Kirby (KEX) Investor presentation summary

Business overview and strategy

• Operates the largest inland and coastwise tank barge fleets in the U.S., specializing in energy and chemical transport, and is a nationwide leader in power generation equipment and industrial distribution.

• Marine transportation accounts for 59% of 2024 revenues ($1,913M), with 1,105 inland tank barges and 270 towboats; 70% of inland revenues are under term contracts.

• Distribution and services segment provides engines, transmissions, power generation, and oilfield equipment, representing 41% of 2024 revenues ($1,353M).

• Growth strategy centers on disciplined capital allocation, countercyclical acquisitions, and maintaining an investment-grade balance sheet.

• Proven track record of cash flow generation and long-term earnings growth, with expectations for improved financial results in 2025.

Financial performance and outlook

• Q3 2025 revenues reached $871.2M, up 5% year-over-year; EPS increased 6% to $1.65.

• Power generation revenue rose 56% year-over-year, with operating income up 96%, driven by strong demand from data centers and prime power customers.

• Generated $160M in free cash flow in Q3 2025; $120M in stock repurchases during the quarter.

• Marine transportation Q4 2025 outlook: inland barge utilization expected at 85–90%, with modest revenue and margin improvement; coastal utilization in the mid to high 90% range.

• Distribution & services Q4 2025 outlook: power generation strength offsets oil and gas softness; full-year segment revenues expected up mid-single digits, with high single-digit operating margins.

Market position and operations

• Holds 28% share of inland tank barge market and 16% of coastal capacity; no foreign competition due to the Jones Act.

• Flexible fleet management enables high utilization and cost-effective scaling; operates 1,105 inland tank barges and 270 towboats as of Q3 2025.

• Acquired an average of 40 barges per year since 1986, focusing on asset acquisitions over newbuilds to maintain a young fleet.

• Largest coastal tank barge operator by barrel capacity after significant acquisitions; average coastal fleet age is ~17 years.

• Distribution & services segment is the largest distributor for key OEM partners, with a broad U.S. and Colombian footprint.