Navigator : Q2 Results Presentation

Second Quarter 2023 Earnings Presentation

August 2023

Forward Looking Statements

This presentation contains certain statements that may be deemed to be "forward- looking statements" within the meaning of applicable federal securities laws. Most forward-looking statements contain words that identify them as forward-looking, such as "may", "plan", "seek", "will", "expect", "intend", "estimate", "anticipate", "believe", "project", "opportunity", "target", "goal", "growing" and "continue" or other words that relate to future events, as opposed to past or current events. All statements, other than statements of historical facts, that address activities, events or developments that Navigator Holdings Ltd. ("Navigator" or the "Company") expects, projects, believes or anticipates will or may occur in the future, including, without limitation, acquisitions of vessels, the outlook for fleet utilization and shipping rates, general industry conditions, future operating results of the Company's vessels, capital expenditures, expansion and growth opportunities, business strategy, ability to pay dividends and other such matters, are forward- looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ any expectations or goals expressed in, or implied by, the forward-looking statements included in this presentation, possibly to a material degree.

Navigator cannot assure you that the assumptions made in preparing any of the forward-looking statements will prove accurate or that any long-term financial goals will be realized. All forward-looking statements included in this presentation speak only as of the date made, and Navigator undertakes no obligation to update or revise publicly any such forward-looking statements, whether as a result of new information, future events, or otherwise. In particular, Navigator cautions you not to place undue weight on certain forward-looking statements pertaining to potential growth opportunities or long-term financial goals set forth herein.

CORPORATE PRESENTATION 2023	2

Highlights - Record Setting Quarter In 2Q23; Declaring First Dividend As A Public Company

Financial

• Operating revenues of $135.3 million for Q2, 2023, up 9.2% compared to $123.9 million for Q2, 2022.
• Adjusted EBITDA was a record $69.3 million for Q2, 2023, compared to $55.0 million for Q2, 2022 and $69.0 million for Q1, 2023.
• Net income of $26.6 million, or $0.36 per share for Q2, 2023; adjusted net income of $18.4 million, or $0.25 per share.
• Cash position remained robust at $180.4 million as of June 30, 2023, compared to $153.2 million as of December 31, 2022.
• Completed $50.0 million share repurchase program in May; authorized a new $25.0 million program.
• Announced new return of capital policy including a fixed dividend as well as a floating additional dividend and/or share repurchases; declared $0.05/share dividend plus $3.0 million of share buybacks for 2Q23 results (to be paid/repurchased in 3Q23).

Commercial

• Fleet utilization was 89.0% for Q2, 2023 compared to 87.4% for Q2, 2022.
• Ethylene Export Terminal throughput volumes were 277,582 tons for Q2, 2023 compared to 268,444 tons for Q2, 2022.
• Completed accretive vessel acquisitions through new joint venture with Greater Bay Gas Company; the last of the five vessels was delivered on April 13, 2023.
• Expansion of our Ethylene Export Terminal at
  Morgan's Point is underway. Contributed first progress payment of $9 million in April, next payment scheduled for late-August. Long- lead items have been ordered and groundwork is progressing.
• Sold the Navigator Orion, a 2000 built 22,085 cbm ethylene carrier for $20.9 million on May 2, 2023, resulting in a $4.9 million profit.
• Formed Bluestreak CO2, a joint venture with Bumi Armada, which enables UK stranded emitters the ability to ship and store CO2.

Outlook

• Utilization in Q3, 2023 expected to be above 90%, which will be higher than Q2, 2023.
• TCE rates on the rise as demand continues to strengthen; Q3, 2023 EBITDA likely to continue upward trajectory.
• Q3, 2023 ethylene export volumes through the Ethylene Export Terminal expected to remain near nameplate capacity.
• Supply picture remains attractive with a minimal Handysize orderbook and large percentage of the fleet already >20 years of age.
• US NGL production reaching an all-time high.
• Majority of U.S. ethylene exports continue to be shipped to Asia Pacific destinations which remains positive for shipping demand.
• Ranked in top quartile (#7 overall) and highest ranked LPG shipping company in Webber
  Research's 2023 ESG Scorecard.

CORPORATE PRESENTATION 2023

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Contents

• Financial
• Commercial
• Recent Developments
• Appendix

Financial