Navios Maritime Partners L.P. Q4 FY2025 earnings call

• Ms. Frangou noted net income of $117.3 million and EBITDA of $224.8 million for the quarter, and net income of $285.3 million and EBITDA of $744.6 million for the full year, with a 20% increase in distribution to $0.24 per unit annually. - Fleet has an average age of 9.6 years vs industry average of 13.5 years. Overall fleet value is $8.8 billion. Net vessel equity value in the quarter was $4.1 billion. - Working to reduce net LTV towards target of 20%-25%, with year-end net LTV at 30.9%. Balance sheet strong with $580 million available liquidity and credit ratings of Ba3 and BB. - Diversification is strength with risk management culture. Allocate capital patiently for opportunistic purchases/acquisitions. - Secured $261 million in new charter commitments in Q4 2025 and year-to-date. Acquired 2 newbuildings, sold 2 VLCCs, took delivery of a newbuilding aframax/LR2 vessel. Have 26 newbuilding vessels delivering through 2029, $1.9 billion investment. - Sold 14 vessels in 2025 and 2026 year-to-date for about $372 million.

For the fourth quarter of 2025, total revenue increased by 10% to $366 million. EBITDA for Q4 '25 increased by $25 million to $207 million. Net income for Q4 '25 increased by $21 million to $100 million. For the full year 2025, revenue increased by $10 million to $1.3 billion. Adjusted EBITDA for the full year '25 decreased by $4 million to $728 million. Adjusted net income for 2025 decreased by $46 million to $296 million. The fleet is split with about 1/3 in each of the tanker, dry bulk, and container segments. In the fourth quarter, tanker TCE rate per day was up 9% to $29,158, dry bulk up 15% to $19,588, and container up 2% to $31,315. For the full year, container average TCE rate increased by 3% to $31,239, dry bulk average TCE rate was approximately 3% lower to $16,408, and tanker fleet TCE rate was marginally below 2024 levels at $27,011.

• Secured coverage for 71% of available days with contracted revenue exceeding cash operating cost by $172.7 million for 2026. - 20% increase in distribution policy to $0.24 per unit annually commencing for first quarter of this year. - Continue to pursue long-term charter opportunities to enhance earnings stability. - Fleet modernization program has created a younger fleet. Balance sheet remains strong with liquidity and good credit ratings.

• Geopolitical risks including conflicts and tensions rerouting trade, increasing voyage distances, cost and transit times. - Sanctions affecting oil and tanker markets, with reduced exports from certain countries and seizures of sanctioned vessels. - Uncertainty in the container market with fleet expansion in large ships, but smaller segments well positioned. - Interest rate risks with debt profile and margin adjustments.

Q: Have you made any changes to your accounting of depreciation given the relatively large drop versus Q3?

A: No, in Q3 there was a one-off write-off $27 million relating to the termination of certain bareboat charters, which was a one-off.

Q: When do you expect the net LTV target to be reached? And what can we expect in terms of buybacks and dividends?

A: We think we have the right balance to meet challenges and opportunities. We have covered 2026 expenses and have $170 million extra contracted revenue above cash operating cost. We continue on our buyback and increased dividend, primarily driven by savings from repurchase units.

Q: Are you seeing any other interesting segments that you wish to invest in?

A: We're always looking for opportunities, but currently in a good position with container exposure fixed and dry bulk and VLCC days open