to the March 2026 facility we previously announced that finances 2 of those vessels, on June 18, 2026, we secured predelivery bridge finance for our first 2 Panda ethylene newbuild vessels, and we drew the $57.6 million of that on July 17, as I mentioned earlier. But at the same time, we obtained committed $205.8 million JOLCO financing to refinance this bridge facility on delivery of the vessels and provide long-term post-delivery financing on very competitive terms. Then very recently, only last week on July 31, we signed a new secured term loan facility for up to $121.8 million to finance approximately 70% of the cost of our 2 Coral ammonia newbuild vessels, executed at our lowest ever margin, 135 basis points plus SOFR. The facility is available to draw on delivery of the vessels around May and September 2028, respectively. And as always, we'd like to thank our banking group for their continued support. Net debt to last 12 months adjusted EBITDA fell to 2.2x at June 30, 2026, down from 2.5x at March 31, 2026. And we have only relatively small near and midterm balloons as we work to ensure our debt profile is pushed to the right. Net debt was $653 million, and our loan-to-fleet value ratio remains approximately 31% or below 30% when you include a reasonable value for our Morgan's Point terminal investment and 55% of the company's debt was either hedged or on a fixed interest rate basis at the quarter end, consistent with the prior quarter. We'll continue to prioritize returning capital to shareholders while maintaining balance sheet strength, lowering the cost of our debt where we can and balancing growth, deleveraging and shareholder returns, all in a disciplined, deliberate and careful manner. On Slide 9, this again highlights 2 of the core strengths of our Navigator platform, our ability to generate consistent operating cash flow and our structurally lower all-in cash breakeven when isolating for the change in ownership days. Starting with cash flow over the last 12 months to June 30, 2026, the business continued to generate strong underlying operating cash flow with a pre-CapEx cash flow yield averaging around 17%. Post-CapEx free cash flow continues to reflect investment in our newbuild program. Our latest estimate for 2026, all-in cash breakeven is $21,990 per vessel per day, up from $21,230 last quarter. The increase versus last quarter's estimate principally reflects our agreed sale of the 8 Unigas pool vessels, which reduces the average fleet size across which costs are spread. Notwithstanding, our headroom over our TCE revenue remains substantial, even adjusting out the exceptional rate levels we've seen in this quarter. Our cash breakeven figure incorporates over $175 million of operating costs, $114 million of debt amortization and approximately $44 million of net interest expense. Expense guidance for 2026 is materially unchanged from the guidance provided in our first quarter earnings results presentation when accounting for the change in ownership days, noting that in particular, OpEx and depreciation have reduced accordingly with the upcoming sale of the 8 Unigas vessels. Slide 10 outlines our historic quarterly adjusted EBITDA, adding the second quarter's results. We now have 14 quarters in a row since the beginning of 2023, where we've reported at least $60 million of quarterly adjusted EBITDA and with an average of $72 million per quarter over that period. We've also added for reference some historic data points to this slide showing our share of the terminals adjusted EBITDA. Then as we've highlighted previously, our earnings remain sensitive to TCE movements, and we estimate approximately $17 million of annual additional EBITDA uplift or $0.28 per share of annual EPS uplift for every $1,000 increase in TCE rates, all other things being equal. Then as for previous quarters, an update on our vessel dry dock schedule, projected costs and time taken can be found in the appendix should that detail be of interest to anybody. And finally, looking ahead, after an exceptionally strong second quarter, we do expect TCE and utilization to moderate in the third quarter, also consistent with normal seasonal patterns. Even so, we expect the business to remain cash generative. And despite the geopolitical uncertainty and market constraints that remain, Navigator is in an excellent financial position, and it gives us the confidence and the flexibility to move forward and pursue opportunities as they arise. With that, I'll hand over to Oeyvind to provide the latest commercial update. Oeyvind? Oeyvind Lindeman: Thank you, Gary. Good morning, everyone. I'll spend the next few minutes on the Strait of Hormuz and what is doing to maritime trade lanes, then the ethylene story, our utilization, and I'll wrap up with a quick view on vessel supply and rates. So let's start with the big one, which continues to be the Strait of Hormuz on Page 12. The strait continues to disrupt global shipping lanes and is creating inefficiencies across pretty much every ship segment. Today, only around 20% of the vessels that would normally transit to Hormuz are actually doing so. The rest are either finding employment elsewhere or they're sitting in the Indian Ocean waiting for a green light to resume Middle East holdings. And where do the cargoes come from instead? It's North America. It's really the only region with enough capacity to substitute the lost Middle East supply. So we're seeing a meaningful number of vessels heading toward the Panama Canal. And because Panama comes with its own headaches, transit uncertainty and auction fees that can run into millions of dollars for one-way passage, many ships are going the long way around instead via the Cape of Good Hope. Either way, it's more days at sea. In shipping terms, that is called inefficiency. And inefficiency, at least in the short term, works in our favor. You simply need more ships to move the same amount of cargo from A to B, and that's positive for the supply and demand balance. We're seeing this play out in LPG, in ethane and in ethylene. And of the 3, ethylene is where the impact on our shipping demand has been the biggest. So let's turn to Page 13. Since the Strait close to commercial shipping on the 28th of February, ethylene exports out of the U.S. have been climbing. You can see it on the right-hand graph on March, April and May were particularly strong. Most of that volume went transatlantic to Europe. And why? Because the arbitrage between U.S. and European pricing was at its widest. You can see this on the left-hand graph with the light blue line sitting above the others, meaning an exporter of U.S. ethylene could on paper make the biggest netback selling to European buyers. That picture has shifted over the past couple of months. Both graphs show it. The arbitrage is now widest to Asia, the dark blue line versus the gray line, and that's pulling ethylene across the Pacific. From where we sit, that's good news, longer voyages, more ton miles for the Handysize ethylene segment. And ethane pricing, which underpins U.S. competitiveness for both ethane and ethylene has stayed remarkably flat through all the volatility. Ethane is really the rock in all of this. This is key when thinking about long-term fundamentals. These exports drove our utilization higher, and you can see that on Page 14. We averaged 90.8% for the quarter, well above the same quarter last year. This is illustrated by the green dotted line on the left-hand graph. Now towards the end of the quarter, uncertainty crept in, the geopolitics, the Strait itself, the U.S. Iran memorandum of understanding on ceasefire, conflicting messages became the norm, like a traffic light flipping from green to orange to red and back again for the straight transits. That clearly resulted in less activity. Many market participants simply went into wait-and-see mode. That said, ethylene seems to have found a floor when looking at the dotted dark blue line on the right-hand graph. Volumes have come off the record highs of May, yes, but recent exports are still running above historical average for this time of the year, and that is good to see. Moving to fleet supply on Page 15. The order book across the gas segments is largely unchanged from last quarter, which is also applicable for our Handysize segment. As Mads mentioned in his opening remarks, we have a low order book, both in absolute numbers and as a percentage of the operating fleet of 125 vessels. We believe this is very much manageable going forward. One thing to note, our 8 smaller ships, the dark blue box at the bottom middle of the chart will drop out of the picture by next quarter's call meeting as they are part of the Unigas transaction we just announced and which was commented on. And finally, market rates on Page 16. It shows the updated Clarksons 12-month time charter assessment. Rates rose during the second quarter on the surge in demand across all vessel classes, including Handysize. The assessment has since come back to pre-Hormuz levels. But let's remember, those pre- Hormuz levels were quite robust to begin with. And as always, spot rates can run above the 12-month assessment that aren't necessarily captured by this index. So to wrap it up, global trade disruption is generally positive for shipping, and we've seen that firsthand, particularly in ethylene exports on seagoing demand for our vessels. These inefficiencies, Panama being a good example, won't disappear anytime soon. What's holding back the record 2Q volumes from carrying Strait into third quarter is uncertainty. Market participants are hesitant to commit beyond critical keep their lights on deals and are shying away from longer-term transactions. But the market itself remains robust at levels similar to before almost happen. With that, over to Randy. Randy, what do you got to share? Randall Giveans: Thank you, Or. I have plenty to share. So as Mads mentioned earlier, there have been several recent developments that we want to provide some additional details and updates on. So starting on Slide 18. During the second quarter, we paid a $0.07 quarterly cash dividend that totaled $4.3 million, and we repurchased over 270,000 common shares of NVGS in the open market, which totaled $6.3 million at an average price of around $23.19 per share. As we announced in May, our capital return policy currently now includes a fixed quarterly cash dividend of $0.07 per share as part of our quarterly payout percentage of 35% of net income. So as a result, we are returning a total of $18.5 million to shareholders during this third quarter. The Board has declared a cash dividend of $0.07 per share payable on September 1 to all shareholders of record as of August 19. That equates to another quarterly cash dividend payment of $4.3 million. Additionally, with our shares trading well below NAV of more than $30 a share, we use the variable portion to return capital via share buybacks. As such, we plan to repurchase $14.2 million of our shares between now and quarter end so that the dividend and the share repurchases together equal 35% of net income or $18.5 million for the quarter. But wait, there's more. So starting next quarter, the Board approved an increase of the fixed quarterly cash dividend amount to $0.08 per share. So that's a 14% dividend increase. With a strong balance sheet and consistent earnings, we hope to steadily improve our capital return policy going forward. Now turning to Slide 19. Throughout the years, we've been saying how attractively value our shares are, and we continue to put our money where our mouth has been. So since December 2022 and including our recently declared return of capital to be distributed here in the third quarter, we will have soon returned over $300 million to shareholders, including $50 million in cash dividends and $256 million of share buybacks. So for a quick recap, as you can see on that bottom left chart, we had about 56 million shares outstanding for many years up until the merger with Ultragas, which happened almost exactly 5 years ago. We issued 21 million shares in exchange for 18 vessels. Now since peaking at that 77 million share number in late '21, we have repurchased 16 million shares at an average price of roughly $16 per share. So our total return of capital equates to around $4.40 per share based on the average share count of about 70 million shares during the time, so a 28% return. As seen over the last few years, we want to reiterate that returning capital to shareholders will remain a priority for us going forward. Now looking at our ethylene export terminal on Slide 20. As previously guided, ethylene throughput volumes increased to a record high of 374,000 tons during the second quarter, and that's despite an increase in domestic ethylene prices, where multiple European crackers underwent turnarounds. Furthermore, both the European and Asian demand for U.S. ethylene also increased, and that's due to the recent surge in oil-based naphtha prices. The wide arbitrage driven by much higher international ethylene prices during the second quarter led to numerous spot customers buying cargoes from the terminal at fairly robust rates. Now importantly, we've also signed 4 new offtake contracts this year with the most recent contract commencing in June. Looking ahead to the third quarter, throughput has decreased this summer due to falling naphtha prices, global inventory destocking and the recent restarts of multiple European crackers. Also, summers are hot here in Houston, so that slightly impacts the terminal's operations. However, volume should increase in the coming months, along with the widening of the arbitrage and inventory restocking. Additionally, discussions are ongoing with multiple customers for take-or-pay contracts commencing here in the coming months, though oil price volatility and the geopolitical uncertainties are likely to persist in the near term, thus impacting the exact timing and scale of those new offtake contracts. Now looking at our fleet on Slide 21. We continue to rightsize our fleet by selling our older, smaller vessels and those noncore assets. So in April, we sold the Navigator Pegasus, a 2009-built 22,000 cubic meter semi-ref gas carrier to a third party for $30.5 million, netting a gain of $15.3 million. Now this was the ninth vessel we've sold since 2022, and all of those have an average age of 22 years at the time of sale. To note, each of the vessel sales resulted in a pretty good book gain. Now on the other hand, during that same time frame, we have purchased 8 modern secondhand ethylene carriers, and those have been an average age of 8 years at the time of purchase. So we haven't only been selling vessels. Now most recently, we signed definitive agreements to sell our 8 Unigas vessels for $183 million. So after repaying a total of $54 million of associated debt, of which around $18 million was outstanding at the end of June, the net cash proceeds will be around $129 million. Now these 8 vessel sales result in a book gain of about $65 million to $70 million, so it's more than $1 per share, which we will book upon vessel deliveries here in the coming months, most of which in the third quarter, maybe some that slip into October. So looking at all of our 17 vessel sales in the last 4 years, including the Unigas vessels, total proceeds expected to be a total of $342 million. And after all the debt repaid total net cash proceeds of $288 million. Now our current fleet consists of 54 vessels with an average fleet age of just over 12.5 years and an average size of just over 21,000 cubic meters. Now excluding the Unigas vessels, our fleet would be slightly younger with an average age of below 12.5 years and slightly larger with an average cubic meters of around 23,000. Lastly, we continue to upgrade our vessels with some energy savings technologies. More details are on Slide 28, and we'll continue to roll out some new artificial intelligence and AI programs to make our fleet even more efficient. Now finishing on Slide 22. I want to personally invite you, all of you, to our upcoming 2026 Analyst Investor Day here in Houston, Texas in a few months from now. So on Tuesday afternoon, November 17, we'll be hosting our Morgan's Point tours of the ethylene export terminal and one of our vessels. So just take a look at the picture to the right and imagine yourself climbing on board that beautiful gas carrier and seeing the Flex chain chilling ethylene down to negative 104 degrees Celsius. It's a thing of beauty. Later that evening, the management team and members of our Board of Directors will host a dinner for our analysts and investors. Now on Wednesday morning, November 18, we'll host company and industry presentations covering the current market trends, a financial update as well as our medium-term strategy. We'll then have lunch followed by an appreciation event for analysts, shareholders, customers and partners. So I'll personally guarantee that the weather will be much cooler than it is today in Houston. With that, I'll now turn it back over to Mads for some closing remarks. Mads Zacho: Thank you a lot, Randy. I'll certainly be there. Q2 2026 was a quarter where everything came together, record net income, record EBITDA, record TCE rates, record terminal throughput, all in the same quarter. And that, of course, doesn't happen by accident. It reflects the strength of the platform that we have built over the years. The numbers speak for themselves, but I want to just take a moment to point to what's all underneath them. Our cash breakeven sits below $22,000 per day. Leverage has come down to 2.2x and financing is now in place for all 6 newbuilds. And the Unigas sale proceeds are still to come, and that will certainly give us significant financial flexibility going into the second half. Q3 may become slightly softer commercially, but expected to remain healthy. TCE and utilization may normalize from record levels. Terminal volumes will ease as the ethylene arbitrage tightens and the European crackers restart. But the structural story has not changed. U.S. ethane remains the lowest cost feedstock in the world. The Handysize order book is thin and the growing share of the existing fleet that's getting too old to remain competitive is right ahead of us. We enter Q3 from a position of real strength, a clean balance sheet, a clear capital return policy now at 35% of net income and a fleet that's getting younger and more efficient with every newbuild delivered and every older vessel being sold. So thanks a lot for listening. And now back to you, Randy. Randall Giveans: Thank you, Mat. Operator, we'll now open the lines for some Q&A. [Operator Instructions] Omar Nokta: This is Omar from Clarksons Securities. I have a couple of questions. I was just jumping back and forth with another call, so I may have missed this in the commentary. But I just wanted to ask about the balance sheet and the drawdown of the $91 million from your revolvers back in April. Early during the Hormuz crisis, it sounded like as a precautionary measure. You're fully drawn as of the end of the quarter. Are you still fully drawn as of now? And what are your plans near term with that cash? Do you repay it, invest it or just simply keep it on the balance sheet? Gary Chapman: Yes. Omar, yes, we did cover that in there, but I can cover it again real quick. We did draw it down. It is still fully drawn. And our plan is to obviously take a look at the situation, but particularly with the proceeds coming in from our Unigas fleet sale. Our plan is to likely repay those revolvers over the course of the next couple of months. Omar Nokta: Okay. All right. That's clear. And then just in terms of the -- as we think about things from here, you had your strongest quarter ever in terms of, as you mentioned, revenue and rate and earnings and so on. You got nearly $34,000 a day on the Handysize as an average rate. How do we think about that trending for the third quarter? Arbs have narrowed a bit from the very high levels that we saw back in the second quarter. They're still elevated. You do expect a bit lower terminal throughput, but we're still seeing headline rates remain elevated. How do you think about that as we think about earnings power from here? Is it the utilization that maybe comes off, but the rate itself can hold at this latest level? Or do we see them kind of reverting back to the averages you captured back in the first quarter? Oeyvind Lindeman: There's a relationship between utilization and rates and our priority is to obviously try to push both as high as we can. I think the graph from the 12-month time charter assessment issued by Clarksons shows this bump in assessment during the last 3 quarters and it come down to pre-Hormuz level as we commented on, which is pretty strong still. So we expect -- yes, it's slightly softer than the second quarter, but it's still quite robust going into the third quarter as well. Spiro Dounis: You got Spiro here from Citi. Maybe starting off, I want to talk about next strategic steps here. You've secured financing for all your new builds. I believe you contracted most of Morgan's Point at this point, maybe a little bit left. You're reaching what looks like maybe the tail end of the fleet renewal process for now anyway. So a lot of major items checked off that list. But something tells me you're not going to be sitting on your hands, especially with all this liquidity. So how should we think about next steps for you? What's on the checklist now? And maybe how to think about the timing when you start to move there? Mads Zacho: Yes. I think, by and large, nothing has really changed in terms of our strategy. We are looking for opportunities to consolidate the segments where we are strong. That goes for the Handysize segment, that goes for the MGC segment. So we'll be looking for opportunities here to add to our feet if we find modern tonnage at attractive prices. This is certainly -- I think those commercial synergies or the underlying case, you could say, for doing so is very healthy right now, and we'll continue to look around for those. It has been a little bit harder, you could say, given the uncertainty that we are seeing geopolitically right now, which means that the bid-ask spreads, they may have widened a bit when spot rates have been elevated the way they have. I mean, that does raise expectations. But we also see that there is a big order book on the VLGCs and the MGCs. So let's see over the next coming quarters, and we are patient people, but over the next couple of quarters and into '27, '28, what opportunities will be coming. We enjoy having the financial and strategic flexibility to go and do those transactions when they make sense. But I mean, all that goes, of course, together with the capital return policy that we have been gradually increasing our return to shareholders and our plan is to continue to do that in a very measured and predictable manner. Spiro Dounis: Great color, Mads. Second question, maybe just switching gears a bit here to the customer mindset. You talked about customers being apprehensive to contract given all the uncertainty. But maybe just put a finer point on when the dust settles, how you're thinking about the long-term impacts from this conflict and how that impacts Navigator? Do you see customers signing up for term? Are you seeing new names show up on your customer list? And I guess, ultimately, what sort of signals do you think customers are waiting for to really start contracting again? Oeyvind Lindeman: It's good question, Spiro. As Randy mentioned, there's new terminal contract offtake agreements signed post Hormuz. So clearly, the signaling, I think, of what we're hearing from customers that definitely, reliability on your supply chain for the molecules that you need becomes top priority. So it's not only about price and shortest distance from the producer. So the Hormuz has really put that front and center. And reliability is definitely placed along the U.S. Gulf Coast and East Coast in terms of these molecules, so be that LPG, be it ethane or be it ethylene. So I think more interest is coming there. It's obviously quite difficult to commit to a longer-term contract with everything that is happening, but the underlying sentiment is being pushed towards the United States of America, and we will benefit from that. Unknown Analyst: This is [indiscernible]. Just maybe following up on Spiro's questions here, looking at the terminal performance, can you talk about how we should think about the fixed versus more variable or spot exposed portion of the EBITDA for the quarter here? Randall Giveans: Specifically at the terminal level? Unknown Analyst: Yes, Randy. Randall Giveans: Yes, that's a good question. So we haven't gone into the exact details. The majority of the capacity has been sold on take-or-pay contracts, but also the spot rates were above the rates that we charge on the kind of time charter or the offtake contract level. So the volume that was spot is lower than that of contracted. But when you bake in the rates at higher levels, it was a pretty even mix there. Unknown Analyst: Randy, just to follow up on that. You talked a little bit about warmer weather and seasonality here. How should we be thinking about, I guess, an annualized run rate on the terminal, just taking into account some of that weather pattern and/or regular maintenance or downtimes? Randall Giveans: Yes. So the full year, the terminal can do around 1.55 million tons. In the colder months, you can get a little bit above nameplate capacity. In the warmer months, you're pretty much right at it, maybe slightly under it, especially here in July and you live in Houston, you know August. So on a full year basis, though, we're still getting to the 1.55. That's around 130 or so thousand tons per month. There is some variability there. Obviously, you saw with the Flex Train, we were able to do 150,000, 160,000 tons a couple of months, March, April, May specifically. So there is going to be a little bit of operational impact from the temperatures, but it's more commercial driven, right? And then within the Allstate contracts, if an offtaker, let's just use the round number, has 100,000 tons or 120,000 tons per year, that doesn't mean they have to do 10,000 tons per month, right? So every quarter, there's some minimums and maximums. So they may have pulled some in to second quarter, maybe not taking as much in the third quarter, likely taking more in the fourth quarter depending on the widening of the arbitrage. So there's a lot of factors at play in terms of kind of forward run rate from these levels. Unknown Analyst: Got it. All right. So my second question just relates to some comments that Oeyvind made during marine money this year. So just taking a step back, looking at the general environment, we're in a spot right now where it looks like natural gas prices are elevated and pretty volatile, which generally doesn't play very well to certain price-sensitive buyers or markets, especially in the emerging markets. Do you think Navigator has a role to play here in terms of additional infrastructure projects that could deliver alternative fuel gases other than methane to the market? Oeyvind Lindeman: Definitely, we have the wherewithal, the balance sheet, the knowledge and the floating assets and partners. We had the example with enterprise product partners to put in infrastructure to create a supply for the customers that want it. So I think we have all the pieces together. I think the environment as to the previous question, whereby perhaps Asian consumers are looking at perhaps putting in ethylene storage or ethane storage for their businesses as an alternative for naphtha coming from the Strait of Hormuz. So I think we have the assets and the knowledge to do it. So the biggest challenge is, of course, to land those things, but it's definitely something we are trying to develop. Climent Molins: This is Climent Molins from Value Investor's Edge. I wanted to ask about Azane Fuel Solutions. Could you talk a bit about the total CapEx for the project as well as how much of that would be attributable to you net of the grant? How does the guidance for this CapEx look like if the project goes forward? Oeyvind Lindeman: It's very straightforward, Climent. The Norwegian government have awarded Azane Fuel solutions NOK 442 million, which, let's call it, $45 million. And that to cover 80% of the CapEx for the 3 terminals that they intend to construct on the West Coast of Norway. So most fantastic large piece of the CapEx is a grant, with no strings attached, which is, I think, answers your question. Climent Molins: Yes. That's helpful. And you've already touched on capital allocation, but I wanted to delve a bit deeper on your plans to allocate the proceeds from the sale of the Unigas vessels. Part of it of the gains will be used to repurchase shares, but could that be complemented with, let's say, incremental repurchases or should we expect most of that to be kept on the balance sheet in anticipation of other opportunities? Mads Zacho: I mean an important capital return will take place once the sale has been completed because as we mentioned, there's a potential net gain of $65 million to $70 million and with a 35% return on capital return policy, there's going to be a significant contribution coming from that. As to the remainder of it, we haven't earmarked those funds for now. As I mentioned before, we are looking at various opportunities, and it's still this consolidation gain that is central to our strategy and then also the infrastructure projects that we are working on. So there will be some growth element to it. But it's not going to be something that we will tick like a clockwork over the next couple of quarters. It will be -- it could be lumpy, and it may take some patience. We are very patient investors. Randall Giveans: Thank you, Climent. That completes our Q&A. Mads, over to you. Mads Zacho: Yes. No, I just want to say thanks a lot for listening. It was a fantastic quarter. Thank a lot for all the great questions from the analysts and do reach out if you need any further discussion from me, from Randy. We always appreciate your engagement. So all the best, and have a fantastic day. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Navigator Holdings (NVGS) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. Navigator Holdings (NVGS) drew fresh attention this week after reporting higher second quarter and first half 2026 revenue and net income, alongside a declared quarterly dividend and new vessel financing arrangements. See our latest analysis for Navigator Holdings. Despite the strong second quarter update, Navigator Holdings’ recent share price has softened, with the 7 day share price return down 7.52% and the 90 day share price return down 10.17% from a last close of US$20.67. Over the longer term, total shareholder returns of 32.14% over one year and 132.63% over five years point to gains built up over time, suggesting momentum has cooled in the short term. If you are reassessing your energy and infrastructure exposure after Navigator Holdings’ latest results, it could be a good time to look at 36 power grid technology and infrastructure stocks as potential additions to your watchlist. Bulls may see Navigator Holdings’ earnings jump and dividend as support for the recent share price, while bears point to the softer short term return. Which case does the current valuation lean toward next? At a last close of $20.67, the most followed narrative on Navigator Holdings points to a fair value of $25.25, which frames today’s pullback in a very different light for valuation focused investors. Read the complete narrative. Want to see how that cleaner fuels story gets turned into a mid $20s fair value for Navigator Holdings? The narrative leans on specific revenue paths, margin assumptions, and a future earnings multiple that is usually reserved for companies in stronger growth brackets. Curious which forecasts carry the most weight in that calculation and how sensitive the outcome is to a single input moving slightly? Result: Fair Value of $25.25 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the Navigator Holdings story can shift quickly if geopolitical disruptions hit trade routes again or if new vessel supply pressures day rates and margins. Find out about the key risks to this Navigator Holdings narrative. The popular fair value narrative for Navigator Holdings centers on a mid $20s price, yet the SWS DCF model points in the opposite direction. On that measure, the stock at $20.67 screens as expensive relative to an estimated future cash flow value of $8.06. Which signal do you treat as more important? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Navigator Holdings for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 51 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. This mix of optimism and caution around Navigator Holdings shows how divided sentiment can be. For a clearer view, check the 3 key rewards and 4 important warning signs. Do not stop with Navigator Holdings. Use the screener to spot fresh opportunities, compare quality, and build a watchlist that reflects how you want to invest. Target potential mispricings by scanning for companies that look attractively valued using the 51 high quality undervalued stocks. Focus on resilience by reviewing the 79 resilient stocks with low risk scores and see which stocks score well on downside protection. Hunt for future leaders with strong fundamentals that the market has not fully noticed yet through the screener containing 19 high quality undiscovered gems. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NVGS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Navigator Holdings Ltd.? Here are five stocks we like better. Navigator posted record Q2 2026 results, with net income rising to $53.0 million, EBITDA reaching $101.6 million and average TCE rates hitting a record $33,946 per day. Fleet utilization also improved year over year to 90.8%. Morgan’s Point set a quarterly throughput record of 374,278 tonnes, while Navigator continued to strengthen liquidity through vessel sales and newbuild financing. The planned sale of eight Unigas vessels is expected to generate approximately $129 million in net cash proceeds. Management expects Q3 performance to moderate from record Q2 levels as terminal volumes, utilization and TCE rates ease, but it remains positive on long-term demand driven by U.S. natural gas liquids production and a limited handysize vessel order book. Navigator also plans to raise its fixed quarterly dividend to $0.08 per share. Navigator (NYSE:NVGS) reported record second-quarter results for 2026, citing higher shipping demand, elevated time charter equivalent rates and record throughput at its Morgan’s Point ethylene export terminal. The company said it had no vessels operating in or transiting the Strait of Hormuz and had not experienced material operational effects from the Middle East conflict. However, management said shipping disruptions have supported demand for North American commodity exports and increased vessel inefficiencies across key trade routes. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling “Q2 2026 was an exceptional quarter,” management said during the earnings call, pointing to all-time highs for net income, EBITDA, earnings per share and average TCE rates. Navigator reported net income attributable to stockholders of $53.0 million, or $0.86 per share, compared with $21.5 million, or $0.31 per share, in the second quarter of 2025. EBITDA reached a record $101.6 million, up from $80.3 million in the first quarter and $71.9 million a year earlier. Adjusted EBITDA was $86.4 million, compared with $65.0 million in the prior quarter and $60.1 million in the year-earlier period. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Average TCE rates rose to a record $33,946 per day, exceeding $29,684 per day in the first quarter and $28,216 per day in the second quarter of 2025. Fleet utilization was 90.8%, compared with 90.6% in the first quarter and 84.2% a year ago. Chief Financial Officer Gary Chapman said higher voyage expenses during the period were largely pass-through costs related to bunker fuel and other spot-voyage expenses. Vessel operating expenses were $47.1 million, broadly unchanged in dollar terms, although daily operating costs increased due to crewing, logistics and the timing of project-related costs. → No Hangover: Revisiting Microsoft One Week After Earnings Navigator’s all-in cash breakeven estimate for 2026 increased to $21,990 per vessel per day from $21,230 in the prior-quarter estimate, primarily because the pending sale of eight Unigas Pool vessels will reduce the number of fleet ownership days over which costs are spread. The company’s Morgan’s Point ethylene export terminal processed a record 374,278 tonnes during the quarter. Navigator’s share of terminal results, reflected in equity-method investment income, was $7.1 million, up from $4.8 million in the prior-year quarter. Executive Vice President Randy Giveans said international demand for U.S. ethylene rose during the quarter as higher oil-based naphtha prices supported the economics of U.S. supply. The company has signed four new terminal offtake contracts so far this year, including one that began in June, and said discussions with additional potential customers remain active. Giveans said terminal throughput is expected to decline during the third quarter due to lower naphtha prices, global inventory destocking, European cracker restarts and seasonal summer operating conditions in Houston. He said the terminal can process roughly 1.55 million tonnes annually. Navigator continued to reshape its fleet during the quarter. In April, the company sold the 2009-built Navigator Pegasus for $30.5 million, recording a $15.3 million gain. In July, Navigator entered definitive agreements to sell eight Unigas vessels for $183 million. The company expects most Unigas vessel sales to close in the third quarter, with some potentially extending into October. After associated debt repayment, net cash proceeds are expected to total about $129 million, and Navigator expects a book gain of $65 million to $70 million. Cash equivalents and restricted cash totaled $274 million at June 30, rising to $362 million as of Aug. 3 following financing drawdowns. Net debt was $653 million at quarter-end, while net debt to last-12-month adjusted EBITDA declined to 2.2 times from 2.5 times at March 31. The company said loan-to-fleet value was about 31%, or below 30% when including a value for its Morgan’s Point investment. Navigator has completed financing arrangements for all six of its vessels under construction: four Panda ethane/ethylene carriers and two Coral ammonia carriers. Chapman said Navigator drew more than $91 million under revolving credit facilities in April as a precaution amid geopolitical uncertainty. The facilities remain fully drawn, though the company expects to repay them in coming months as proceeds from the Unigas sale are received. The company also said its investment in Azane Fuel Solutions is progressing toward a final investment decision for three ammonia bunkering terminals on Norway’s west coast. According to management, the Norwegian government awarded Azane NOK 442 million, or about $45 million, which Navigator said would cover 80% of planned capital expenditures for the terminals. Navigator’s board declared a second-quarter dividend of $0.07 per share, payable Sept. 1 to shareholders of record as of Aug. 19. The company expects to return 35% of second-quarter net income to shareholders, consisting of the $4.3 million dividend and approximately $14.2 million in planned share repurchases through Sept. 30. Beginning in the third quarter, Navigator plans to increase the fixed component of its quarterly dividend to $0.08 per share, while maintaining its policy under which fixed and variable capital returns together equal 35% of net income attributable to stockholders, subject to board approval. For the third quarter, management expects TCE rates, utilization and terminal volumes to moderate from second-quarter records. Chief Commercial Officer Oeyvind Lindeman said the Clarksons 12-month time-charter assessment has declined to pre-Hormuz levels after rising during the second quarter, though he characterized those levels as still robust. Management said the longer-term market outlook remains supported by growing U.S. natural gas liquids production, demand for reliable North American supply chains and a limited handysize vessel order book. Navigator said the order book represents 11% of the operating handysize fleet, while 17% of vessels are more than 25 years old. Navigator Holdings Ltd. is a global shipping company specializing in the seaborne transportation of liquefied gases. The company's fleet is purpose-built to carry a range of petrochemical gases, including liquefied petroleum gas (LPG), ethylene, propylene and ammonia. Navigator's vessels are designed to meet the stringent safety and environmental standards required for handling pressurized and refrigerated gases, offering flexible capacity to customers across the energy and chemical sectors. Navigator operates one of the largest and most modern fleets of gas carriers in the industry, with vessels ranging from fully pressurized gas carriers to specialized very large ethane carriers (VLECs). This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Navigator Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved all-time records for net income, EBITDA, and TCE rates, driven by a combination of high utilization and favorable market inefficiencies. The Strait of Hormuz conflict acted as a significant demand catalyst, redirecting customers toward North American supply chains and increasing ton-mile demand due to longer voyages. Ethylene export terminal at Morgan's Point reached record throughput of 374,000 tons, benefiting from high naphtha prices that made U.S. ethylene more competitive globally. Strategic fleet optimization continued with the divestment of the 8 Unigas Pool vessels for $183 million, focusing the portfolio on larger, more modern assets. Maintained a structurally low all-in cash breakeven below $22,000 per day, providing significant headroom even as market rates begin to normalize. Secured comprehensive financing for all six newbuild vessels, including the company's lowest-ever margin facility at 135 basis points plus SOFR. Management expects Q3 TCE rates and terminal volumes to moderate from record levels due to seasonal patterns and a tightening ethylene arbitrage. Fleet renewal math remains favorable as the Handysize order book stands at only 11% while 17% of the global fleet is over 25 years old. Capital return policy has been increased to a 35% payout of net income, with the fixed dividend element rising to $0.08 per share starting in Q3. Final investment decision is pending for the Azane Fuel Solutions project, which involves building three ammonia bunkering terminals supported by a Norwegian government grant. Proceeds from the Unigas vessel sales are expected to provide significant financial flexibility for potential consolidation in the Handysize and MGC segments. The sale of the Unigas Pool fleet is expected to generate a net book gain of $65 million to $70 million, primarily impacting Q3 results. Precautionary drawdown of $91 million from revolving credit facilities in April remains on the balance sheet to mitigate geopolitical uncertainty, with plans to repay in the coming months. Operational impacts from high summer temperatures in Houston are expected to slightly limit terminal throughput capacity in the near term. Geopolitical volatility continues to cause market participants to favor short-term 'keep the lights on' deals over longer-term contracting. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed the funds remain fully drawn as a buffer against geopolitical uncertainty. The company intends to repay these revolving facilities over the next few months using proceeds from the Unigas fleet sale. Rates are expected to be slightly softer than the record Q2 but will remain robust and consistent with pre-Hormuz levels. Management emphasized that while the 12-month assessment has moderated, spot rates often perform above these indices. Navigator remains focused on consolidating the Handysize and MGC segments through modern secondhand tonnage if prices are attractive. Management is maintaining a patient approach to M&A due to widened bid-ask spreads caused by elevated spot rates and geopolitical uncertainty. The grant covers approximately 80% of the CapEx for three ammonia terminals, significantly reducing the company's direct capital requirement. This project aligns with the strategy to provide infrastructure for alternative fuel gases beyond methane.

LONDON, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Navigator Holdings Ltd. (described herein as “Navigator Gas” or the “Company”) (NYSE: NVGS), the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, announces today its results for the three months ended June 30, 2026. Second Quarter Financial Highlights For the quarter ended June 30, 2026, pursuant to the Company's capital return policy (the "Capital Return Policy") the Board of Directors of the Company declared, on August 4, 2026, a cash dividend of $0.07 per share of the Company's common stock, payable on September 1, 2026, to all shareholders of record as of the close of business U.S. Eastern Time on August 19, 2026, (the “Dividend”). The aggregate amount of the Dividend is expected to be approximately $4.3 million, which the Company anticipates will be funded from cash on hand. Also for the quarter ended June 30, 2026, pursuant to the Company's Capital Return Policy, the Company expects to repurchase approximately $14.2 million of its common stock between August 6, 2026, and September 30, 2026, subject to operating needs, market conditions, legal requirements, stock price and other circumstances (the “Share Repurchases”), such that the Dividend and the Share Repurchases together equal 35% of net income attributable to stockholders of the Company for the quarter ended June 30, 2026. For the quarter ending September 30, 2026, the Board of Directors of the Company approved, on August 4, 2026, an increase in the Fixed Element of the Company’s Capital Return Policy to $0.08 per share of the Company's common stock, while maintaining that the Fixed Element and the Variable Element together should equal 35% of net income attributable to stockholders of the Company. The declaration of any dividends, and the amount of any such dividends or share repurchases, including with respect to the quarter ending September 30, 2026, remain subject to approval by the Company's Board of Directors following the conclusion of each quarter. For the quarter ended March 31, 2026, on June 10, 2026, the Company paid a dividend of $0.07 per share of the Company’s common stock to all shareholders of record as of the close of business U.S. Eastern Time on May 20, 2026, totaling $4.3 million. The Company also repurchased 272,280 shares of common stock in the open market between March 16, 2026, and June 30, 2026, at an average price of $23.19 per share, totaling $6.3 million, such that the cash dividend and share repurchases together equaled 30% of net income attributable to stockholders of the Company in respect of the quarter ended March 31, 2026. The Company reported total operating revenues of $167.9 million for the three months ended June 30, 2026, compared to $129.6 million for the three months ended June 30, 2025. Disruption to transits through the Strait of Hormuz continued throughout the second quarter of 2026, constraining the availability of hydrocarbon products from the Middle East. End users sought alternative sources of supply, with Asian consumers in particular turning to North America for substitute volumes of LPG, ethane and ethylene. As a consequence, the price arbitrage between North America and Asia widened, supporting elevated freight rates for transportation between the two regions, while vessel utilization remained robust. Higher oil prices also increased demand for ethylene produced from competitively priced U.S. ethane. At the same time, a number of European crackers entered planned turnarounds, temporarily removing European ethylene production that had to be replaced by imports. These factors also resulted in record volumes of ethylene being exported through the Ethylene Export Terminal at Morgan’s Point in the second quarter of 2026. Net income attributable to stockholders of the Company was $53.0 million for the three months ended June 30, 2026, compared to $21.5 million for the three months ended June 30, 2025. Adjusted net income attributable to stockholders of the Company1 was $53.1 million for the three months ended June 30, 2026, compared to $22.2 million for the three months ended June 30, 2025. During the three months ended March 31, 2026, the Company revised its definition of Adjusted net income attributable to stockholders of the Company 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. EBITDA2 was $101.6 million for the three months ended June 30, 2026, compared to $71.9 million for the three months ended June 30, 2025. Adjusted EBITDA2 was $86.4 million for the three months ended June 30, 2026, compared to $60.1 million for the three months ended June 30, 2025. Basic earnings per share attributable to stockholders of the Company was $0.86 for the three months ended June 30, 2026, compared to $0.31 per share for the three months ended June 30, 2025, with the increase primarily due to an increase in net income attributable to stockholders of Navigator Holdings Ltd., and by a lower number of shares of common stock in issue in the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Adjusted basic earnings per share attributable to stockholders3 of the Company was $0.86 per share for the three months ended June 30, 2026, compared to $0.32 per share for the three months ended June 30, 2025, driven primarily by an increase in Adjusted net income attributable to stockholders of the Company4, and by a lower number of shares of common stock in issue in the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The Company increased its gross debt by $23.3 million to $920.4 million (net of deferred financing costs) during the three months ended June 30, 2026, as the Company made net repayments on loan facilities and revolving credit facilities of $71.1 million and the Company drew $28.5 million of the revolving credit portion of its $111.8 million December 2022 Term Loan and Revolving Credit Facility and $62.9 million of the revolving credit portion of its $147.6 million August 2024 Term Loan and Revolving Credit Facility, totaling $91.4 million. The Company reduced its gross debt by $3.1 million to $897.1 million (net of deferred financing costs) during the three months ended March 31, 2026, as the Company made net repayments on loan facilities and revolving credit facilities of $29.9 million, offset by the drawdown of $26.8 million from the March 2026 Senior Secured Term Loan (as defined below). At June 30, 2026, the Company's cash, cash equivalents, and restricted cash including available but undrawn credit facilities of $nil, was $273.8 million, compared to $291.0 million as of March 31, 2026, and $316.0 million as of June 30, 2025. On July 13, 2026, further to the non-binding letter of intent entered into on April 14, 2026, the Company entered into definitive agreements with Bernhard Schulte (Singapore) Holdings Pte. Ltd. (“Bernhard Schulte”) and Sloman Neptun Schiffahrts-Aktiengesellschaft (“Sloman Neptun”) for the sale of eight gas carriers (the “Unigas Vessels”), together with the Company’s shareholding in Unigas International B.V. (“Unigas B.V.”), the entity that commercially manages the Unigas Vessels through the Unigas Pool, for aggregate consideration of approximately $183.0 million (the “Unigas Transaction”). The combined book value in respect of the Unigas Vessels and the Company's holding in Unigas B.V. in the Company's accounts at June 30, 2026, was approximately $114.0 million. At June 30, 2026, the outstanding balance under the Company's May 2025 Secured Term Loan and RCF in respect of the Unigas Vessels was $18.3 million and was prepaid on July 27, 2026, and as a result all the security granted by the Company over Happy Albatross was released. The Unigas Transaction, which is subject to customary closing conditions, as well as delivery of the Unigas Vessels pursuant to it, is expected to be completed by the fourth quarter of 2026 after which the Company’s fleet, all other things being equal, will consist of 46 vessels, 18 of which will be ethylene and ethane-capable. The Company currently expects to recognize a profit on sale of the Unigas Vessels and the Company's holding in Unigas B.V. of between $66.0 million and $69.0 million, pursuant to the exact time at which each individual vessel is delivered based on operational practicalities. Other Highlights and Developments Fleet Operational Update The average daily time charter equivalent (“TCE”) rate across the fleet was $33,946 for the three months ended June 30, 2026, compared to $28,216 for the three months ended June 30, 2025, and $29,684 for the three months ended March 31, 2026. Utilization across the fleet was 90.8% for the three months ended June 30, 2026, compared to 84.2% for the three months ended June 30, 2025, and 90.6% for the three months ended March 31, 2026. We continue to monitor the ongoing geopolitical situation in the Middle East. During the three months ended June 30, 2026, none of our vessels operated in, or transited through, the Arabian Gulf or the Strait of Hormuz, and we have not experienced any significant operational impact on our vessels as a result. Disruption to transits through the Strait of Hormuz continued throughout the second quarter of 2026, constraining the availability of hydrocarbon products from the Middle East. End users sought alternative sources of supply, with Asian consumers in particular turning to North America for substitute volumes of LPG, ethane and ethylene. As a consequence, the price arbitrage between North America and Asia widened, supporting elevated freight rates for transportation between the two regions, while vessel utilization remained robust. Higher oil prices also increased demand for ethylene produced from competitively priced U.S. ethane. At the same time, a number of European crackers entered planned turnarounds, temporarily removing European ethylene production that had to be replaced by imports. These factors also resulted in record volumes of ethylene being exported through the Ethylene Export Terminal at Morgan’s Point in the second quarter of 2026. During the three months ended June 30, 2026, ongoing uncertainty around the Strait of Hormuz, including concerns regarding the security of vessel transits and the durability of the ceasefire, reduced our customers' willingness to commit to longer-term charter arrangements, with charterers instead favoring shorter, spot-oriented employment on a wait-and-see basis. Towards the end of the second quarter of 2026 as political tension appeared to ease between the U.S. and Iran, oil prices declined and arbitrage levels normalized. As of June 30, 2026, we had 30 vessels engaged under time charters, 16 vessels on spot voyage charters and contracts of affreightment ("COAs"), and eight vessels operating in the independently managed Unigas Pool. As of June 30, 2026, for the 12-month period commencing July 1, 2026, approximately 37% of our available days are covered by time charter contracts. For the same forward-looking 12-month period, our midsize vessels are exclusively on time charters, approximately 57% of our fully refrigerated vessels and 34% of our semi-refrigerated vessels are on time charters, while 89% of our ethylene-capable handysize vessels are expected to be employed in the spot voyage market. Into the third quarter of 2026, oil prices have declined and the price arbitrage between North America and Asia has narrowed from the elevated levels seen during the second quarter of 2026. Uncertainty regarding the direction of the market remains high, driven by continued disruption in the Strait of Hormuz, with traders reluctant to commit to longer-term positions pending greater clarity on outcomes. European crackers that were under turnaround during the second quarter of 2026 have returned to operation, reversing the European production deficit and the associated requirement for imported ethylene. We expect market conditions in the third quarter of 2026 to normalize from the exceptional levels experienced during the second quarter of 2026 while still remaining supportive of vessel demand. The handysize 12‑month forward‑looking market assessment for semi‑refrigerated vessels increased by $10,000 per calendar month (“pcm”) from the end of the first quarter of 2026, to $975,000 pcm at the end of the second quarter of 2026. The handysize 12‑month forward‑looking market assessment for fully refrigerated vessels increased by $65,000 pcm from the end of the first quarter of 2026, to $850,000 pcm at the end of the second quarter of 2026. The handysize 12-month forward-looking market assessment for ethylene-capable vessels increased by $75,000 pcm from the end of the first quarter of 2026 to $1,100,000 pcm at the end of the second quarter of 2026. Ethylene Export Terminal We own a 50% share in an ethylene export marine terminal at Morgan’s Point, Texas (the “Ethylene Export Terminal”) through a joint venture (the "Export Terminal Joint Venture") with Enterprise Products Partners. The Ethylene Export Terminal includes an ethylene cryogenic storage tank with a capacity of 30,000 tons, and has a nameplate capacity to export at least 1.55 million tons of ethylene per year and load ethylene-capable gas carriers at rates of 1,000 tons per hour. Our share of the results of our equity investment in the Ethylene Export Terminal was a gain of $7.1 million for the three months ended June 30, 2026, compared to a gain of $4.8 million for the three months ended June 30, 2025, and a gain of $2.6 million for the three months ended March 31, 2026. The Ethylene Export Terminal throughput for the three months ended June 30, 2026, reached a high of 374,278 metric tons ("mts"), compared to 268,117 mts for the three months ended June 30, 2025, and 300,537 mts for the three months ended March 31, 2026. The record throughput seen in the second quarter was the result of a much wider international price arbitrage driven by strong demand for U.S. ethylene in both Europe and Asia. We expect throughput for the third quarter of 2026 to be lower than the first and second quarters of 2026 as international end users are currently de-stocking inventories that were built during the second quarter of 2026. Also, the Ethylene Export Terminal cannot operate above nameplate capacity for an extended period of time, especially as throughput is seasonally impacted by the elevated ambient temperatures during the summer. Since January 2026, four new offtake contracts related to the Ethylene Export Terminal’s available ethylene volumes have been signed by new customers, and we continue to expect that additional capacity will be contracted during the second half of 2026. Ongoing geopolitical uncertainties however reduce customers' desire to commit to long-term contracts, and until further offtake contracts are signed available volumes will be sold and made available on a spot contract basis. Capital Return Policy The Company’s Capital Return Policy for any quarter comprises a fixed quarterly cash dividend (the “Fixed Element”) and a variable payout of either an additional cash dividend and/or share repurchases (the “Variable Element”), such that the Fixed Element and the Variable Element together equal a percentage of net income attributable to stockholders for the given quarter, subject to the approvals, conditions and limitations described below. On May 5, 2026, the Board of Directors of the Company announced that, in respect of the quarter ending June 30, 2026, subject to operating needs and other circumstances, the Company intended to pay a quarterly cash dividend of $0.07 per share of the Company's common stock as the Fixed Element, and to return additional capital in the form of further cash dividends and/or share repurchases as the Variable Element, such that the Fixed Element and, if any, the Variable Element together equal 35% of net income attributable to stockholders of the Company for the quarter ending June 30, 2026. This represented an increase from the 30% of net income attributable to stockholders of the Company that was approved and paid in respect of the quarter ending March 31, 2026. On August 4, 2026, the Board of Directors of the Company approved, in respect of the quarter ending September 30, 2026, an increase in the Fixed Element of the Company’s Capital Return Policy to $0.08 per share of the Company's common stock, while maintaining that the Fixed Element and the Variable Element together should equal 35% of net income attributable to stockholders of the Company. The declaration of any dividends, and the amount of any such dividends or share repurchases, including with respect to the quarter ending September 30, 2026, remain subject to approval by the Company's Board of Directors following the conclusion of each quarter. Any acquisition of the Company’s common stock under the Company’s Capital Return Policy (as revised from time to time) may be made via open market transactions, privately negotiated transactions or any other method permitted under U.S. securities laws and the rules of the U.S. Securities and Exchange Commission. The timing and amount of any dividends and share repurchases will be determined by the Company’s Board of Directors and management and will depend on market conditions, legal requirements, stock price, alternative uses of capital, financial results and earnings, restrictions in the Company’s debt agreements, required capital expenditures, and the provisions of Marshall Islands law affecting the payment of dividends to shareholders, as well as other factors. The Company’s Capital Return Policy (as revised from time to time) does not oblige the Company to pay any dividends or repurchase any of its shares and the payment of dividends and the repurchases of shares of common stock may be suspended, discontinued, or modified by the Company at any time, for any reason. Financing July 2026 Post-Delivery Senior Secured Term Loan. On July 31, 2026, the Company and certain of its subsidiaries as part of the Amon Joint Venture (as defined below) entered into a $121.8 million secured term loan (the “July 2026 Post-Delivery Senior Secured Term Loan”) with ING Bank N.V., London Branch, Société Générale and Oversea-Chinese Banking Corporation Limited to finance from delivery, up to 70% of the shipyard cost of two newbuild 51,530 cubic-meter capacity ammonia-fueled, ice-class, liquefied ammonia carriers Navigator Amundsen and Navigator Archer (the "Two Ammonia Newbuild Vessels"). All pre-delivery payments under the shipbuilding contracts until delivery of the vessels will be paid by the Company and certain of its subsidiaries as part of the Amon Joint Venture from cash on hand. The July 2026 Post-Delivery Senior Secured Term Loan is amortizing with a balloon payment of $85.26 million, and bears interest at a rate of Term SOFR plus 135 basis points. The July 2026 Post-Delivery Senior Secured Term Loan is expected to be drawn on delivery of each vessel, and matures at the earlier of 72 months after delivery of each vessel or 12 March 2035 (Ship Tranche A) and 12 July 2035 (Ship Tranche B). As of June 30, 2026, the facility was undrawn. June 2026 Pre-Delivery Secured Term Loan. On June 18, 2026, the Company and certain of its subsidiaries entered into a $164.6 million secured pre-delivery term loan (the “June 2026 Pre-Delivery Secured Term Loan”) with BNP PARIBAS (acting through its Tokyo Branch) as lead lender to finance up to 80% of the pre-delivery instalments to the shipyard for two of the Company’s Four Ethylene Newbuild Vessels (as defined below), Navigator Polaris and Navigator Proxima. The Company will use cash on hand to pay the remainder of the pre-delivery construction costs. The June 2026 Pre-Delivery Secured Term Loan is non-amortizing with a bullet repayment of $164.6 million, and bears interest at a rate of Term SOFR plus 160 basis points. The June 2026 Pre-Delivery Secured Term Loan is designed to be refinanced by the June 2026 JOLCO Financing (see below) and matures at the earlier of the refinancing of the vessels under the June 2026 JOLCO Financing, delivery of the second vessel, or April 27, 2028. As of June 30, 2026, the June 2026 Pre-Delivery Secured Term Loan was undrawn. On July 17, 2026, the Company drew $57.6 million from the June 2026 Pre-Delivery Secured Term Loan to recoup 80% of all pre-delivery instalments paid to the shipyard for the two vessels to date. June 2026 JOLCO Financing. On June 18, 2026, the Company obtained committed Japanese Operating Lease with Call Option ("JOLCO") financing of $205.8 million to refinance the June 2026 Pre-Delivery Secured Term Loan and provide long-term post-delivery financing for two of the Company’s Four Ethylene Newbuild Vessels (as defined below), Navigator Polaris and Navigator Proxima. The Company has effective break options after 5 years and 8.5 years and the full tenor of the June 2026 JOLCO Financing is 15 years. Under the terms of the arrangement, upon delivery of the vessels in December 2026 and June 2027, the Company is currently expected to make quarterly payments of approximately $2.1 million per vessel. As of June 30, 2026, the June 2026 JOLCO Financing was undrawn. Throughout the June 2026 JOLCO Financing, the Company will at all times retain responsibility for the commercial and technical operation of the two vessels, including crewing, maintenance, insurance and ship management. The June 2026 JOLCO Financing remains subject only to customary conditions precedent and closing procedures at or around the time of delivery of each of the two vessels. August 2021 Amendment and Restatement Agreement. On August 2, 2021, as part of the Ultragas Transaction, the Company entered into the August 2021 Amendment and Restatement Agreement with Danmarks Skibskredit A/S relating to a previously issued 2019 Senior Term Loan Facility to finance Happy Osprey, Happy Peregrine, Happy Pelican and Happy Penguin. The August 2021 Amendment and Restatement Agreement had a term of six years maturing in June 2026 and was for a maximum principal amount of $67.0 million. A repayment of $21.1 million was made for three of the four tranches of the facility on June 1, 2026, with the fourth and final tranche being repaid on June 15, 2026, for an amount of $8.0 million. As of June 30, 2026, the facility was fully repaid and all security granted by the Company over the four vessels was released. July 2015 Santander Credit Facility B. On July 31, 2015, the Company entered into the July 2015 Santander Credit Facility B with Banco Santander, S.A to finance two LPG carriers, Arctic Gas and Happy Avocet. The July 2015 Santander Credit Facility B was an amortizing facility, had a term of twelve years, maturing in January 2029, and was for a maximum principal amount of $55.8 million. A final payment of $14.0 million was made on June 2, 2026, and as of June 30, 2026, the facility was fully repaid and all security granted by the Company over the two vessels was released. Revolving Credit Facilities Drawdown. On April 2, 2026, in light of ongoing geopolitical developments in the Middle East and related market uncertainty, the Company drew $28.5 million of the revolving credit portion of its $111.8 million December 2022 Term Loan and Revolving Credit Facility and $62.9 million of the revolving credit portion of its $147.6 million August 2024 Term Loan and Revolving Credit Facility, totaling $91.4 million as a precautionary liquidity measure, placing the money on deposit. The Company continues to monitor market conditions and intends to repay the revolving credit amounts based on an assessment of market conditions and subject to the availability of cash and cash equivalents and other capital allocation considerations. Unigas On July 13, 2026, further to the non-binding letter of intent entered into on April 14, 2026, the Company entered into definitive agreements with Bernhard Schulte (Singapore) Holdings Pte. Ltd. (“Bernhard Schulte”) and Sloman Neptun Schiffahrts-Aktiengesellschaft (“Sloman Neptun”) for the sale of eight gas carriers (the “Unigas Vessels”), together with the Company’s shareholding in Unigas International B.V. (“Unigas B.V.”), the entity that commercially manages the Unigas Vessels through the Unigas Pool, for aggregate consideration of approximately $183.0 million (the “Unigas Transaction”). The combined book value in respect of the Unigas Vessels and the Company's holding in Unigas B.V. in the Company's accounts at June 30, 2026, was approximately $114.0 million. At June 30, 2026, the outstanding balance under the Company's May 2025 Secured Term Loan and RCF in respect of the Unigas Vessels was $18.3 million and was prepaid on July 27, 2026, and as a result all the security granted by the Company over Happy Albatross was released. The Unigas Transaction, which is subject to customary closing conditions, as well as delivery of the Unigas Vessels pursuant to it, is expected to be completed by the fourth quarter of 2026 after which the Company’s fleet, all other things being equal, will consist of 46 vessels, 18 of which will be ethylene and ethane- capable. The Company currently expects to recognize a profit on sale of the Unigas Vessels and the Company's holding in Unigas B.V. of between $66.0 million and $69.0 million, pursuant to the exact time at which each individual vessel is delivered based on operational practicalities. The Unigas Vessels are as follows: Navigator Gas will fully exit the Unigas Pool and proceeds are expected to be used for general corporate purposes. The Unigas Transaction is consistent with the Company’s ongoing focus on fleet optimization and disciplined capital allocation. The Unigas Vessels, with an average age of 13 years, represent non-core tonnage, and the Unigas Transaction will allow the Company to focus on its long-term fleet strategy which is centered on growing and consolidating handysize and midsize ethylene-capable vessels. Legal Updates In February 2025, as part of an investigation into allegations of corruption, Muhamad Kerry Adrianto and certain other business partners and executives of PT Pertamina (Persero), Indonesia's state-owned energy company (“Pertamina”), were arrested by Indonesian authorities. The allegations related to the mismanagement of crude oil and oil refinery products at Pertamina between 2018 and 2023. The legal proceedings linked with the investigation by local authorities related to nine individuals and concluded in February 2026, with all nine defendants being found guilty. Mr. Adrianto was given a custodial sentence of 15 years, a fine of around $60,000 and was ordered to pay compensation of approximately $173 million. On March 5, 2026, Mr. Adrianto lodged an appeal to his sentence with the High Court in Jakarta, Indonesia. On June 10, 2026, the High Court issued its appeal judgment, materially rejecting Mr. Adrianto's appeal, with his fine being reduced from around $60,000 to approximately $30,000 and the compensation order being increased from approximately $173 million to around $840 million. On June 22, 2026, Mr. Adrianto filed an appeal against the High Court's appeal decision to the Indonesian Supreme Court, and the Company continues to monitor developments. We are not aware of any link or connection between the Company or PTNK, our Indonesian joint venture, and the investigation or its findings other than through Mr. Adrianto, who served as a director of PTNK until September 2025, when he was replaced as a director of PTNK. Following the above, we continue to believe that the events surrounding Mr. Adrianto will not have a material impact on the Company or our operations. The following table presents selected operating data for the three months ended June 30, 2026, and 2025, which we believe are useful in understanding the basis of movements in our operating revenues. * Fleet Data - Our eight owned smaller vessels in the independently managed Unigas Pool at June 30, 2026, compared to the nine owned smaller vessels in the independently managed Unigas Pool at June 30, 2025, are excluded. On December 28, 2025, Happy Falcon, a 2002-built 3,770 cbm semi-refrigerated small gas carrier was redelivered from the Unigas Pool, which decreased the number of our vessels operating in the Unigas Pool from nine to eight. ** Non-GAAP Financial Measure - Time charter equivalent ("TCE") - TCE is a measure of the average daily revenue performance of a vessel. TCE is not calculated in accordance with U.S. GAAP. For all charters, we calculate TCE by dividing total operating revenues (excluding revenue from the Unigas Pool), less any voyage expenses, by the number of earning days for the relevant period. Under a time charter, the charterer pays substantially all of the vessel's voyage-related expenses, whereas for voyage charters, also known as spot market charters, we pay all voyage expenses and charge our customers for these costs through our sales invoicing. TCE is a shipping industry performance measure used primarily to compare period-to-period changes in a company’s performance despite changes in the mix of charter types (i.e., voyage charters, time charters and contracts of affreightment) under which vessels may be employed. We include average daily TCE as we believe it provides additional meaningful information. Our calculation of TCE may not be comparable to that reported by other companies. The following table represents a reconciliation of operating revenues, the most directly comparable financial measure calculated in accordance with U.S. GAAP, to TCE for the periods presented. *** Operating revenues and voyage expenses of our eight owned smaller vessels in the independently managed Unigas Pool at June 30, 2026, compared to the nine owned smaller vessels in the independently managed Unigas Pool at June 30, 2025, are excluded. On December 28, 2025, Happy Falcon, a 2002-built 3,770 cbm semi-refrigerated small gas carrier was redelivered from the Unigas Pool which decreased the number of our vessels operating in the Unigas Pool from nine to eight. Operating Revenues. Operating revenues, net of address commissions, were $156.1 million for the three months ended June 30, 2026, an increase of $38.9 million or 33.2% compared to $117.2 million for the three months ended June 30, 2025. This increase was primarily due to: an increase of approximately $20.0 million attributable to an increase in average monthly TCE rates, which increased to an average of approximately $33,946 per vessel per day ($1,032,520 per vessel pcm) for the three months ended June 30, 2026, compared to an average of approximately $28,216 per vessel per day ($858,234 per vessel pcm) for the three months ended June 30, 2025; an increase of approximately $9.2 million attributable to an increase in fleet utilization, which increased to 90.8% for the three months ended June 30, 2026, compared to 84.2% for the three months ended June 30, 2025; a decrease of approximately $3.5 million or 3.4%, attributable to a net 146-day decrease in vessel available days for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily as a result of the prior sales of Navigator Gemini and Navigator Saturn and the sale of Navigator Pegasus during the three months ended June 30, 2026, compared to the three months ended June 30, 2025; and an increase of approximately $13.1 million, primarily attributable to an increase in invoiced pass-through voyage expense for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Operating Revenues – Unigas Pool. Operating revenues – Unigas Pool was $11.9 million, a decrease of 4.6% for the three months ended June 30, 2026, compared to $12.4 million for the three months ended June 30, 2025. The decrease was due to Happy Falcon being redelivered from the Unigas Pool decreasing the number of our vessels operating in the pool from nine to eight, and decreased utilization across the pool fleet. These operating revenues represent our share of the operating revenues earned from our eight vessels operating within the independently managed Unigas Pool, based on agreed pool points. Brokerage Commissions. Brokerage commissions, which typically vary between 1.25% and 2.5% of operating revenues, were $2.0 million for the three months ended June 30, 2026, compared to $1.5 million for the three months ended June 30, 2025. Voyage Expenses. Voyage expenses increased by $13.1 million or 86.0% to $28.3 million for the three months ended June 30, 2026, from $15.2 million for the three months ended June 30, 2025. These voyage expenses are substantially pass-through costs and correspond to an increase in operating revenues of the same amount. The increase was primarily due to higher bunker fuel costs associated with higher oil and bunker prices during the three months ended June 30, 2026, including market volatility linked to geopolitical developments in the Middle East. Vessel Operating Expenses. Vessel operating expenses decreased by $0.3 million or 0.6% to $47.1 million for the three months ended June 30, 2026, from $47.4 million for the three months ended June 30, 2025, as a result of a decrease in the weighted average number of vessels from 58.5 vessels for the three months ended June 30, 2025, compared to 54.2 for the three months ended June 30, 20265. Average daily vessel operating expenses increased by $650 per vessel per day, or 7.3%, to $9,554 per vessel per day for the three months ended June 30, 2026, compared to $8,905 per vessel per day for the three months ended June 30, 2025, mainly driven by higher crewing costs and the timing of project related expenses incurred during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Depreciation and Amortization. Depreciation and amortization decreased by $3.4 million to $31.5 million for the three months ended June 30, 2026, compared to $34.8 million for the three months ended June 30, 2025. The decrease is as a result of the sales of Navigator Gemini, Navigator Saturn, Happy Falcon and Navigator Pegasus, and Navigator Pluto which became fully depreciated in August 2025. Depreciation and amortization included amortization of capitalized drydocking costs of $5.5 million for the three months ended June 30, 2026, and $5.7 million for three months ended June 30, 2025. General and Administrative Costs. General and administrative costs increased by $1.0 million to $11.3 million for the three months ended June 30, 2026, compared to $10.3 million for the three months ended June 30, 2025. The increase is primarily driven by project-specific legal and professional fees, as well as increased office-related expenses. Profit from Sale of Vessels. Profit from sale of vessels for the three months ended June 30, 2026, was $15.3 million related to the sale of Navigator Pegasus, compared to $12.6 million related to the sale of Navigator Venus during the three months ended June 30, 2025. Realized Loss on Non-designated Derivative Instruments. The realized loss of $0.4 million on non-designated derivative instruments for the three months ended June 30, 2026, relates to the termination and settlement of interest rate swaps that hedged the $55.8 million July 2015 Santander Credit Facility B which was repaid during the three months ended June 30, 2026. Unrealized Gain/Loss on Non-Designated Derivative Instruments. The unrealized gain of $2.4 million on non-designated derivative instruments for the three months ended June 30, 2026, relates to non-cash fair value gains on interest rate swaps that are used to hedge a number of our variable rate secured term loan and revolving credit facilities, as a result of increase in forward U.S. Dollar SOFR interest rates. This is compared to an unrealized loss of $1.3 million for the three months ended June 30, 2025. Interest Expense. Interest expense decreased by $1.7 million, or 11.4%, to $13.3 million for the three months ended June 30, 2026, from $15.1 million for the three months ended June 30, 2025. This is primarily a result of increased interest capitalized on the vessels under construction for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, which reduced the amount of interest expense recognized for the three months ended June 30, 2026. Unrealized Foreign Exchange Loss and Gain. The unrealized foreign exchange loss of $2.0 million for the three months ended June 30, 2026, relates to losses on foreign currency cash balances held, driven primarily by the Indonesian Rupiah weakening against the U.S. dollar during the three months ended June 30, 2026, compared to an unrealized foreign exchange gain of $0.8 million for the three months ended June 30, 2025. Income Taxes. Income taxes relate to taxes on our subsidiaries and businesses incorporated around the world, including those incorporated in the United States of America. Income taxes were an expense of $2.0 million for the three months ended June 30, 2026, compared to an expense of $1.5 million for the three months ended June 30, 2025, primarily related to movements in current and deferred taxes in relation to our equity investment in the Ethylene Export Terminal. Share of Result of Equity Method Investments. The share of the result of the Company’s 50% ownership in the Export Terminal Joint Venture was an income of $7.1 million for the three months ended June 30, 2026, compared to income of $4.8 million for the three months ended June 30, 2025. Volumes exported through the Ethylene Export Terminal were 374,278 tons for the three months ended June 30, 2026, compared to 268,117 tons for the three months ended June 30, 2025. Non-Controlling Interests. On September 30, 2022, the Company entered into a joint venture (the "Navigator Greater Bay Joint Venture") with Greater Bay Gas Co. Ltd. ("Greater Bay Gas"). The Navigator Greater Bay Joint Venture was owned 60% by the Company and 40% by Greater Bay Gas. On October 14, 2025, the Company increased its 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 $16.8 million. The Navigator Greater Bay Joint Venture continues to be accounted for as a consolidated subsidiary in our consolidated financial statements, with the proportion owned by Greater Bay Gas accounted for as a non-controlling interest. Net income attributable to Greater Bay Gas of $3.9 million is presented as part of the non-controlling interest in our financial results for the three months ended June 30, 2026, compared to net income attributable to Greater Bay Gas of $0.7 million for the three months ended June 30, 2025. The following table presents selected operating data for the six months ended June 30, 2026, and 2025, which we believe are useful in understanding the basis for movement in our operating revenues. * Fleet Data - Our eight owned smaller vessels in the independently managed Unigas Pool at June 30, 2026, are excluded. On December 28, 2025, Happy Falcon, a 2002-built 3,770 cbm semi-refrigerated small gas carrier was redelivered from the Unigas Pool which decreased the number of our vessels operating in the Unigas Pool from nine to eight. ** Non-GAAP Financial Measure - Time charter equivalent ("TCE") - TCE is a measure of the average daily revenue performance of a vessel. TCE is not calculated in accordance with U.S. GAAP. For all charters, we calculate TCE by dividing total operating revenues (excluding revenue from the Unigas Pool), less any voyage expenses, by the number of earning days for the relevant period. Under a time charter, the charterer pays substantially all of the vessel's voyage-related expenses, whereas for voyage charters, also known as spot market charters, we pay all voyage expenses and charge our customers for these costs through our sales invoicing. TCE is a shipping industry performance measure used primarily to compare period-to-period changes in a company’s performance despite changes in the mix of charter types (i.e., voyage charters, time charters and contracts of affreightment) under which vessels may be employed. We include average daily TCE as we believe it provides additional meaningful information. Our calculation of TCE may not be comparable to that reported by other companies. The following table represents a reconciliation of operating revenues to TCE. Operating revenues are the most directly comparable financial measure calculated in accordance with U.S. GAAP for the periods presented. *** Operating revenues and voyage expenses of our eight owned vessels in the independently managed Unigas Pool are excluded. Operating Revenues. Operating revenues, net of address commissions, were $285.9 million for the six months ended June 30, 2026, an increase of $28.8 million or 11.2% compared to $257.1 million for the six months ended June 30, 2025. This increase was primarily due to: an increase of approximately $17.7 million attributable to an increase in average monthly time charter equivalent rates, which increased to an average of approximately $31,826 per vessel per day ($968,056 per vessel per calendar month) for the six months ended June 30, 2026, compared to an average of approximately $29,391 per vessel per day ($893,969 per vessel per calendar month) for the six months ended June 30, 2025; an increase in operating revenues of approximately $6.4 million attributable to an increase in fleet utilization, which increased to 90.7% for the six months ended June 30, 2026, compared to 88.3% for the six months ended June 30, 2025; a decrease in operating revenues of approximately $7.2 million or 4.1% driven by a 276-day decrease in vessel available days for the six months ended June 30, 2026, due to the sales of Navigator Gemini, Navigator Saturn, and Navigator Pegasus, compared to the six months ended June 30, 2025; an increase in operating revenues of approximately $11.8 million, primarily attributable to an increase in pass-through voyage costs for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. Operating Revenues – Unigas Pool. Operating revenues – Unigas Pool was $22.6 million for the six months ended June 30, 2026, a decrease of 5.4% compared to $23.9 million for the six months ended June 30, 2025. The decrease was due to Happy Falcon being redelivered from the Unigas Pool decreasing the number of our vessels operating in the pool from nine to eight, and decreased utilization across the pool fleet. These operating revenues represent our share of the operating revenues earned from our eight vessels operating within the independently managed Unigas Pool, based on agreed pool points. Brokerage Commissions. Brokerage commissions, which typically vary between 1.25% and 2.5% of operating revenue, were $3.8 million for the six months ended June 30, 2026, compared to $3.5 million for the six months ended June 30, 2025. Voyage Expenses. Voyage expenses increased by $11.8 million or 33.0% to $47.7 million for the six months ended June 30, 2026, from $35.9 million for the six months ended June 30, 2025. These voyage expenses are substantially pass-through costs and correspond to an increase in operating revenues of the same amount. The increase was primarily due to higher bunker fuel costs associated with higher oil and bunker prices during the six months ended June 30, 2026, including market volatility linked to geopolitical developments in the Middle East. Vessel Operating Expenses. Vessel operating expenses decreased by $1.5 million or 1.6% to $92.9 million for the six months ended June 30, 2026, from $94.4 million for the six months ended June 30, 2025, as a result of a decrease in the weighted average number of vessels from 57.7 vessels for the six months ended June 30, 2025, compared to 54.9 for the six months ended June 30, 2026. Average daily vessel operating expenses increased by $311 per vessel per day, or 3.4%, to $9,353 per vessel per day for the six months ended June 30, 2026, compared to $9,042 per vessel per day for the six months ended June 30, 20256. The increase is driven by higher crew and maintenance costs incurred during the six months ended June 30, 2026, compared to the six months ended June 30, 2025. Depreciation and Amortization. Depreciation and amortization decreased by $5.6 million to $63.4 million for the six months ended June 30, 2026, from $69.0 million for the six months ended June 30, 2025, primarily due to the sales of Navigator Gemini, Navigator Saturn, Happy Falcon and Navigator Pegasus, and Navigator Pluto which became fully depreciated in August 2025. Depreciation and amortization included amortization of capitalized drydocking costs of $11.4 million and $11.4 million for the six months ended June 30, 2026, and 2025, respectively. General and Administrative Costs. General and administrative costs increased by $3.1 million or 17.1% to $21.5 million for the six months ended June 30, 2026, from $18.4 million for the six months ended June 30, 2025. The increase is primarily driven by project-specific legal and professional fees, as well as increased office-related expenses. Profit from Sale of Vessels. Profit from sale of vessels for the six months ended June 30, 2026, was $27.3 million related to the sales of Navigator Saturn and Happy Falcon in January 2026 and Navigator Pegasus in April 2026, compared to $12.6 million related to the sale of Navigator Venus during the six months ended June 30, 2025. Realized Loss on Non-Designated Derivative Instruments. The realized loss of $0.4 million on non-designated derivative instruments for the six months ended June 30, 2026, relates to the termination and settlement of interest rate swaps that hedged the $55.8 million July 2015 Santander Credit Facility B which was repaid during the six months ended June 30, 2026, compared to a realized loss of $1.2 million on non-designated derivative instruments for the six months ended June 30, 2025, which related to the termination and settlement of interest rate swaps that hedged the $210 million secured term loan and revolving credit facilities which was repaid during the six months ended June 30, 2025. Unrealized Gain and Loss on Non-Designated Derivative Instruments. The unrealized gain of $4.0 million on non-designated derivative instruments for the six months ended June 30, 2026, relates to non-cash fair value gains on interest rate swaps that are used to hedge a number of our variable rate secured term loan and revolving credit facilities, as a result of an increase in forward U.S. Dollar SOFR interest rates. This is compared to an unrealized loss of $2.4 million for the six months ended June 30, 2025. Interest Expense. Interest expense decreased by $2.3 million, or 8.3%, to $25.5 million for the six months ended June 30, 2026, from $27.8 million for the six months ended June 30, 2025. This is primarily a result of increased interest capitalized on the vessels under construction for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, which reduced the amount of interest expense recognized for the six months ended June 30, 2026. Unrealized Foreign Exchange Loss. The unrealized foreign exchange loss of $2.6 million for the six months ended June 30, 2026, relates to losses on foreign currency cash balances held, primarily driven by the Indonesian Rupiah weakening against the U.S. dollar during the period, compared to an unrealized loss of $0.1 million for the six months ended June 30, 2025. Net Other Income. In March 2026, the Company recognized $1.3 million for the six months ended June 30, 2026, in other income from a third party relating to a claim for damages caused to Navigator Neptune in 2021. The amount is the final settlement and no further amounts in relation to this matter are anticipated, compared to $4.8 million recognized in the six months ended June 30, 2025, in other income relating to a claim and damages caused to Navigator Aries in 2016 and received from a third party. Income Taxes. Income taxes relate to taxes on our subsidiaries and businesses incorporated around the world including those incorporated in the United States of America. Income taxes were an expense of $3.0 million for the six months ended June 30, 2026, compared to an expense of $1.4 million for the six months ended June 30, 2025, primarily related to movements in current and deferred taxes in relation to our equity investment in the Ethylene Export Terminal. Share of Result of Equity Method Investments. The share of the result of the Company’s 50% ownership in the Export Terminal Joint Venture was income of $9.7 million for the six months ended June 30, 2026, compared to income of $3.9 million for the six months ended June 30, 2025. Throughput rates increased to 674,815 tons for the six months ended June 30, 2026, compared to 353,669 tons for the six months ended June 30, 2025. Non-Controlling Interest. On September 30, 2022, the Company entered into the Navigator Greater Bay Joint Venture. The joint venture was owned 60% by the Company and 40% by Greater Bay Gas. On October 14, 2025, the Company increased its 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 $16.8 million. The Navigator Greater Bay Joint Venture continues to be accounted for as a consolidated subsidiary in our consolidated financial statements, with the proportion owned by Greater Bay Gas accounted for as a non-controlling interest. Net income attributable to Greater Bay Gas of $4.9 million is presented as part of the non-controlling interest in our financial results for the six months ended June 30, 2026, compared to net income attributable to Greater Bay Gas of $2.5 million for the six months ended June 30, 2025. Reconciliation of Non-GAAP Financial Measures The following table shows a reconciliation of Net income to EBITDA and Adjusted EBITDA for the three and six months ended June 30, 2026, and 2025: Profit from sale of vessels is included in Adjusted Net Income but excluded from Adjusted EBITDA. Management believes Adjusted Net Income is useful in evaluating overall earnings generated during the period, while Adjusted EBITDA is useful in evaluating the operating performance of the Company's fleet, independent of vessel disposition activities. Management uses both measures, together with results reported in accordance with U.S. GAAP, to assess financial performance, and the measures are designed to provide insight into different aspects of performance. Accordingly, the adjustments reflected in Adjusted Net Income and Adjusted EBITDA are not identical. The following table shows a reconciliation of Net income attributable to stockholders of Navigator Holdings Ltd. to Adjusted net income attributable to stockholders of Navigator Holdings Ltd., for the three and six months ended June 30, 2026, and 2025: During the three and six months ended June 30, 2026, the Company revised its definition of Adjusted net income attributable to stockholders of Navigator Holdings Ltd. 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. Liquidity and Capital Resources Our primary sources of funds are cash and cash equivalents and restricted cash, cash from operations, undrawn bank borrowings, proceeds from vessel sales, and proceeds from bond issuances. Our primary uses of funds are drydocking and other vessel maintenance expenditures, voyage expenses, vessel operating expenses, general and administrative costs, insurance costs, tax costs, expenditures incurred in connection with ensuring that our vessels comply with international and regulatory standards, financing expenses and quarterly repayment of bank loans. We also expect to use funds in connection with our Capital Return Policy. In addition, our medium-term and long-term liquidity needs relate to debt repayments, repayment of bonds, payments for the Four Ethylene Newbuild Vessels (as defined below), the Two Ammonia Newbuild Vessels (as defined below) and other potential future joint ventures, future vessel newbuilds, related investments, and other potential future vessel acquisitions, and/ or related port or terminal projects. As of June 30, 2026, the Company had unrestricted cash and cash equivalents of $225.9 million, restricted cash of $47.9 million, and credit facilities available to be drawn of $nil, and in total cash, cash equivalents, restricted cash and undrawn facilities of $273.8 million. Revolving Credit Facilities Drawdown. On April 2, 2026, in light of ongoing geopolitical developments in the Middle East and related market uncertainty, the Company drew $28.5 million of the revolving credit portion of its $111.8 million December 2022 Term Loan and Revolving Credit Facility and $62.9 million of the revolving credit portion of its $147.6 million August 2024 Term Loan and Revolving Credit Facility, totaling $91.4 million as a precautionary liquidity measure, placing the money on deposit. The Company continues to monitor market conditions and intends to repay the revolving credit amounts based on an assessment of market conditions and subject to the availability of cash and cash equivalents and other capital allocation considerations. Financing Covenants. Our secured term loan facilities and revolving credit facilities contain covenants that require the Company to maintain liquidity of no less than (i) up to $50.0 million, as applicable to the relevant loan facility, or (ii) 5% of total indebtedness (representing $46.3 million as of June 30, 2026), whichever is greater. July 2026 Post-Delivery Senior Secured Term Loan. On July 31, 2026, the Company and certain of its subsidiaries as part of the Amon Joint Venture (as defined below) entered into a $121.8 million secured term loan (the “July 2026 Post-Delivery Senior Secured Term Loan”) with ING Bank N.V., London Branch, Société Générale and Oversea-Chinese Banking Corporation Limited to finance from delivery, up to 70% of the shipyard cost of two newbuild 51,530 cubic-meter capacity ammonia-fueled, ice-class, liquefied ammonia carriers Navigator Amundsen and Navigator Archer (the "Two Ammonia Newbuild Vessels"). All pre-delivery payments under the shipbuilding contracts until delivery of the vessels will be paid by the Company and certain of its subsidiaries as part of the Amon Joint Venture from cash on hand. The July 2026 Post-Delivery Senior Secured Term Loan is amortizing with a balloon payment of $85.26 million, and bears interest at a rate of Term SOFR plus 135 basis points. The July 2026 Post-Delivery Senior Secured Term Loan is expected to be drawn on delivery of each vessel, and matures at the earlier of 72 months after delivery of each vessel or 12 March 2035 (Ship Tranche A) and 12 July 2035 (Ship Tranche B). As of June 30, 2026, the facility was undrawn. June 2026 Pre-Delivery Secured Term Loan. On June 18, 2026, the Company and certain of its subsidiaries entered into a $164.6 million secured pre-delivery term loan (the “June 2026 Pre-Delivery Secured Term Loan”) with BNP PARIBAS (acting through its Tokyo Branch) as lead lender to finance up to 80% of the pre-delivery instalments to the shipyard for two of the Company’s Four Ethylene Newbuild Vessels (as defined below), Navigator Polaris and Navigator Proxima. The Company will use cash on hand to pay the remainder of the pre-delivery construction costs. The June 2026 Pre-Delivery Secured Term Loan is non-amortizing with a bullet repayment of $164.6 million, and bears interest at a rate of Term SOFR plus 160 basis points. The June 2026 Pre-Delivery Secured Term Loan is designed to be refinanced by the June 2026 JOLCO Financing (see below) and matures at the earlier of the refinancing of the vessels under the June 2026 JOLCO Financing, delivery of the second vessel, or April 27, 2028. As of June 30, 2026, the June 2026 Pre-Delivery Secured Term Loan was undrawn. On July 17, 2026, the Company drew $57.6 million from the June 2026 Pre-Delivery Secured Term Loan to recoup 80% of all pre-delivery instalments paid to the shipyard for the two vessels to date. June 2026 JOLCO Financing. On June 18, 2026, the Company obtained committed Japanese Operating Lease with Call Option ("JOLCO") financing of $205.8 million to refinance the June 2026 Pre-Delivery Secured Term Loan and provide long-term post-delivery financing for two of the Company’s Four Ethylene Newbuild Vessels (as defined below), Navigator Polaris and Navigator Proxima. The Company has effective break options after 5 years and 8.5 years and the full tenor of the June 2026 JOLCO Financing is 15 years. Under the terms of the arrangement, upon delivery of the vessels in December 2026 and June 2027, the Company is currently expected to make quarterly payments of approximately $2.1 million per vessel. As of June 30, 2026, the June 2026 JOLCO Financing was undrawn. Throughout the June 2026 JOLCO Financing, the Company will at all times retain responsibility for the commercial and technical operation of the two vessels, including crewing, maintenance, insurance and ship management. The June 2026 JOLCO Financing remains subject only to customary conditions precedent and closing procedures at or around the time of delivery of each of the two vessels. August 2021 Amendment and Restatement Agreement. On August 2, 2021, as part of the Ultragas Transaction, the Company entered into the August 2021 Amendment and Restatement Agreement with Danmarks Skibskredit A/S relating to a previously issued 2019 Senior Term Loan Facility to finance Happy Osprey, Happy Peregrine, Happy Pelican and Happy Penguin. The August 2021 Amendment and Restatement Agreement had a term of six years maturing in June 2026 and was for a maximum principal amount of $67.0 million. A repayment of $21.1 million was made for three of the four tranches of the facility on June 1, 2026, with the fourth and final tranche being repaid on June 15, 2026, for an amount of $8.0 million. As of June 30, 2026, the facility was fully repaid and all security granted by the Company over the four vessels was released. July 2015 Santander Credit Facility B. On July 31, 2015, the Company entered into the July 2015 Santander Credit Facility B with Banco Santander, S.A to finance two LPG carriers, the Arctic Gas and Happy Avocet. The July 2015 Santander Credit Facility B was an amortizing facility, had a term of twelve years, maturing in January 2029, and was for a maximum principal amount of $55.8 million. A final payment of $14.0 million was made on June 2, 2026, and as of June 30, 2026, the facility was fully repaid and all security granted by the Company over the two vessels was released. Future Obligations As of June 30, 2026, the Company had $1,389 million in outstanding future obligations, which includes principal repayments on long-term debt, including our Bonds, vessels under construction, and office lease commitments. Of the total outstanding obligation, $336 million falls due within the twelve months ending June 30, 2027, and the balance of $1,053 million falls due after June 30, 2027. Going Concern The Company has a responsibility to evaluate whether conditions and/or events raise substantial doubt over its ability to meet its future financial obligations as they become due within one year after the date that the financial statements are expected to be issued. We believe, given our current cash balances, that our financial resources, including the cash expected to be generated within the year, will be sufficient to meet our liquidity and working capital needs for at least the next twelve months, taking into account our existing capital commitments and debt service requirements. Capital Expenditures On August 23, 2024, the Company entered into contracts to build the new 48,500 cubic meter capacity liquefied ethylene gas carriers with Jiangnan Shipyard (Group) Co., Ltd. and China Shipbuilding Trading Co. Ltd., in China (the "Original Newbuild Vessels"). As part of the agreements then made, the Company held an option to build two additional vessels of the same specification and price (the "Additional Newbuild Vessels" and, together with the Original Newbuild Vessels, the "Four Ethylene Newbuild Vessels"). On November 21, 2024, the Company exercised the option and entered into contracts to build the Additional Newbuild Vessels. The Four Ethylene Newbuild Vessels are scheduled to be delivered to the Company in December 2026, June 2027, September 2027 and December 2027 respectively, at an average shipyard price of $102.9 million per vessel. The Four Ethylene Newbuild Vessels will be able to carry a wide variety of gas products, ranging from complex petrochemical gases, including ethylene and ethane, to liquefied petroleum gas ("LPG") and clean ammonia. Additionally, the Four Ethylene Newbuild Vessels will be fitted with dual-fuel engines for ethane, a low-carbon intensity transitional fuel, and made retrofit-ready for using ammonia as a fuel in the future, and they will be capable of transiting through both the former and the new Panama Canal locks, providing enhanced flexibility. On July 17, 2025, the Company announced that it had entered into a joint venture agreement with Amon Gas. The Amon Joint Venture intends to acquire two newbuild 51,530 cubic-meter capacity ammonia-fueled, ice-class, liquefied ammonia carriers (the "Two Ammonia Newbuild Vessels"), which will also be capable of carrying LPG. On December 31, 2025, the Company owned 61% of the Amon Joint Venture, and Amon Gas owned 39%. Under the terms and conditions of the investment, the Company expects to own 79.5% of the Amon Joint Venture and Amon Gas expects to own 20.5% when the vessels are delivered in 2028. The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. to build the Two Ammonia Newbuild Vessels, with deliveries scheduled to take place in May 2028 and September 2028 respectively, at an average yard price of $87 million per vessel. Once delivered, subject to customary conditions, each of the Two Ammonia Newbuild Vessels is expected to be operated by the Amon Joint Venture pursuant to a five-year time charter with Yara Clean Ammonia. Cash Flows The following table summarizes our cash, cash equivalents and restricted cash provided by/(used in) operating, investing and financing activities for the six months ended June 30, 2026, and 2025: Net Cash Provided by Operating Activities. Net cash provided by operating activities for the six months ended June 30, 2026, decreased to $95.8 million, from $103.7 million for the six months ended June 30, 2025, a decrease of $8.0 million. Net income increased by $42.4 million to $93.4 million for the six months ended June 30, 2026, after adjusting for non‑cash items, including unrealized losses on non‑designated derivative instruments and our share of results from equity method investments. However, this improvement in earnings was offset by an unfavorable year-over-year movement in working capital of $22.3 million during the period, driven primarily by increases in accounts receivable, insurance claim receivables, other current assets, accounts payable and accrued liabilities. This compared to a decrease in net income attributable to stockholders of the Company of $0.8 million for the six months ended June 30, 2025, and an increase in working capital of $7.9 million during the six months ended June 30, 2025. Net cash flow from operating activities principally depends upon charter rates attainable, fleet utilization, fluctuations in working capital balances, operating expenditures, repairs and maintenance activity, the amount and duration of drydocks, and changes in foreign currency rates. We are required to drydock each vessel once every five years until it reaches 15 years of age, after which we drydock vessels approximately every two and a half years. Drydocking each vessel, including travelling to and from the drydock, takes on average approximately 20-30 days in total. Drydocking days generally include approximately 5-10 days of voyage time to and from the drydocking shipyard and approximately 15-20 days of actual drydocking time. Three of our vessels completed their respective drydockings during the six months ended June 30, 2026. We estimate the current cost of a five-year drydocking for one of our vessels to be approximately $1.5 million, a ten-year drydocking cost to be approximately $1.7 million, and the 15-year and 17-year drydocking costs to be approximately $2.0 million each (including the cost of classification society surveys). As our vessels age and our fleet expands, our drydocking expenses will increase. Ongoing costs for compliance with environmental regulations are primarily included as part of drydocking, such as the requirement to install ballast water treatment plants, and classification society survey costs, with a balance included as a component of our operating expenses. Cash Used in/Provided by Investing Activities. Net cash provided by investing activities was $38.8 million for the six months ended June 30, 2026, primarily related to $50.5 million of proceeds from the sale of Navigator Saturn, Happy Falcon and Navigator Pegasus and distributions from our investment in the Ethylene Export Terminal of $11.5 million, offset by $21.6 million of payments for vessels under construction. Net cash used in investing activities was $86.7 million for the six months ended June 30, 2025, primarily related to contributions to our investment in an expansion of the Ethylene Export Terminal (the “Terminal Expansion Project”) of $4.0 million, $20.6 million as payments for our Four Ethylene Newbuild Vessels under construction, and $83.7 million for the purchase of the Purchased Vessels, offset by $3.1 million of distributions received from our investment in the Export Terminal Joint Venture and $17.5 million from proceeds from sale of Navigator Gemini during the period. Cash Provided by/Used in Financing Activities. Net cash used in financing activities was $63.0 million for the six months ended June 30, 2026, primarily as a result of the Company's purchase of 3,500,000 shares of common stock from BW Group Limited and other share repurchase programs of $68.5 million, $99.2 million of scheduled quarterly debt and revolving credit facility repayments, and quarterly dividend payments of $8.6 million. These outflows were partially offset by a $26.8 million drawdown from our March 2026 Senior Secured Term Loan and $28.5 million of the revolving credit portion of our $111.8 million December 2022 Term Loan and Revolving Credit Facility and $62.9 million of the revolving credit portion of our $147.6 million August 2024 Term Loan and Revolving Credit Facility. Net cash provided by financing activities was $130.8 million for the six months ended June 30, 2025, primarily as a result of the drawdown of our February 2025 Facility of $74.6 million and our May 2025 Facility of $300 million, and proceeds from our March 2025 Bond Tap Issue of $40.0 million, offset by our repayment of our September 2020 Facility of $143.4 million and our October 2013 Facility of $14.7 million and regular quarterly debt repayments totaling $81.2 million, and $41.8 million paid under our Capital Return Policy and share repurchases. Secured Term Loan Facilities, Revolving Credit Facilities, and Terminal Facility General. Navigator Gas LLC., our wholly-owned subsidiary, and certain of our vessel-owning subsidiaries have entered into various secured term loan facilities and revolving credit facilities as summarized in the table below. For additional information regarding our secured term loan facilities and revolving credit facilities, please read “Item 5—Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Secured Term Loan Facilities and Revolving Credit Facilities” in the Company's 2025 Annual Report. The table below summarizes our facilities as of June 30, 2026: July 2026 Post-Delivery Senior Secured Term Loan. On July 31, 2026, the Company and certain of its subsidiaries entered into a $121.8 million post-delivery secured term loan (the “July 2026 Post-Delivery Senior Secured Term Loan”) with ING Bank N.V., London Branch, Société Générale and Oversea-Chinese Banking Corporation Limited to finance the delivery of the Two Ammonia Newbuild Vessels. All pre-delivery payments under the shipbuilding contracts and the remaining portion of the delivery instalments for the Two Ammonia Newbuild Vessels will be funded from the cash resources. The July 2026 Post-Delivery Senior Secured Term Loan is amortizing on the six-year maturity date, and bears interest at a rate of Term SOFR plus 135 basis points. As of June 30, 2026, the facility was not drawn. June 2026 Pre-Delivery Secured Term Loan. On June 18, 2026, the Company and certain of its subsidiaries entered into a $164.6 million secured pre-delivery term loan (the “June 2026 Pre-Delivery Secured Term Loan”) with BNP PARIBAS (acting through its Tokyo Branch) as lead lender to finance up to 80% of the pre-delivery instalments to the shipyard for two of the Company’s Four Ethylene Newbuild Vessels (as defined below), Navigator Polaris and Navigator Proxima. The Company will use cash on hand to pay the remainder of the pre-delivery construction costs. The June 2026 Pre-Delivery Secured Term Loan is non-amortizing with a bullet repayment of $164.6 million, and bears interest at a rate of Term SOFR plus 160 basis points. The June 2026 Pre-Delivery Secured Term Loan is designed to be refinanced by the June 2026 JOLCO Financing (see below) and matures at the earlier of the refinancing of the vessels under the June 2026 JOLCO Financing, delivery of the second vessel, or April 27, 2028. As of June 30, 2026, the June 2026 Pre-Delivery Secured Term Loan was undrawn. On July 17, 2026, the Company drew $57.6 million from the June 2026 Pre-Delivery Secured Term Loan to recoup 80% of all pre-delivery instalments paid to the shipyard for the two vessels to date. June 2026 JOLCO Financing. On June 18, 2026, the Company obtained committed Japanese Operating Lease with Call Option ("JOLCO") financing of $205.8 million to refinance the June 2026 Pre-Delivery Secured Term Loan and provide long-term post-delivery financing for two of the Company’s Four Ethylene Newbuild Vessels (as defined below), Navigator Polaris and Navigator Proxima. The Company has effective break options after 5 years and 8.5 years and the full tenor of the June 2026 JOLCO Financing is 15 years. Under the terms of the arrangement, upon delivery of the vessels in December 2026 and June 2027, the Company is currently expected to make quarterly payments of approximately $2.1 million per vessel. As of June 30, 2026, the June 2026 JOLCO Financing was undrawn. Throughout the June 2026 JOLCO Financing, the Company will at all times retain responsibility for the commercial and technical operation of the two vessels, including crewing, maintenance, insurance and ship management. The June 2026 JOLCO Financing remains subject only to customary conditions precedent and closing procedures at or around the time of delivery of each of the two vessels. August 2021 Amendment and Restatement Agreement. On August 2, 2021, as part of the Ultragas Transaction, the Company entered into the August 2021 Amendment and Restatement Agreement with Danmarks Skibskredit A/S relating to a previously issued 2019 Senior Term Loan Facility to finance Happy Osprey, Happy Peregrine, Happy Pelican and Happy Penguin. The August 2021 Amendment and Restatement Agreement had a term of six years maturing in June 2026 and was for a maximum principal amount of $67.0 million. A repayment of $21.1 million was made for three of the four tranches of the facility on June 1, 2026, with the fourth and final tranche being repaid on June 15, 2026, for an amount of $8.0 million. As of June 30, 2026, the facility was fully repaid and all security granted by the Company over the four vessels was released. July 2015 Santander Credit Facility B. On July 31, 2015, the Company entered into the July 2015 Santander Credit Facility B with Banco Santander, S.A to finance two LPG carriers, the Arctic Gas and Happy Avocet. The July 2015 Santander Credit Facility B was an amortizing facility, had a term of twelve years, maturing in January 2029, and was for a maximum principal amount of $55.8 million. A final payment of $14.0 million was made on June 2, 2026, and as of June 30, 2026, the facility was fully repaid and all security granted by the Company over the two vessels was released. March 2026 Senior Secured Term Loan. On March 2, 2026, the Company and certain of its subsidiaries entered into a $133.8 million senior secured pre- and post-delivery term loan (the “March 2026 Senior Secured Term Loan”) with ABN AMRO Bank N.V., Credit Agricole Corporate & Investment Bank and, Nordea Bank Abp, filial i Norge to partially finance the construction across two tranches of two of its ethylene newbuild vessels, Navigator Parsec and Navigator Pleione, and will use cash on hand to pay the remainder of the construction costs. The March 2026 Senior Secured Term Loan matures five years after delivery of the second vessel, and the borrowers have the option to extend the facility for a further 12 months. The facility is non-amortizing for the pre-delivery period and then each tranche amortizes from each vessel delivery, with a balloon repayment of $100.3 million on the five-year maturity date (if the 12-month extension is not taken). The facility bears interest at a rate of Term SOFR plus 150 basis points. As of June 30, 2026, the facility was partially drawn in the amount of $26.8 million. Revolving Credit Facilities Drawdown. On April 2, 2026, in light of ongoing geopolitical developments in the Middle East and related market uncertainty, the Company drew $28.5 million of the revolving credit portion of its $111.8 million December 2022 Term Loan and Revolving Credit Facility and $62.9 million of the revolving credit portion of its $147.6 million August 2024 Term Loan and Revolving Credit Facility, totaling $91.4 million as a precautionary liquidity measure, placing the money on deposit. The Company continues to monitor market conditions and intends to repay the revolving credit amounts based on an assessment of market conditions and subject to the availability of cash and cash equivalents and other capital allocation considerations. Loan Facility Covenants. There are certain financial covenants within each of the Company’s secured loan facilities that are typical for transactions of this type. These covenants include: maintenance at all times of a minimum balance of cash and cash equivalents of up to the greater of $50 million and 5% of total indebtedness; maintenance of the ratio of value adjusted total stockholders’ equity to value adjusted total assets of not less than 30%; that the aggregate fair market value of the collateral vessels be not less than 110% of the aggregate amount outstanding under the relevant facility. Restrictive Covenants. The secured loan facilities provide that the borrowers may not declare or pay dividends to shareholders out of operating revenue generated by the vessels securing the indebtedness if an event of default has occurred and is continuing. The secured term loan facilities and revolving credit facilities also typically limit the borrowers from, among other things, incurring further indebtedness or entering into mergers and divestitures. The secured facilities also contain general covenants that require the borrowers to maintain adequate insurance coverage and to maintain the vessels, and include customary events of default including those relating to a failure to pay principal or interest, a breach of covenant, representation or warranty, a cross-default to other indebtedness, or non-compliance with security documents. Borrowers are required to deliver quarterly compliance certificates, which are provided on a semi-annual basis on June 30 and December 31, including providing average valuations of the vessels securing the applicable facility from two independent ship brokers. Upon delivery of the valuations, if the market value of the collateral vessels is less than 110% to 135% of the outstanding indebtedness under the applicable facilities, the borrowers must either provide additional collateral or repay any amount in excess of 110% to 135% of the market value of the collateral vessels, as applicable. As of June 30, 2026, the Company considers that it was in full compliance with all such covenants under all of its facilities. Critical Accounting Estimates We prepare our consolidated financial statements in accordance with U.S. GAAP, which requires us to make estimates in the application of our accounting policies based on our best assumptions, judgments and opinions. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our consolidated financial statements are presented fairly and in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. For a description of our material accounting policies, please read Note "2—Summary of Significant Accounting Policies" to the Company's 2025 Annual Report. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK We are exposed to market risk from changes in interest rates and foreign currency fluctuations, as well as inflation. We use interest rate swaps to manage some of our interest rate risks. We do not use interest rate swaps or any other financial instruments for trading or speculative purposes. Interest Rate Risk. We are exposed to the impact of interest rate changes through borrowings that require us to make interest payments based on SOFR. We are party to a fixed-rate unsecured bond and our wholly-owned subsidiaries and certain of our vessel-owning subsidiaries are party to secured term loans and revolving credit facilities that bear interest at rates of SOFR plus margins of between 150 and 247 basis points. At June 30, 2026, $510.8 million of our outstanding debt (including our bond and excluding deferred finance costs) had fixed rates or was hedged using interest rate swaps and therefore is not exposed to changes in interest rate movements, whereas $416.1 million (excluding deferred finance costs) was not hedged and is therefore subject to variable interest rates. Based on this, a hypothetical increase in SOFR of 100 basis points would, all other things being equal, result in $4.2 million of additional annual interest expense on our indebtedness outstanding as of June 30, 2026. We use interest rate swaps to reduce our exposure to market risk from changes in interest rates. The principal objective of these contracts is to minimize the risks and costs associated with our floating-rate debt. The Company is exposed to the risk of credit loss in the event of non-performance by the counterparty to the interest rate swap agreements. Foreign Currency Exchange Rate Risk. Our primary economic environment is the international shipping market. This market utilizes the U.S. Dollar as its functional currency. Consequently, most of our revenue is generated in U.S. Dollars. Our expenses are in the currency invoiced by each supplier, and we remit funds in various currencies. We incur some vessel operating expenses and general and administrative costs in foreign currencies, primarily Euros, Pound Sterling, Danish Kroner, and Polish Zloty, and therefore there is a transactional risk that currency fluctuations could have a negative effect on our cash flows and financial condition. We have not entered into any derivative contracts to mitigate our exposure to foreign currency exchange rate risk as of June 30, 2026. Inflation. We are exposed to increases in operating costs arising from vessel operations, including crewing, vessel repair costs, drydocking costs, insurance and fuel prices as well as from general inflation, and we are subject to fluctuations as a result of general market forces. Increases in bunker costs could have a material effect on our future operations if the number and duration of our voyage charters or contracts of affreightment ("COAs") increase. In the case of the 46 vessels owned and commercially managed by us as of June 30, 2026, 30 were employed on time charter and as such it is the charterers who pay for the fuel on those vessels. If our vessels are employed under voyage charters or COAs, freight rates are generally sensitive to the price of fuel, however a sharp rise in bunker prices may have a temporary negative effect on our results as, typically, freight rates do not adjust immediately, unless the charter contract includes a bunker adjustment clause. Credit Risk. We may be exposed to credit risks in relation to vessel employment, and at times we may have multiple vessels employed by the same charterer. We consider and evaluate the concentration of credit risk and perform ongoing evaluations of these charterers. At June 30, 2026, four of our vessels were employed by the same charterer, resulting in a concentration of credit exposure with that counterparty, which we actively monitor as part of our ongoing credit risk assessment. We invest our surplus funds with reputable financial institutions, and as of June 30, 2026, all such deposits had maturities of For the Six Months Ended June 30, 2026: See accompanying notes to condensed unaudited consolidated financial statements. For the Three Months Ended June 30, 2025: For the Six Months Ended June 30, 2025: See accompanying notes to condensed unaudited consolidated financial statements. See accompanying notes to condensed unaudited consolidated financial statements. Notes to the Condensed Consolidated Financial Statements (Unaudited) 1. General Information and Basis of Presentation General Information Navigator Holdings Ltd. (the “Company”), the ultimate parent company of the Navigator Group of companies, is registered in the Republic of the Marshall Islands. The Company has a core business of owning and operating a fleet of liquefied gas carriers. As of June 30, 2026, the Company owned and operated 54 gas carriers (the “Vessels”), each having a cargo capacity of between 6,800 cbm and 38,000 cbm, of which 27 were ethylene and ethane-capable vessels. The Company owns a 50% share, through a joint venture with Enterprise Products Partners (the “Export Terminal Joint Venture”), of an ethylene export marine terminal at Morgan’s Point, Texas on the Houston Ship Channel (the “Ethylene Export Terminal”), which has the capacity to export at least 1.55 million tons of ethylene per year. The Company's investment in the Export Terminal Joint Venture is accounted for using the equity method. The Company entered into a joint venture (the “Navigator Greater Bay Joint Venture”) with Greater Bay Gas Co. Ltd. (“Greater Bay Gas”) in September 2022, which joint venture entity acquired two 17,000 cbm, 2018-built ethylene-capable liquefied gas carriers, and three 22,000 cbm, 2019-built ethylene-capable liquefied gas carriers. The Navigator Greater Bay Joint Venture was owned 60% by the Company and 40% by Greater Bay Gas. On October 14, 2025, the Company increased its ownership interest in the Navigator Greater Bay Joint Venture from 60% to 75.1% through the acquisition of an additional 15.1%. The Navigator Greater Bay Joint Venture is accounted for as a consolidated subsidiary in our consolidated financial statements, with the proportion owned by Greater Bay Gas accounted for as a non-controlling interest. The Company entered into a joint venture (the “Amon Joint Venture”) with Amon Gas Holdings AS ("Amon Gas") in July 2025. The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd., to build two 51,530 cubic meter capacity ammonia-fueled liquefied ammonia carriers (the “Two Ammonia Newbuild Vessels”), which will also be capable of carrying liquefied petroleum gas. Deliveries for the Two Ammonia Newbuild Vessels are scheduled to take place in May 2028 and September 2028 respectively, at an average yard price of $87 million per vessel. At June 30, 2026, the Company owned 61% of the Amon Joint Venture, and Amon Gas owned 39%. The Amon Joint Venture is consolidated in our consolidated financial statements with the proportion owned by Amon Gas accounted for as a non-controlling interest. Under the terms and conditions of the investment, the Company expects to own 79.5% of the Amon Joint Venture and Amon Gas expects to own 20.5% upon delivery of the vessels in 2028. Unless the context otherwise requires, all references in the consolidated financial statements to “our”, “we”, and “us” refer to the Company. Basis of Presentation These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments consisting of normal recurring items, necessary for a fair statement of financial position, operating results and cash flows have been included in the unaudited interim condensed consolidated financial statements and related notes. The unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2025, included in our Annual Report on Form 20-F filed with the SEC on March 12, 2026 (the “2025 Annual Report”). The year-end condensed balance sheet data was derived from the audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The results for the six months ended June 30, 2026, are subject to seasonal and other fluctuations and are not necessarily indicative of results for the year ending December 31, 2026, or any other future periods. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, its subsidiaries and variable interest entities (“VIE”) for which the Company is a primary beneficiary (please read Note 14. Variable Interest Entities for additional information). All intercompany accounts and transactions have been eliminated on consolidation. References to joint venture include all operations under joint arrangements for accounting purposes. Management has evaluated the Company’s ability to continue as a going concern and considered the conditions and events that could give rise to substantial doubt about the Company’s ability to continue as a going concern within 12 months after the financial statements are issued. As part of the evaluation, and among other things, management has considered the following: Following the evaluation, Management has determined that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. A discussion of the Company’s significant accounting policies can be found in the Company’s consolidated financial statements included in the Company's 2025 Annual Report. There have been no material changes to these policies in the six months ended June 30, 2026. Recent Accounting Pronouncements New accounting standards issued as of June 30, 2026, may affect future reporting by Navigator Holdings Ltd. The Company's 2025 Annual Report contains a list of such accounting pronouncements that may be relevant in the future and no new material accounting pronouncements were announced during the six months ended June 30, 2026, and through the date of this filing. The impact of these pronouncements on the Company's financial reporting was assessed and the Company concluded that no material impact for current and future reporting periods is expected. 2. Operating Revenues The following table discloses operating revenues by contract type for the three and six months ended June 30, 2026, and 2025: Time Charter Revenue As of June 30, 2026, 30 of the Company’s 46 operated vessels (excluding the eight vessels operating within the independently managed Unigas Pool) were subject to time charters, 18 of which will expire within one year, 8 of which will expire within three years, and 4 of which will expire within six years from the balance sheet date (December 31, 2025: 29 of the Company’s 49 operated vessels were subject to time charters, 19 of which were to expire within one year, seven of which were to expire within three years, and three of which were to expire within five years). The estimated undiscounted cash flows for committed time charter revenues that are expected to be received on an annual basis for ongoing time charters, as of June 30, 2026, are as follows: For time charter revenue accounted for under ASC 842, the amount of accrued income on the Company’s unaudited condensed consolidated balance sheet as of June 30, 2026, was $3.8 million (December 31, 2025: $1.5 million). The amount of hire payments received in advance under time charter contracts, recognized as a liability and reflected within deferred income on the Company’s unaudited condensed consolidated balance sheet as of June 30, 2026, was $23.7 million (December 31, 2025: $27.2 million). Deferred income allocated to time charters will be recognized ratably over time, which is expected to be within one month from June 30, 2026. Voyage Charter Revenue Voyage charter revenue, which includes revenue from contracts of affreightment, is shown net of address commissions. As of June 30, 2026, for voyage charter and contract of affreightment services accounted for under ASC 606, the amount of contract assets reflected within accrued income on the Company’s unaudited condensed consolidated balance sheet was $8.1 million (December 31, 2025: $3.2 million). Changes in the contract asset balance between balance sheet dates reflects income accrued after loading of the cargo commences but before an invoice has been raised to the charterer, as well as changes in the number of the Company’s vessels contracted under voyage charters or contracts of affreightment. The period opening and closing balance of receivables from voyage charters, including contracts of affreightment, was $14.1 million and $27.4 million, respectively, as of June 30, 2026, (December 31, 2025: $19.5 million and $14.1 million, respectively) and is reflected within net accounts receivable on the Company’s unaudited condensed consolidated balance sheet. The amount allocated to costs incurred to fulfill a contract with a charterer, which are costs incurred following the commencement of a contract or charter party but before the loading of the cargo commences, was $0.8 million as of June 30, 2026, (December 31, 2025: $0.9 million) and is reflected within prepaid expenses and other current assets on the Company’s unaudited condensed consolidated balance sheet. 3. Vessels The cost and net book value as of June 30, 2026, of the 30 vessels that were contracted under time charter arrangements (please read Note 2—Operating Revenues for additional information) were $1,603 million and $946 million, respectively (December 31, 2025: $1,539 million and $974 million, respectively, for 29 vessels contracted under time charters). The net book value of vessels that serve as collateral for the Company’s secured term loan and revolving credit facilities (please read Note 7. Secured Term Loan Facilities and Revolving Credit Facilities, for additional information) was $1,387 million as of June 30, 2026, (December 31, 2025: $1,430 million). 4. Assets held for sale Navigator Saturn, a 2000-built 22,085 cbm ethylene-capable semi-refrigerated handysize gas carrier was held for sale at December 31, 2025, and was subsequently sold to a third party and delivered on January 28, 2026, for net proceeds of $15.9 million, generating a profit on sale of approximately $10.3 million. Happy Falcon, a 2002-built 3,770 cbm semi-refrigerated small gas carrier was held for sale at December 31, 2025, and was subsequently sold to a third party and delivered on January 28, 2026, for net proceeds of $4.0 million, generating a profit on sale of approximately $1.8 million. Navigator Pegasus, a 2009-built 22,200 cbm semi-refrigerated handysize gas carrier was held for sale at March 31, 2026, and was subsequentlysold to a third party and delivered on April 17, 2026, for net proceeds of $30.5 million, generating a profit on sale of approximately $15.3 million. 5. Vessels Under Construction On August 23, 2024, the Company entered into contracts to build two new 48,500 cubic meter capacity liquefied ethylene gas carriers with Jiangnan Shipyard (Group) Co., Ltd. and China Shipbuilding Trading Co., Ltd., in China (the “Original Newbuild Vessels”). On November 21, 2024, the Company exercised an option and entered into contracts to build two additional newbuild vessels of the same specification and price (the “Additional Newbuild Vessels” and together with the Original Newbuild Vessels, the “ Four Ethylene Newbuild Vessels”). The Four Ethylene Newbuild Vessels, (Navigator Polaris, Navigator Proxima, Navigator Parsec, and Navigator Pleione), are scheduled to be delivered to the Company in December 2026, June 2027, September 2027 and December 2027 respectively, at an average shipyard price of $102.9 million per vessel. On July 17, 2025, the Company announced that it had entered into the Amon Joint Venture, which intends to acquire the Two Ammonia Newbuild Vessels. The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. to build the Two Ammonia Newbuild Vessels, with deliveries scheduled to take place in May 2028 and September 2028 respectively, at an average shipyard price of $87 million per vessel. 6. Equity Method Investments Interests in investments are accounted for using the equity method and are recognized initially at cost and subsequently include the Company’s share of the profit or loss and other comprehensive income of the equity-accounted investees. We disclose our proportionate share of profits and losses from equity method unconsolidated affiliates in the statement of operations and adjust the carrying amount of our equity method investments on the balance sheet accordingly. Share of results from equity method investments, excluding amortized costs, recognized in the share of results of equity method investments for the six months ended June 30, 2026, was a profit of $9.7 million (six months ended June 30, 2025: a profit of $3.9 million). As of December 31, 2025, and June 30, 2026, we had the following participation interests in investments that are accounted for using the equity method: The table below shows the movement in the Company’s equity method investments, for the year ended December 31, 2025, and the six months ended June 30, 2026: Enterprise Navigator Ethylene Terminal L.L.C. (“Export Terminal Joint Venture”) In January 2018, the Company entered into definitive agreements creating the Export Terminal Joint Venture. As of June 30, 2026, the Company has contributed $274.5 million to the Export Terminal Joint Venture for our share of the capital cost for the construction of the Ethylene Export Terminal and for an expansion of the Ethylene Export Terminal, which expansion completed in December 2024. Capitalized interest and associated costs are being amortized over the estimated useful life of the Ethylene Export Terminal, which began commercial operations with the export of commissioning cargoes in December 2019. As of June 30, 2026, the unamortized difference between the carrying amount of the investment in the Export Terminal Joint Venture and the amount of the Company’s underlying equity in net assets of the Export Terminal Joint Venture was $4.9 million (December 31, 2025: $4.9 million). The costs amortized in both the six months ended June 30, 2026, and 2025, were $0.1 million and this is presented in the share of results of equity method investments within our consolidated statements of operations. Azane Fuel Solutions AS ("Azane") Azane, a joint venture between ECONNECT Energy AS and Amon Maritime AS, both of Norway, was founded in Norway in 2020 as a company that develops proprietary technology and services for ammonia fuel handling to facilitate the transition to green fuels for shipping. Under the Investment Agreement, the Company acquired a 9.5% interest in Azane on October 25, 2023 and increased its interest to 16.1% on June 3, 2026. The investment is accounted for under the equity method of accounting and was initially recognized at cost. Azane enables ammonia as marine fuel. Green ammonia serves as a hydrogen carrier, offering the benefits of reduced transportation and storage costs. In close collaboration with partners, Azane contributes to decarbonizing the shipping industry by developing, delivering and owning tailored ammonia bunkering solutions and technology for ammonia fuel handling. Azane has developed ground-breaking patented technology for safe, reliable, and cost-efficient ammonia bunkering, also suitable for ammonia fuel handling systems. Azane has the most mature ammonia bunkering infrastructure projects in Norway, and is the only project with safety approval from the regulatory authorities. Unigas International B.V. ("Unigas B.V.") Unigas B.V., based in the Netherlands, is an independent commercial and operational manager of seagoing vessels capable of carrying liquefied petrochemical and petroleum gases on a worldwide basis. Unigas B.V. is the operator of the Unigas Pool. As of June 30, 2026, the Company owned a 33.3% equity interest in Unigas B.V. and accounts for it using the equity method. It was recognized initially at fair value and our consolidated financial statements will include our share of Unigas B.V.’s profit or loss and other comprehensive income. Dan Unity CO2 A/S ("Dan Unity") In June 2021, one of the Company’s subsidiaries entered into a shareholder agreement creating the joint venture Dan Unity, a Danish entity, to undertake commercial and technical projects relating to seaborne transportation of CO2. We account for our investment using the equity method and we exercise joint control over the operating and financial policies of Dan Unity. As of June 30, 2026, we have recognized the Company’s initial investment at cost along with the Company’s share of the profit or loss and other comprehensive income of equity accounted investees. Luna Pool Agency Limited ("Luna Pool Agency") In March 2020, the Company collaborated with Pacific Gas Pte. Ltd. and Greater Bay Gas to form and manage the Luna Pool. As part of the formation, Luna Pool Agency Limited (the “Luna Pool Agency”) was incorporated in May 2020. The pool participants jointly own the Luna Pool Agency on an equal basis, and have equal board representation. As of June 30, 2026, we have recognized the Company’s initial investment of one British pound in the Luna Pool Agency within equity method investments on our consolidated balance sheet. The Luna Pool Agency has no activities other than as a legal custodian of the Luna Pool bank account and there will be no variability in its financial results as it has no income and its minimal operating expenses are reimbursed by the Pool Participants. Bluestreak CO2 Limited ("Bluestreak") Bluestreak is a 50%/50% joint venture between the Company and Bumi Armada, one of the world’s largest floating infrastructure operators. The joint venture aims to provide an end-to-end solution for carbon emitters to capture, transport, sequester and store their carbon dioxide emissions in line with the United Kingdom’s Industrial Decarbonisation Strategy. It is anticipated that the Bluestreak joint venture will design and implement a value chain of shuttle tankers delivering to a floating carbon storage unit or a floating carbon storage and injection unit. The complete value chain is expected to safely and reliably transport and provide buffer storage of liquid carbon dioxide. The Bluestreak joint venture is subject to the execution of definitive documentation, approvals by the respective boards of directors of the Company and Bumi Armada, applicable regulatory approvals and other customary closing conditions. 7. Secured Term Loan Facilities and Revolving Credit Facilities The following table shows secured term loan facilities, revolving credit facilities and total deferred financing costs split between current and non-current liabilities at December 31, 2025, and June 30, 2026: July 2026 Post-Delivery Senior Secured Term Loan. On July 31, 2026, the Company and certain of its subsidiaries entered into a $121.8 million post-delivery secured term loan (the “July 2026 Post-Delivery Senior Secured Term Loan”) with ING Bank N.V., London Branch, Société Générale and Oversea-Chinese Banking Corporation Limited to finance the delivery of two newbuild 51,530 cubic-meter capacity ammonia-fueled, ice-class, liquefied ammonia carriers Navigator Amundsen and Navigator Archer (the "Two Ammonia Newbuild Vessels"). All pre-delivery payments under the shipbuilding contracts and the remaining portion of the delivery instalments for the Two Ammonia Newbuild Vessels will be funded from the cash resources. The July 2026 Post-Delivery Senior Secured Term Loan is amortizing with a balloon payment of $85.26 million, and bears interest at a rate of Term SOFR plus 135 basis points. The July 2026 Post-Delivery Senior Secured Term Loan matures at the earlier of 72 months after delivery of each vessel or 12 March 2035 (Ship Tranche A) and 12 July 2035 (Ship Tranche B). As of June 30, 2026, the facility was undrawn. June 2026 Pre-Delivery Secured Term Loan. On June 18, 2026, the Company and certain of its subsidiaries entered into a $164.6 million secured pre-delivery term loan (the “June 2026 Pre-Delivery Secured Term Loan”) with BNP PARIBAS (acting through its Tokyo Branch) as lead lender to finance up to 80% of the pre-delivery instalments to the shipyard for two of the Company’s Four Ethylene Newbuild Vessels (as defined below), Navigator Polaris and Navigator Proxima. The Company will use cash on hand to pay the remainder of the pre-delivery construction costs. The June 2026 Pre-Delivery Secured Term Loan is non-amortizing with a bullet repayment of $164.6 million, and bears interest at a rate of Term SOFR plus 160 basis points. The June 2026 Pre-Delivery Secured Term Loan is designed to be refinanced by the June 2026 JOLCO Financing (see below) and matures at the earlier of the refinancing of the vessels under the June 2026 JOLCO Financing, delivery of the second vessel or April 27, 2028. As of June 30, 2026, the June 2026 Pre-Delivery Secured Term Loan was undrawn. On July 17, 2026, the Company drew $57.6 million from the June 2026 Pre-Delivery Secured Term Loan to recoup 80% of all pre-delivery instalments paid to the shipyard for the two vessels to date. June 2026 JOLCO Financing. On June 18, 2026, the Company obtained committed Japanese Operating Lease with Call Option ("JOLCO") financing of $205.8 million to refinance the June 2026 Pre-Delivery Secured Term Loan and provide long-term post-delivery financing for two of the Company’s Four Ethylene Newbuild Vessels (as defined below), Navigator Polaris and Navigator Proxima. The Company has effective break options after 5 years and 8.5 years and the full tenor of the June 2026 JOLCO Financing is 15 years. Under the terms of the arrangement, upon delivery of the vessels in December 2026 and June 2027, the Company is currently expected to make quarterly payments of approximately $2.1 million per vessel. As of June 30, 2026, the June 2026 JOLCO Financing was undrawn. Throughout the June 2026 JOLCO Financing, the Company will at all times retain responsibility for the commercial and technical operation of the two vessels, including crewing, maintenance, insurance and ship management. The June 2026 JOLCO Financing remains subject only to customary conditions precedent and closing procedures at or around the time of delivery of each of the two vessels. August 2021 Amendment and Restatement Agreement. On August 2, 2021, as part of the Ultragas Transaction, the Company entered into the August 2021 Amendment and Restatement Agreement with Danmarks Skibskredit A/S relating to a previously issued 2019 Senior Term Loan Facility to finance Happy Osprey, Happy Peregrine, Happy Pelican and Happy Penguin. The August 2021 Amendment and Restatement Agreement had a term of six years maturing in June 2026 and was for a maximum principal amount of $67.0 million. A repayment of $21.1 million was made for three of the four tranches of the facility on June 1, 2026, with the fourth and final tranche being repaid on June 15, 2026, for an amount of $8.0 million. As of June 30, 2026, the facility was fully repaid and all security granted by the Company over the four vessels was released. July 2015 Santander Credit Facility B. On July 31, 2015, the Company entered into the July 2015 Santander Credit Facility B with Banco Santander, S.A to finance two LPG carriers, the Arctic Gas and Happy Avocet. The July 2015 Santander Credit Facility B was an amortizing facility, had a term of twelve years, maturing in January 2029, and was for a maximum principal amount of $55.8 million. A final payment of $14.0 million was made on June 2, 2026, and as of June 30, 2026, the facility was fully repaid and all security granted by the Company over the two vessels was released. March 2026 Senior Secured Term Loan. On March 2, 2026, the Company and certain of its subsidiaries entered into a $133.8 million senior secured pre- and post-delivery term loan (the “March 2026 Senior Secured Term Loan”) with ABN AMRO Bank N.V., Credit Agricole Corporate & Investment Bank and, Nordea Bank Abp, filial i Norge to partially finance the construction across two tranches of two of its ethylene newbuild vessels, Navigator Parsec and Navigator Pleione, and will use cash on hand to pay the remainder of the construction costs. The March 2026 Senior Secured Term Loan matures five years after delivery of the second vessel, and the borrowers have the option to extend the facility for a further 12 months. The facility is non-amortizing for the pre-delivery period and then each tranche amortizes from each vessel delivery, with a balloon repayment of $100.3 million on the five-year maturity date (if the 12-month extension is not taken). The facility bears interest at a rate of Term SOFR plus 150 basis points. As of June 30, 2026, the facility was partially drawn in the amount of $26.8 million. Revolving Credit Facilities Drawdown. On April 2, 2026, in light of ongoing geopolitical developments in the Middle East and related market uncertainty, the Company drew $28.5 million of the revolving credit portion of its $111.8 million December 2022 Term Loan and Revolving Credit Facility and $62.9 million of the revolving credit portion of its $147.6 million August 2024 Term Loan and Revolving Credit Facility, totaling $91.4 million as a precautionary liquidity measure, placing the money on deposit. The Company continues to monitor market conditions and intends to repay the revolving credit amounts based on an assessment of market conditions, subject to the availability of cash and cash equivalents and other capital allocation considerations. 8. Senior Unsecured Bonds On October 17, 2024, the Company issued an aggregate principal amount of $100 million of new Senior Unsecured Bonds in the Nordic bond market (the "October 2024 Bonds"). The net proceeds of the October 2024 Bonds were used to redeem in full all of our previously outstanding 2020 Bonds. The borrowing limit under the bond terms governing the October 2024 Bonds is $200 million. On March 28, 2025, pursuant to an addendum (the “March 2025 Bond Tap Issue Addendum”), the Company completed an additional aggregate principal tap issue of $40 million in the Nordic bond market under the same bond terms governing its outstanding October 2024 Bonds and bearing the same coupon rate as the October 2024 Bonds (the “March 2025 Bond Tap Issue”). The March 2025 Bond Tap Issue matures in October 2029, in line with the October 2024 Bonds, and also bears a fixed coupon of 7.25% per annum payable semi-annually in arrears on April 30 and October 30. Settlement in respect of the March 2025 Bond Tap Issue occurred on April 4, 2025. Following the issuance of the October 2024 Bonds and the March 2025 Bond Tap Issue, a further $60 million remains available to be issued by the Company under the bond terms governing the October 2024 Bonds. On September 3, 2025, the October 2024 Bonds (and the March 2025 Bond Tap Issue under the same bond terms) were listed on the Nordic ABM, which is operated and organized by Oslo Børs ASA and governed by Norwegian law. The following table shows the breakdown of our Senior Unsecured Bonds and total deferred financing costs as of June 30, 2026, and December 31, 2025: 9. Derivative Instruments Accounted for at Fair Value Interest Rate risk The Company has a number of existing vessel loan facilities with associated amortizing fixed interest rate swaps. As of June 30, 2026, the interest rate swaps had a net positive fair value to the Company of $2.5 million compared to a net negative fair value of $0.8 million to the Company as of December 31, 2025. There were unrealized gains of $2.4 million on the fair value of the swaps for the three months ended June 30, 2026, compared to unrealized losses of $1.3 million for the three months ended June 30, 2025. There were unrealized gains of $4.0 million on the fair value of the swaps for the six months ended June 30, 2026, compared to an unrealized loss of $2.4 million for the six months ended June 30, 2025. The Company repaid the $55.8 million July 2015 Santander Credit Facility B during the three and six months ended June 30, 2026, and as a result the Company cash settled interest rate swap agreements linked to $55.8 million July 2015 Santander Credit Facility B and realized a loss of $0.4 million compared to a realized loss of $1.2 million for six months ended June 30, 2025, and $nil for the three months ended June 30, 2025). These fixed interest rate swaps are typically entered into with the financial institutions that are also lenders under our loan facilities. The interest rates payable by the Company under the fixed leg of these interest rate swap agreements are between 3.99% and 5.75%. The interest rate receivable by the Company under the variable leg of these interest rate swap agreements is typically 3-month SOFR, calculated on a 360-day year basis and which resets every three months. All interest rate swaps are remeasured to fair value at each reporting date and have been categorized as Level Two on the fair value measurement hierarchy. The remeasurement to fair value has no impact on cash flows at the reporting date. There is no requirement for cash collateral to be placed with the swap providers under these swap agreements and there is no effect on restricted cash as of June 30, 2026. As of June 30, 2026, we held the following interest rate swaps that partially hedge our variable-rate loan facilities: The following table includes the estimated fair value of those assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2026, and December 31, 2025. The Company uses derivative instruments in accordance with its overall risk management policy to mitigate the risk of unfavorable movements in interest rates. The Company held no derivatives designated as hedges as of June 30, 2026, and December 31, 2025. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. The fair value accounting standard establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Include other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. Foreign Currency Exchange Rate risk All foreign currency-denominated monetary assets and liabilities are revalued and reported in the Company’s functional currency based on the prevailing exchange rate at the end of the period. These foreign currency transactions fluctuate based on the strength of the U.S. Dollar. The remeasurement of all foreign currency-denominated monetary assets and liabilities at each reporting date results in unrealized foreign currency exchange differences which do not impact our cash flows. Credit risk The Company is exposed to credit losses in the event of non-performance by the counterparties to its interest rate swap agreements. As of June 30, 2026, the Company is exposed to credit risk where interest rate swaps are in an asset position from the perspective of the Company. In order to minimize counterparty risk, the Company only enters into derivative transactions with counterparties that are reputable financial institutions, highly rated by a recognized rating agency. The fair value of our interest rate swap agreements is the estimated present value of future cash flows that we would pay/receive to sell or transfer the swap at the reporting date, taking into account current interest rates and the current creditworthiness of the swap counterparties. The amount recorded as a derivative asset or liability could vary by a material amount in the near term if credit markets are volatile or if credit risk were to change significantly. The fair value of our interest rate swap agreements at the end of each period is most significantly affected by the interest rate implied by the benchmark interest yield curve, including its relative steepness. Interest rates and foreign exchange rates may experience significant volatility in both the short and long term. While the fair value of our swap agreements is typically more sensitive to changes in short-term rates, significant changes in long-term benchmark interest, foreign exchange rates and the credit risk of the counterparties of the Company may also materially impact the fair values of our swap agreements. 10. Financial Instruments Not Accounted for at Fair Value The principal financial assets of the Company as of June 30, 2026, and December 31, 2025, consist of cash, cash equivalents, and restricted cash and accounts receivable. The principal financial liabilities of the Company as of June 30, 2026, and December 31, 2025, consist of accounts payable, accrued expenses and other liabilities, secured term loan facilities, revolving credit facilities and the 2024 Bonds (including the March 2025 Bond Tap Issue) and do not include deferred financing costs. The carrying values of cash, cash equivalents and restricted cash, accounts receivable, accounts payable, accrued expenses and other liabilities are reasonable estimates of their fair value due to the short-term nature or liquidity of these financial instruments. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. The fair value accounting standard establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Include other inputs that are directly or indirectly observable in the marketplace.Level 3—Unobservable inputs which are supported by little or no market activity. The October 2024 Bonds (including the March 2025 Bond Tap Issue) are classified as a Level 2 liability and the fair values have been calculated based on indirectly observed data based on the most recent trades prior to June 30, 2026. These trades are infrequent and therefore not considered to be an active market. The fair value of secured term loan facilities and revolving credit facilities is estimated to approximate the carrying value in the balance sheet since they bear a variable interest rate, which is reset quarterly. This has been categorized at Level 2 on the fair value measurement hierarchy as of June 30, 2026. The following table includes the estimated fair value and carrying value of those assets and liabilities where fair value approximates carrying value. The table excludes cash, cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses and other liabilities because the fair value approximates carrying value and, for accounts receivable and payable, are due in one year or less. 11. Earnings Per Share Basic earnings per share of the Company's common stock is calculated by dividing Net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by adjusting the weighted average number of common shares used for calculating basic earnings per share for the effects of all potentially dilutive shares. The following table shows the calculation of both the basic and diluted number of weighted average outstanding shares for the three and six months ended June 30, 2026, and 2025: 12. Commitments and Contingencies The schedule below summarizes our future contractual obligations as of June 30, 2026: In August 2024, the Company has entered into four contracts to build the Four Ethylene Newbuild Vessels with Jiangnan Shipyard (Group) Co., Ltd. and China Shipbuilding Trading Co., Ltd., in China. The Four Ethylene Newbuild Vessels are under construction and are scheduled to be delivered to the Company in December 2026, June 2027, September 2027 and December 2027 respectively, at an average shipyard price of $102.9 million per vessel.In July 2025, the Company announced that the Amon Joint Venture intends to acquire the Two Ammonia Newbuild Vessels. The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. to build the Two Ammonia Newbuild Vessels, with deliveries scheduled to take place in May 2028 and September 2028 respectively, at an average yard price of $87 million per vessel. The Company occupies office space in London with a lease that commenced in January 2022 for a period of 10 years with a break option in February 2027 (the "Break Option"), which is the fifth anniversary of the lease commencement date. It was a requirement under the lease that the Break Option be declared 12 months in advance, and in January 2026 the Company agreed not to declare the Break Option in return for the removal of an upward-only rent review clause in the lease in relation to the second five-year period of the lease. The gross rent (excluding service charges and business rates) per year for our office lease is approximately $1.0 million.The Company occupies office space in Copenhagen with a lease that expired in December 2025. The Company will continue to occupy the office space on a 6-month rolling basis until a new lease is entered into. The monthly lease payments are dependent on foreign exchange rates and the gross rent per month payable in Danish Kroner is approximately $15,000.The lease term for our office in Gdynia, Poland which commenced in April 2024 is for a period of 5 years to March 30, 2029. The lease payments are dependent on foreign exchange rates and the gross rent per year payable in Euros is approximately $0.1 million.The Company entered into a new 43-month lease for office space in Houston that commenced on April 1, 2025. The annual gross rent under the lease payable in U.S. Dollars is approximately $41,000.The lease term for our office in Manila, Philippines commenced in July 2025 and expires in June 2028. The gross rent per year for our office lease is approximately $0.1 million. 13. Cash, Cash Equivalents and Restricted Cash The following table shows the breakdown of cash, cash equivalents and restricted cash as of June 30, 2026, and December 31, 2025: Amounts included in restricted cash represent cash in blocked deposit accounts that are required to be deposited in accordance with the terms of a number of the Company's secured term loans with banking institutions and funds held by our variable interest entity PT Navigator Khatulistiwa ("PTNK"). Restricted cash is deemed not available for daily operational use. In February 2025, as part of an investigation into allegations of corruption, Muhamad Kerry Adrianto and certain other business partners and executives of PT Pertamina (Persero), Indonesia's state-owned energy company (“Pertamina”), were arrested by Indonesian authorities. The allegations related to the mismanagement of crude oil and oil refinery products at Pertamina between 2018 and 2023. The legal proceedings linked with the investigation by local authorities related to nine individuals and concluded in February 2026, with all nine defendants being found guilty. Mr. Adrianto was given a custodial sentence of 15 years, a fine of around $60,000 and was ordered to pay compensation of approximately $173 million. On March 5, 2026, Mr. Adrianto lodged an appeal to his sentence with the High Court in Jakarta, Indonesia. On June 10, 2026, the High Court issued its appeal judgment, materially rejecting Mr. Adrianto's appeal, with his fine being reduced from around $60,000 to approximately $30,000 and the compensation order being increased from approximately $173 million to around $840 million. On June 22, 2026, Mr. Adrianto filed an appeal against the High Court's appeal decision to the Indonesian Supreme Court, and the Company continues to monitor developments. We are not aware of any link or connection between the Company or PTNK, our Indonesian joint venture, and the investigation or its findings other than through Mr. Adrianto, who served as a director of PTNK until September 2025, when he was replaced as a director of PTNK. Following the above, we continue to believe that the events surrounding Mr. Adrianto will not have a material impact on the Company or our operations. 14. Variable Interest Entities As of June 30, 2026, the Company's VIE had total assets and liabilities of $87.1 million and $38.6 million respectively which have been included in the Company’s consolidated balance sheet as of that date (December 31, 2025: $92.5 million and $29.5 million). PT Navigator Khatulistiwa As of December 31, 2025, and June 30, 2026, the Company has consolidated 100% of PT Navigator Khatulistiwa, a VIE for which the Company is deemed to be the primary beneficiary, i.e. it has a controlling financial interest in this entity with the power to direct the activities that most significantly impact the entity’s economic performance and has the right to residual gains or the obligation to absorb losses that could potentially be significant to the VIE. The Company owns 49% of PT Navigator Khatulistiwa common stock, all of its secured debt and has voting control. All economic interests in the residual net assets reside with the Company. By virtue of the accounting principle of consolidation, transactions between PT Navigator Khatulistiwa and the Company are eliminated on consolidation. Navigator Crewing Services Philippines Inc. and Navigator Gas Services Philippines Inc. We own a 25% and a 40% share in Navigator Crewing Services Philippines Inc. (“NCSPI”) and Navigator Gas Services Philippines Inc. (“NSSPI”), respectively. These companies were established primarily to provide marine services as principals or agents to ship owners, ship operators, and managers engaged in international maritime business, and business support services. The Company has determined that it has a variable interest in NCSPI and NSSPI and is considered to be the primary beneficiary as a result of having a controlling financial interest in the entities and has the power to direct the activities that most significantly impact NCSPI’s and NSSPI’s economic performance. 15. Related Party Transactions The following table summarizes our transactions with related parties for the three and six months ended June 30, 2026, and 2025: The following table sets out the balances due from related parties as of December 31, 2025, and June 30, 2026: As of June 30, 2026, Ultranav International ApS held a 34.5% share in the Company and BW Group Limited held a 9.9% share in the Company and they are our principal shareholders. They may exert considerable influence on the Company's directors and significant corporate actions. 16. Subsequent Events Capital Return Policy On August 4, 2026, the Company's Board of Directors declared a cash dividend of $0.07 per share of the Company’s common stock for the quarter ended June 30, 2026, under the Company's Capital Return Policy, payable on September 1, 2026, to all shareholders of record as of the close of business U.S. Eastern time on August 19, 2026, (the "Dividend"). The aggregate amount of the Dividend is expected to be approximately $4.3 million, which the Company anticipates will be funded from cash on hand. Also as part of the Company's Capital Return Policy for the quarter ended June 30, 2026, the Company expects to repurchase approximately $14.2 million of common stock between August 6, 2026, and September 30, 2026, subject to operating needs, market conditions, legal requirements, stock price and other circumstances, such that the Dividend and share repurchases together equal 35% of net income attributable to stockholders of the Company for the quarter ended June 30, 2026. Financing On July 31, 2026, the Company and certain of its subsidiaries as part of the Amon Joint Venture entered into the July 2026 Post-Delivery Senior Secured Term Loan with ING Bank N.V., London Branch, Société Générale and Oversea-Chinese Banking Corporation Limited to finance from delivery, up to 70% of the shipyard cost of two newbuild 51,530 cubic-meter capacity ammonia-fueled, ice-class, liquefied ammonia carriers Navigator Amundsen and Navigator Archer (the "Two Ammonia Newbuild Vessels"). All pre-delivery payments under the shipbuilding contracts until delivery of the vessels will be paid by the Company and certain of its subsidiaries as part of the Amon Joint Venture from cash on hand. The July 2026 Post-Delivery Senior Secured Term Loan is amortizing with a balloon payment of $85.26 million, and bears interest at a rate of Term SOFR plus 135 basis points. The July 2026 Post-Delivery Senior Secured Term Loan is expected to be drawn on delivery of each vessel, and matures at the earlier of 72 months after delivery of each vessel or 12 March 2035 (Ship Tranche A) and 12 July 2035 (Ship Tranche B). As of June 30, 2026, the facility was undrawn. On July 17, 2026, the Company drew $57.6 million from the June 2026 Pre-Delivery Secured Term Loan to recoup 80% of all pre-delivery instalments paid to the shipyard for the two vessels to date. Company Redomiciliation On April 19, 2026, in connection with the Company's previously disclosed intention to change its corporate domicile from the Marshall Islands to England and Wales (the "Company Redomiciliation") further details of which can be found in the Company's 2025 Annual Report, the Company's vessel, Navigator Taurus was transferred from its subsidiary Navigator Taurus L.L.C., a Marshall Islands subsidiary, to Navigator Taurus Ltd, a newly incorporated subsidiary in England and Wales. The Company expects to continue to redomicile further of its subsidiaries to newly formed entities in England and Wales and Denmark as part of the wider project to change the Company's corporate domicile. Unigas On July 13, 2026, further to the non-binding letter of intent entered into on April 14, 2026, the Company entered into definitive agreements with Bernhard Schulte (Singapore) Holdings Pte. Ltd. (“Bernhard Schulte”) and Sloman Neptun Schiffahrts-Aktiengesellschaft (“Sloman Neptun”) for the sale of eight gas carriers (the “Unigas Vessels”), together with the Company’s shareholding in Unigas International B.V. (“Unigas B.V.”), the entity that commercially manages the Unigas Vessels through the Unigas Pool, for aggregate consideration of approximately $183.0 million (the “Unigas Transaction”). The combined book value in respect of the Unigas Vessels and the Company's holding in Unigas B.V. in the Company's accounts at June 30, 2026, was approximately $114.0 million. At June 30, 2026, the outstanding balance under the Company's May 2025 Secured Term Loan and RCF in respect of the Unigas Vessels was $18.3 million and was prepaid on July 27, 2026, and as a result all the security granted by the Company over Happy Albatross was released. The Unigas Transaction, which is subject to customary closing conditions, as well as delivery of the Unigas Vessels pursuant to it, is expected to be completed by the fourth quarter of 2026. The Company currently expects to recognize a profit on sale of the Unigas Vessels and the Company's holding in Unigas B.V. of between $66.0 million and $69.0 million, pursuant to the exact time at which each individual vessel is delivered based on operational practicalities. Our Fleet The following table provides details of our vessels as of August 4, 2026: *denotes our owned vessels that are commercially managed within the independently managed Unigas Pool. PART II. Second Quarter 2026 Conference Call Details Navigator Holdings Ltd. Second Quarter 2026 Earnings Webcast and Presentation On Wednesday, August 5, 2026, at 10:00 a.m. U.S. Eastern Time, the Company’s management team will host an online webcast to present and discuss the financial results for the second quarter of 2026. Those wishing to participate should register for the webcast using the following details: https://us06web.zoom.us/webinar/register/WN_ce48SF7yTSCIzkHpBQssAA Participants can also join by phone by dialing: United States: +1 929 436 2866United Kingdom:+44 330 088 5830 A full list of U.S. and international numbers is available via the following link:International Dial-in numbers The webcast and slide presentation will be available for replay on the Company's website (www.navigatorgas.com) shortly after the end of the webcast.Participants wishing to join the live webcast are encouraged to do so approximately 5 minutes prior to the start. About Navigator Gas Navigator Holdings Ltd. (described herein as “Navigator Gas” or the “Company”) is the owner and operator of the world’s largest fleet of handysize liquefied gas carriers and a global leader in the seaborne transportation services of petrochemical gases, such as ethylene and ethane, liquefied petroleum gas (“LPG”) and ammonia and owns a 50% share, through a joint venture, in an ethylene export marine terminal at Morgan’s Point, Texas on the Houston Ship Channel, USA. Navigator Gas’ fleet consists of 54 semi- or fully-refrigerated liquefied gas carriers, 24 of which are ethylene and ethane capable. The Company plays a vital role in the liquefied gas supply chain for energy companies, industrial consumers and commodity traders, with its sophisticated vessels providing an efficient and reliable ‘floating pipeline’ between the parties, connecting the world today, creating a sustainable tomorrow. Navigator Gas’ common stock trades on the New York Stock Exchange under the symbol “NVGS”. For media enquiries or further information, please contact: Navigator Gas Investor RelationsEmail: [email protected] Randy GiveansChief Investor Relations & EVP of Business DevelopmentEmail: [email protected] Smith Street, Suite 1000, Houston, Texas, U.S.A. 77002Tel: +1-713-373-6197 Alexander WalsterMedia ContactEmail: [email protected], 10 Bressenden Place, London, SW1E 5DH, UKTel: +44 (0)7857 796 052, +44 (0)20 7045 4114 Investor Relations / Media AdvisorsNicolas Bornozis / Paul LampoutisCapital Link – New YorkTel: +1-212-661-7566Email: [email protected] Forward looking statementsThis press release contains certain “forward-looking” statements (as defined by the Securities and Exchange Commission) concerning plans and objectives of management for future operations or economic performance, or assumptions related thereto. In addition, we and our representatives may from time to time make other oral or written statements that are also forward-looking statements. In some cases, you can identify the forward-looking statements by the use of words such as “may,” “could,” “should,” “will,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” “scheduled,” or the negative of these terms or other comparable terminology. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include but are not limited to those set forth in the periodic reports Navigator files with the U.S. Securities and Exchange Commission. All forward-looking statements included in this press release are made only as of the date of this press release. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. We expressly disclaim any obligation to update or revise any forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. We make no prediction or statement about the performance of our common stock. Category: Financial ______________________________ 1 Adjusted net income attributable to stockholders of Navigator Holdings Ltd. is not a measurement prepared in accordance with U.S. GAAP. Adjusted net income attributable to stockholders of Navigator Holdings Ltd. represents net income attributable to stockholders of Navigator Holdings Ltd. adjusted to exclude realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs, and other income. Management believes that EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd., Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share are useful to investors in evaluating the operating performance of the Company but they do not represent and should not be considered alternatives to consolidated net income, earnings per share, cash generated from operations, or any other GAAP measure. 2 EBITDA and Adjusted EBITDA are not measurements prepared in accordance with U.S. GAAP. EBITDA represents net income before net interest expense, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs, and other income. Management believes that EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd., Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share are useful to investors in evaluating the operating performance of the Company but they do not represent and should not be considered alternatives to consolidated net income, earnings per share, cash generated from operations, or any other GAAP measure. 3 Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share are not measurements prepared in accordance with U.S. GAAP. Adjusted Basic Earnings per Share represents basic earnings per share adjusted to exclude realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs, and other income. Adjusted Diluted Earnings per Share represents Adjusted Basic Earnings per Share adjusting the weighted average number of common shares used for calculating Adjusted Basic Earnings per Share for the effects of all potentially dilutive shares. Management believes that EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd., Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share are useful to investors in evaluating the operating performance of the Company but they do not represent and should not be considered alternatives to consolidated net income, earnings per share, cash generated from operations, or any other GAAP measure. 4 During the three months ended March 31, 2026, the Company revised its definition of Adjusted net income attributable to stockholders of the Company 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. 5 Weighted average number of vessels for Vessel Operating Expenses includes our eight owned smaller vessels in the independently managed Unigas Pool at June 30, 2026, compared to the nine owned smaller vessels in the independently managed Unigas Pool at June 30, 2025. 6 Weighted average number of vessels for Vessel Operating Expenses includes our eight owned smaller vessels in the independently managed Unigas Pool at June 30, 2026, compared to the nine owned smaller vessels in the independently managed Unigas Pool at June 30, 2025. 7 EBITDA and Adjusted EBITDA are not measurements prepared in accordance with U.S. GAAP. EBITDA represents net income before net interest expense, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs, and other income. Management believes that EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd., Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share are useful to investors in evaluating the operating performance of the Company but they do not represent and should not be considered alternatives to consolidated net income, earnings per share, cash generated from operations, or any other GAAP measure. 8 Adjusted net income attributable to stockholders of Navigator Holdings Ltd. is not a measurement prepared in accordance with U.S. GAAP. Adjusted net income attributable to stockholders of Navigator Holdings Ltd. represents net income attributable to stockholders of Navigator Holdings Ltd. adjusted to exclude realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs, and other income. Management believes that EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd., Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share are useful to investors in evaluating the operating performance of the Company but they do not represent and should not be considered alternatives to consolidated net income, earnings per share, cash generated from operations, or any other GAAP measure. 9 Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share are not measurements prepared in accordance with U.S. GAAP. Adjusted Basic Earnings per Share represents basic earnings per share adjusted to exclude realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs, and other income. Adjusted Diluted Earnings per Share represents Adjusted Basic Earnings per Share adjusting the weighted average number of common shares used for calculating Adjusted Basic Earnings per Share for the effects of all potentially dilutive shares. Management believes that EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd., Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share are useful to investors in evaluating the operating performance of the Company but they do not represent and should not be considered alternatives to consolidated net income, earnings per share, cash generated from operations, or any other GAAP measure. 10 The February 2025 Secured Term Loan facility matures in August, 2026, however the borrower has an option to extend the facility for a further 18 months on payment of a $25 million partial bullet repayment, which if paid would extend the maturity date from August 2026 to February 2028. 11 On April 2, 2026, in light of ongoing geopolitical developments in the Middle East and related market uncertainty, the Company drew $28.5 million of the revolving credit portion of its $111.8 million December 2022 Term Loan and Revolving Credit Facility and $62.9 million of the revolving credit portion of its $147.6 million August 2024 Term Loan and Revolving Credit Facility, totaling $91.4 million as a precautionary liquidity measure, placing the money on deposit. The Company continues to monitor market conditions and intends to repay the revolving credit amounts based on an assessment of market conditions and subject to the availability of cash and cash equivalents and other capital allocation considerations.

Navigator Holdings (NVGS) came out with quarterly earnings of $0.85 per share, beating the Zacks Consensus Estimate of $0.52 per share. This compares to earnings of $0.14 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +63.46%. A quarter ago, it was expected that this transportaion company for the natural gas and and chemical industry would post earnings of $0.34 per share when it actually produced earnings of $0.5, delivering a surprise of +47.06%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Navigator Holdings, which belongs to the Zacks Transportation - Shipping industry, posted revenues of $139.64 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 7.07%. This compares to year-ago revenues of $114.42 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Navigator Holdings shares have added about 25.9% since the beginning of the year versus the S&P 500's gain of 11%. While Navigator Holdings has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Navigator Holdings was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.40 on $115.49 million in revenues for the coming quarter and $1.70 on $485.2 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Shipping is currently in the top 17% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Star Bulk Carriers (SBLK), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This shipping company is expected to post quarterly earnings of $0.97 per share in its upcoming report, which represents a year-over-year change of +781.8%. The consensus EPS estimate for the quarter has been revised 45% higher over the last 30 days to the current level. Star Bulk Carriers' revenues are expected to be $339.47 million, up 37.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Navigator Holdings Ltd. (NVGS) : Free Stock Analysis Report Star Bulk Carriers Corp. (SBLK) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Scorpio Tankers (STNG) came out with quarterly earnings of $4.68 per share, beating the Zacks Consensus Estimate of $4.51 per share. This compares to earnings of $1.41 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +3.77%. A quarter ago, it was expected that this shipping company would post earnings of $2.73 per share when it actually produced earnings of $3.02, delivering a surprise of +10.62%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Scorpio Tankers, which belongs to the Zacks Transportation - Shipping industry, posted revenues of $391.8 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.90%. This compares to year-ago revenues of $222.76 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Scorpio Tankers shares have added about 54.5% since the beginning of the year versus the S&P 500's gain of 6.9%. While Scorpio Tankers has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Scorpio Tankers was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.56 on $220.78 million in revenues for the coming quarter and $12.15 on $1.15 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Shipping is currently in the top 17% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Navigator Holdings (NVGS), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 4. This transportaion company for the natural gas and and chemical industry is expected to post quarterly earnings of $0.52 per share in its upcoming report, which represents a year-over-year change of +271.4%. The consensus EPS estimate for the quarter has been revised 10.3% higher over the last 30 days to the current level. Navigator Holdings' revenues are expected to be $130.42 million, up 14% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Scorpio Tankers Inc. (STNG) : Free Stock Analysis Report Navigator Holdings Ltd. (NVGS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

The market expects Star Bulk Carriers (SBLK) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on August 5, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This shipping company is expected to post quarterly earnings of $0.97 per share in its upcoming report, which represents a year-over-year change of +781.8%. Revenues are expected to be $339.47 million, up 37.2% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 45% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Star Bulk Carriers, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%. On the other hand, the stock currently carries a Zacks Rank of #2. So, this combination makes it difficult to conclusively predict that Star Bulk Carriers will beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Star Bulk Carriers would post earnings of $0.45 per share when it actually produced earnings of $0.56, delivering a surprise of +24.44%. Over the last four quarters, the company has beaten consensus EPS estimates three times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Star Bulk Carriers doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Among the stocks in the Zacks Transportation - Shipping industry, Navigator Holdings (NVGS), is soon expected to post earnings of $0.52 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +271.4%. This quarter's revenue is expected to be $130.42 million, up 14% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for Navigator Holdings has been revised 10.2% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate. When combined with a Zacks Rank of #1 (Strong Buy), this Earnings ESP makes it difficult to conclusively predict that Navigator Holdings will beat the consensus EPS estimate. Over the last four quarters, the company surpassed EPS estimates just once. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Star Bulk Carriers Corp. (SBLK) : Free Stock Analysis Report Navigator Holdings Ltd. (NVGS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

The market expects Navigator Holdings (NVGS) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 4. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This transportaion company for the natural gas and and chemical industry is expected to post quarterly earnings of $0.52 per share in its upcoming report, which represents a year-over-year change of +271.4%. Revenues are expected to be $130.42 million, up 14% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 10.25% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Navigator Holdings, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%. On the other hand, the stock currently carries a Zacks Rank of #1. So, this combination makes it difficult to conclusively predict that Navigator Holdings will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Navigator Holdings would post earnings of $0.34 per share when it actually produced earnings of $0.50, delivering a surprise of +47.06%. Over the last four quarters, the company has beaten consensus EPS estimates just once. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Navigator Holdings doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Among the stocks in the Zacks Transportation - Shipping industry, Scorpio Tankers (STNG), is soon expected to post earnings of $5.14 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +264.5%. This quarter's revenue is expected to be $380.77 million, up 70.9% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for Scorpio Tankers has been revised 19% down to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate. When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that Scorpio Tankers will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Navigator Holdings Ltd. (NVGS) : Free Stock Analysis Report Scorpio Tankers Inc. (STNG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

LONDON, July 22, 2026 (GLOBE NEWSWIRE) -- Navigator Holdings Ltd. (described herein as “Navigator Gas” or the “Company”) (NYSE: NVGS), the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, announces today that it will release its results for the three months ended June 30, 2026, after markets close in New York, on Tuesday, August 4, 2026. The next day, Wednesday, August 5, 2026, at 10:00 A.M. E.D.T., the Company’s management team will host a Zoom conference call and slide presentation to discuss the financial results. Zoom Conference Call DetailsParticipants should register for the conference call and slide presentation through the following link: https://us06web.zoom.us/webinar/register/WN_ce48SF7yTSCIzkHpBQssAA Or join by phone: For a full list of US and international numbers available, please click on the link below: International Dial-in numbers Webinar ID: 846 7879 1820Passcode: 948536 The conference call and slide presentation will be available for replay on Navigator Gas’ website (www.navigatorgas.com) under Financials and Quarterly Results in the Investors Centre section. About Navigator GasNavigator Holdings Ltd. (described herein as “Navigator Gas” or the “Company”) is the owner and operator of the world’s largest fleet of handysize liquefied gas carriers and a global leader in the seaborne transportation services of petrochemical gases, such as ethylene and ethane, liquefied petroleum gas (“LPG”) and ammonia and owns a 50% share, through a joint venture, in an ethylene export marine terminal at Morgan’s Point, Texas on the Houston Ship Channel, USA. Navigator Gas’ fleet currently consists of 54 semi- or fully-refrigerated liquefied gas carriers, 24 of which are ethylene and ethane capable. The Company plays a vital role in the liquefied gas supply chain for energy companies, industrial consumers and commodity traders, with its sophisticated vessels providing an efficient and reliable ‘floating pipeline’ between the parties, connecting the world today, creating a sustainable tomorrow. Navigator Gas’ common stock trades on the New York Stock Exchange under the symbol “NVGS”. For further information or media enquiries, please contact: Navigator Gas Investor RelationsEmail: [email protected] Randy GiveansChief Investor Relations Officer and EVP of Business DevelopmentEmail: [email protected] 1200 Smith Street, Suite 1000, Houston, Texas, U.S.A. 77002Tel: +1-713-373-6197 Alexander WalsterMedia ContactEmail: [email protected]    Verde, 10 Bressenden Place, London, SW1E 5DH, UK Tel: +44 (0)7857 796 052, +44 (0)20 7045 4114 Investor Relations / Media AdvisorsNicolas Bornozis / Paul LampoutisCapital Link – New YorkTel: +1-212-661-7566Email: [email protected] Forward looking statements This press release contains certain “forward-looking” statements (as defined by the Securities and Exchange Commission) concerning plans and objectives of management for future operations or economic performance, or assumptions related thereto. In addition, we and our representatives may from time to time make other oral or written statements that are also forward-looking statements. In some cases, you can identify the forward-looking statements by the use of words such as “may,” “could,” “should,” “will,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” “scheduled,” or the negative of these terms or other comparable terminology. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include but are not limited to those set forth in the periodic reports Navigator files with the U.S. Securities and Exchange Commission. All forward-looking statements included in this press release are made only as of the date of this press release. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. We expressly disclaim any obligation to update or revise any forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. We make no prediction or statement about the performance of our common stock. Category: Financial