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 September 30, 2026.
Third Quarter Financial Highlights
• For the quarter ended September 30, 2026, pursuant to the Company’s capital return policy (the “Capital Return Policy”) the Board of Directors of the Company declared, on November 3, 2026, a cash dividend of $0.08 per share of the Company’s common stock, payable on December 3, 2026, to all shareholders of record as of the close of business U.S. Eastern Time on November 17, 2026 (the “Dividend”). The aggregate amount of the Dividend is expected to be approximately $4.9 million, which the Company anticipates will be funded from cash on hand.
• Also for the quarter ended September 30, 2026, pursuant to the Company’s Capital Return Policy, the Company expects to repurchase approximately $22.6 million of its common stock between November 6, 2026, and December 31, 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 September 30, 2026.
• For the quarter ended June 30, 2026, on September 1, 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 August 19, 2026, totaling $4.3 million. The Company also repurchased 661,482 shares of common stock in the open market between August 7, 2026, and September 30, 2026, at an average price of $21.50 per share, totaling $14.2 million, such that the cash dividend and share repurchases together equaled 35% of net income attributable to stockholders of the Company in respect of the quarter ended June 30, 2026.
• The Company reported total operating revenues of $155.0 million for the three months ended September 30, 2026, compared to $153.1 million for the three months ended September 30, 2025, representing an increase of $1.9 million.
• EBITDA1 was $120.8 million for the three months ended September 30, 2026, compared to $85.7 million for the three months ended September 30, 2025, representing an increase of $35.0 million mainly driven by higher profit from sale of vessels in the three months ended September 30, 2026, compared to the three months ended September 30, 2025.
• Adjusted EBITDA2 was $67.8 million for the three months ended September 30, 2026, compared to $76.5 million for the three months ended September 30, 2025, representing a decrease of $8.7 million, mainly driven by lower operating revenues from time charters net of lower vessel operating expenses in the three months ended September 30, 2026, compared to the three months ended September 30, 2025.
• Net income attributable to stockholders of the Company was $78.3 million for the three months ended September 30, 2026, compared to $33.2 million for the three months ended September 30, 2025, representing an increase of $45.2 million, mainly driven by higher profit from sale of vessels for the three months ended September 30, 2026, compared to the three months ended September 30, 2025.
• Adjusted net income attributable to stockholders of the Company3 was $25.4 million for the three months ended September 30, 2026, compared to $23.9 million for the three months ended September 30, 2025.
• During the third quarter of 2026, the Company updated its definition of Adjusted net income attributable to stockholders of the Company to exclude profit/loss on sale of vessels, reverting to the methodology applied prior to the first quarter of 2026. Accordingly, profit/loss from the sale of vessels is excluded from Adjusted EBITDA, Adjusted net income attributable to stockholders of the Company, Adjusted basic earnings per share, and Adjusted diluted earnings per share. Prior-period amounts presented herein have been updated to conform to the current-period presentation.
• Basic earnings per share attributable to stockholders of the Company was $1.28 for the three months ended September 30, 2026, compared to $0.50 per share for the three months ended September 30, 2025, with the increase primarily due to an increase in net income attributable to stockholders of Navigator Holdings Ltd., and a lower number of shares of common stock in issue in the three months ended September 30, 2026, compared to the three months ended September 30, 2025.
• Adjusted basic earnings per share attributable to stockholders4 of the Company was $0.42 per share for the three months ended September 30, 2026, compared to $0.36 per share for the three months ended September 30, 2025, driven primarily by an increase in Adjusted net income attributable to stockholders of the Company, and by a lower number of shares of common stock in issue in the three months ended September 30, 2026, compared to the three months ended September 30, 2025.
• The Company decreased its debt by $157.8 million to $762.6 million (net of deferred financing costs of $6.4 million) during the three months ended September 30, 2026, from $920.4 million as of June 30, 2026, as the Company made quarterly repayments of $73.7 million on loan facilities, partially offset by drawdowns of $65.9 million on its June 2026 Pre-Delivery Secured Term Loan and $6.7 million on its March 2026 Secured Term Loan; on August 25, 2026 the Company repaid $28.5 million, being the available revolving credit portion of its $111.8 million December 2022 Term Loan and Revolving Credit Facility; on September 24, 2026, the Company repaid $62.9 million, being the available revolving credit portion of its $147.6 million August 2024 Term Loan and Revolving Credit Facility; and on September 24, 2026, the Company repaid $65.3 million, being the available revolving credit portion of its $300 million May 2025 Secured Term Loan and Revolving Credit Facility. At September 30, 2026, the Company had $156.7 million available but undrawn credit under its various revolving facilities, compared to $nil available but undrawn credit under its various revolving facilities at June 30, 2026.
• At September 30, 2026, the Company’s cash, cash equivalents and restricted cash of $269.1 million and available but undrawn credit facilities of $156.7 million, totaled $425.8 million, compared to a total of $273.8 million as of June 30, 2026, and $308.0 million as of September 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 $183.1 million (the “Unigas Transaction”). The Unigas Transaction is complete, with Happy Osprey, Happy Peregrine, Happy Albatross, Happy Penguin, Happy Kestrel and Happy Condor delivered to the buyers during the third quarter of 2026, and Happy Avocet and Happy Pelican delivered to the buyers during October 2026. In connection with the completion of the Unigas Transaction, on November 2, 2026, the Company completed the sale of its shareholding in Unigas B.V. to the buyers.