Navigator Gas announces preliminary third quarter 2025 results

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Navigator Gas announced preliminary third quarter 2025 results.

Third Quarter Financial Highlights

  • On November 4, 2025, the Board of Directors of Navigator Holdings Ltd., (NYSE: NVGS) (“Navigator Holdings”, “Navigator Gas”, “our”, “we”, “us” or the “Company”) approved a revision to the Company’s existing capital return policy first announced in May 2023 (the “Revised Capital Return Policy”). Under the Revised Capital Return Policy, commencing with the the dividend relating to the third quarter of 2025, the Company intends, subject to operating needs and other circumstances, to pay an increased quarterly cash dividend of $0.07 per share (the “Revised Fixed Element”) and return additional capital in the form of further cash dividends and/or share repurchases, such that the Revised Fixed Element and, if any, the variable component, together equal 30% of net income for the applicable quarter, increased from 25% of net income in the existing policy. Declarations of any dividends in the future, and the amount of any such dividends under the Revised Capital Return Policy, are subject to approval by the Company’s Board.
  • On November 4, 2025, pursuant to the Company’s Revised Capital Return Policy, the Board declared a cash dividend of $0.07 per share of the Company’s common stock for the quarter ended September 30, 2025, payable on December 16, 2025, to all shareholders of record as of the close of business U.S. Eastern Time on November 25, 2025 (the “Dividend”).
  • Also as part of the Company’s Revised Capital Return Policy for the quarter ended September 30, 2025, the Company expects to repurchase approximately $5.4 million of its common stock between November 7, 2025, and December 31, 2025, subject to operating needs, market conditions, legal requirements, stock price and other circumstances (the “Share Repurchases”), such that the Dividend and Share Repurchases together equal 30% of net income for the quarter ended September 30, 2025.
  • On September 17, 2025 the Company paid a dividend of $0.05 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 28, 2025, totaling $3.3 million , and the Company repurchased 129,539 shares of common stock in the open market between August 18, 2025, and September 30, 2025, at an average price of $16.06 per share, totaling $2.1 million all as part of the Company’s then existing capital return policy for the quarter ended June 30, 2025.
  • On May 13, 2025, the Board authorized a new share repurchase plan authorizing the Company to repurchase up to an aggregate of $50 million of the Company’s common stock. The Company repurchased 1,348,867 shares of common stock in the open market between July 1, 2025, and July 30, 2025, at an average price of $15.13 per share, totaling $20.4 million. A total of 3,405,455 shares were repurchased in the open market between May 15, 2025, and July 30, 2025 at an average price of $14.68 per share, totaling $50 million which then completed the new share repurchase plan.
  • The Company reported total operating revenues of $153.1 million for the three months ended September 30, 2025, compared to $141.8 million for the three months ended September 30, 2024.
  • Net income attributable to stockholders of the Company was $33.2 million for the three months ended September 30, 2025, compared to $18.2 million for the three months ended September 30, 2024.
  • EBITDA1 was $85.7 million for the three months ended September 30, 2025, compared to $65.8 million for the three months ended September 30, 2024.
  • Adjusted EBITDA1 was $76.5 million for the three months ended September 30, 2025, compared to $67.7 million for the three months ended September 30, 2024.
  • Basic earnings per share attributable to stockholders of the Company were $0.50 for the three months ended September 30, 2025, compared to $0.26 per share for the three months ended September 30, 2024, 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, 2025, compared to the three months ended September 30, 2024.
  • Adjusted basic earnings per share attributable to stockholders of the Company1 were $0.36 per share for the three months ended September 30, 2025, compared to $0.29 per share for the three months ended September 30, 2024, driven primarily by the increase in Net Income attributable to stockholders of Navigator Holdings Ltd., and adjusting for the profit on sale of vessel.
  • The Company decreased its debt by $93.3 million to $933.2 million during the three months ended September 30, 2025, as the Company made quarterly repayments on loan facilities and revolving credit facilities of $93.3 million. This is compared to an increase of $124.4 million to $1,026.5 million during the three months ended June 30, 2025, when the Company borrowed $300 million under its May 2025 Facility (as defined below) and $40 million under the March 2025 Bond Tap Issue (as defined in Note 7. Senior Unsecured Bonds below), and repaid our September 2020 Facility of $143.4 million and our October 2013 Facility of $14.7 million, and made quarterly repayments on loan facilities and revolving credit facilities of $54.9 million.
  • At September 30, 2025 the Company’s cash, cash equivalents, and restricted cash was $216.6 million, and together with available but undrawn credit facilities of $91.4 million the Company’s total liquidity as of September 30, 2025 was $308.0 million, compared to $287.4 million as of June 30, 2025 and $139.8 million as at December 31, 2024.