StealthGas Inc. Q2 FY2025 earnings call

• Second quarter reported the second best quarterly profits ever, with revenues of $47.2 million. Adjusted net income was $21.7 million. • Achieved deleveraging by using $86 million to pay down debt in 2025, completing the final repayment in July, and all fully owned vessels are now debt-free. • Spent approximately $1.8 million on share repurchases this year. • Secured over $150 million in future revenues, with period coverage for 2025 at over 70% of fleet days. • Sold one vessel in the second quarter and entered an agreement to sell another vessel later in the year. Completed acquisition of shares in 2 vessels from a joint venture in early June. • The Eco Wizard LPG carrier experienced an explosion at the port of Ust-Luga in Russia in early July, resulting in vessel damage and it being out of service, not generating revenue. • Concluded 5 period charters since the last call, with 70% period coverage for 2025, securing approximately $48 million in revenue for the remainder of the year. • Fleet geography: The company mainly focuses on regional trade and local gas distribution, with over 70% of the fleet now trading in Europe and the Mediterranean, a shift from past East-focused operations. • Joint ventures: Only 1 vessel is now under joint ownership.

In the second quarter of 2025, StealthGas reported revenues of $47.2 million, which is a record for the quarter, compared to $41.8 million in the same period last year and $42 million in the previous quarter. Adjusted net income for the second quarter of 2025 was $21.7 million, 35% higher than the previous quarter but 20% lower than the same period last year. Earnings per share on an adjusted basis were $0.59 for the quarter. For the six-month period ending June 30, 2025, revenues totaled $89.2 million. The fully owned fleet operations were the most successful ever, driven by strong commercial performance.

• Expect chartering activity to pick up in the fourth quarter as summer months end. • Confident in the positive fundamentals of the LPG shipping market and the company's favorable position to benefit from rising demand. • Deleveraging is complete, with no debt remaining on the fully owned fleet.

• The Eco Wizard LPG carrier had an explosion at the port of Ust-Luga in Russia in early July. The vessel sustained damage to the engine room and cargo tank, is out of service, and will not generate revenue until fully repaired. The situation is complex and ongoing resolution efforts are underway.