Navigator (NVGS) Q4 2025 earnings summary

Executive summary

• Q4 2025 operating revenues reached $153 million, up 6% year-over-year, with adjusted EBITDA steady at $73.4 million and net income at $18.5 million ($0.28/share); adjusted EPS was $0.32.

• Annual EBITDA hit a record $303 million, and annual net income reached $100.2 million.

• Liquidity at year-end was $246 million, despite significant capital expenditures, debt repayments, and shareholder returns.

• Capital return policy increased to 30% of net income, with a fixed dividend of $0.07/share and share buybacks.

• Fleet utilization was 90% in Q4, with average TCE at $30,647/day and continued strong demand for handysize vessels.

Financial highlights

• Q4 2025 revenue was $153 million, up 6% year-over-year, driven by higher TCE rates; adjusted EBITDA was $73.4 million.

• Net income for Q4 was $18.5 million; annual net income was $100.2 million, with record annual EPS of $1.49.

• Cash and equivalents at year-end were $204.9 million; total liquidity including undrawn facilities was $296 million.

• Vessel operating expenses rose due to fleet expansion and maintenance timing.

• Net debt/Adjusted EBITDA (LTM) improved to 2.5x; loan-to-value at 32%.

Outlook and guidance

• Utilization and TCE expected to remain at or above Q4 2025 levels in 2026, with year-to-date utilization around 90%.

• Ethylene export terminal throughput projected to rebound to record highs in Q1 2026, driven by low US prices and European demand.

• All-in cash breakeven for 2026 estimated at $20,970/day, well below current TCE rates.

• Expense guidance for 2026 remains stable, with lower total OpEx due to vessel sales.

• Minimal exposure to Middle East disruptions; only 3% of global handysize volume exported from the region.