Navigator (NVGS) Q4 2025 Earnings Call Transcript

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Thursday, March 12, 2026 astatine 9 a.m. ET

• Chief Executive Officer — Mads Peter Zacho

• Chief Financial Officer — Gary Chapman

• Chief Commercial Officer — Øyvind Lindeman

• Executive Vice President, Investor Relations and Business Development — Randall Giveans

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Mads Peter Zacho: Good greeting and bully afternoon. Thanks a batch for joining the Navigator Holdings Ltd. net telephone for Q4 2025. Just to get america started connected the close foot, I would similar to clarify that Navigator Holdings Ltd. presently has nary vessels wrong the Hormuz Strait. We volition aboriginal interaction much connected the warfare successful the Middle East and what it means for Navigator Holdings Ltd.. We volition explicate wherefore the interaction is limited. As usual, I volition reappraisal the cardinal information from our Q4 2025 show and past spell implicit the outlook for the coming quarter. After that, Gary, Øyvind, and Randy volition sermon our results successful much detail, and past determination volition beryllium Q&A afterwards.

Please crook to leafage 4. As you tin see, successful summary, we decided to telephone Q4 2025 a dependable decorativeness to a dynamic year, 2026 looking better.

Mads Peter Zacho: In Q4, we generated revenues of $153 million, aforesaid arsenic erstwhile 4th and up 6% compared to aforesaid play erstwhile year. The main operator of the summation successful gross implicit aforesaid play past twelvemonth was 8% higher charter clip charter equivalent rates and partially offset by little utilization. Adjusted EBITDA was $73 million, down from $77 cardinal successful Q3 and akin to the aforesaid play erstwhile year. The equilibrium expanse is strong, with full liquidity presumption little restricted currency of $246 cardinal astatine quarter-end, importantly higher than aforesaid day the twelvemonth before.

In November, we accrued our superior instrumentality to 30% of nett income from antecedently 25%, and we accrued the fixed dividend from $0.05 per stock to $0.07 per share.

Mads Peter Zacho: This reflects our beardown equilibrium expanse and arsenic important besides our committedness to expanding the instrumentality of superior to shareholders. We achieved precise charismatic financing for 2 of our six caller buildings astatine margins of 150 ground points, adjacent to the lowest ever for Navigator Holdings Ltd.. You should ticker this abstraction due to the fact that much volition come. On the commercialized side, we achieved mean TC rates of $30,647 per time during Q4. This is astir $300 little than the ten-year precocious achieved successful Q3 and is 8% supra aforesaid play erstwhile year. We utilized our vessels arsenic guided astatine 90%, astir the aforesaid arsenic past quarter, but beneath the 92% twelvemonth prior.